Military bases are a significant component of the economy in both Fairbanks and Anchorage.
Before the revisions reported Thursday, the 2015 GDP gain had been reported as a slightly smaller 2.9% gain.The revisions showed GDP growth of 1.7% in 2016, up from 1.6% previously estimated, and 2.3% in 2017, down from 2.4% earlier reported.The small changes up and down did not change the overall performance over the past five years. Direct impacts are changes in employment and income of employees of state government and state contractors. For much of his career his research has focused on markets for and management of Alaska fisheries. We begin with a brief description of the structure of Alaska’s economy and key factors that drive it. The six largest Alaska industries in 2013, as measured by employment, were healthcare and social assistance, retail trade, local government, accommodation and food services, federal military, and state government.Long-time Alaskans may remember Alaska as a state with rapidly rising employment andpopulation, characterized by periods of boom and bust such as the construction of the trans-Alaska oil pipeline in the mid-1970s, the recession following completion of the pipeline in the late 1970s, the government-spending and construction-driven boom of the early 1980s, and the oil price-crash-driven deep recession of the late 1980s.
We can’t predict with certainty the combined effects of the many factors which may affect it. How large they will be, and how and when they will be felt, will depend on how and when the state reduces the deficit. At ISER he has undertaken a wide range of research including updating ISER’s economic forecasting model for Alaska, assessing needs of Alaska veterans, conducting a survey of employer provided health insurance, and studying economic costs to Alaska of higher fuel prices and the economic importance of the Bristol Bay salmon fishery.Gunnar Knapp is director and professor of economics at the University of Alaska Anchorage Institute of Social and Economic Research (ISER), where he has worked since receiving his PhD in Economics from Yale University in 1981. Alaska has had an upsurge of tourism since the mid-20th century. GDP showed an average annual gain of 2.3% from the fourth quarter of 2014 to the fourth quarter of 2019, unchanged from the previous estimate. The cost of delivering a 1 US gallon (3.8 L) of milk is about $3.50 in many villages where per capita income can be $20,000 or less. In the 2013 fishing season, Alaskan fishers were able to accumulate a total of 5.8 billion pounds of seafood, which equates to an evaluation of $1.9 billion, a small, but noticeable increase in comparison to 2012, which had a total of 5.3 billion and $1.7 billion respectively.Agriculture represents only a very small fraction of the Alaskan economy.
Consumer spending, which accounts for about 70% of economic activity, grew at a 2.7% annual pace over the five-year period, down slightly from the previous estimate of 2.8% spending growth.
with special In 2012, Alaska accounted for 8.1% of American crude oil production, ranking behind Texas (30.6%), North Dakota (10.2%), and California (8.3%).Tourism in Alaska is the second-largest private sector employer, accounting for one in eight Alaskan jobs, nearly 2 million visitors, and $2.42 billion in direct visitor spending including labor income.Tourism is also a contributor to the state's general fund through various taxes, including a commercial passenger vessel excise tax rate of $34.50 per passenger, per voyage.According to a study prepared for the State of Alaska by the McDowell Group, "spending by Alaska visitors in 2014-15 was distributed widely throughout the state’s economy. There are many guided activities that provide a way for visitors to access these experiences and for local and multi-national companies alike to conduct business. Alaska - Alaska - Services, labour, and taxation: Services are the dominant economic activity of the state. Chetwynd, Dawson Creek, Fort Nelson, Fort St John, Tumbler Ridge This has changed for the most part in Anchorage and to a lesser extent in Fairbanks, where the cost of living has dropped somewhat in the past five years. In 2018, Alaska Growth Capital … The difference between the scenarios is that one assumes that no LNG export project occurs, while the other assumes that a project occurs with the schedule and impacts described above.As discussed earlier, growth in total Alaska employment was positive but low and declining over most of the past decade, with a small decline in employment in 2009 during the great recession.
Federal government employees, particularly Alaska oil production peaked in 1988 and has declined more than 65% since then. Currently he is engaged in extensive research and outreach about Alaska’s fiscal situation and options.
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