Parnell said Thursday he would not ask for a recount in the race he lost by 304 votes.
Parnell conceded in a statement e-mailed to reporters and confirmed by campaign spokeswoman Cathy Giessel.
The primary was held Aug. 26, and Parnell had trailed Young by a few hundred votes.
The final outstanding absentee and questioned ballots were counted Wednesday evening, which gave Young the narrow victory.
Parnell previously said he would seek a recount. Young's margin of victory was narrow enough that the state would have paid for the recount.
Important warning about e-mails purporting to be from the ADN staff.