Phil Price was born in Dumas, Arkansas, and graduated with a B.A. in history and political science from Hendrix College in 1974. He received a Master of Public Administration from the University of Arkansas in 1982. In 1979, he began working as Assistant to the Executive Director of the Association of Arkansas Counties. Price then served as Assistant for Economic Development to the Office of Governor Bill Clinton from 1985-1992. After Clinton was elected to the presidency, Price continued as Senior Assistant for Economic Development under Governor Jim Guy Tucker. He later served as Assistant State Bank Commissioner, Director of the Arkansas Employment Security Department, and Administrator of the Legislative Committee Staff in the Arkansas state legislature.