Alaskanomics

October jobs up 2.1 percent from October 2023

Nov. 15, 2024
No. 24-25

JUNEAU, Alaska — October’s statewide job count was up by 7,000, or 2.1 percent, from October 2023. 

North Slope oil and gas and federally funded infrastructure projects contributed to over-the-year growth, boosting construction (1,800 jobs), professional and business services (700), and transportation, warehousing and utilities (900). Oil and gas employment was also up by 900. 

Health care continued to show strong growth, adding 1,700 jobs from last October. 

Most industries added jobs, but seafood processing disruptions drove losses in manufacturing (-600). The information sector (-100) and retail (-100) continued their long-term declines and financial services remained flat. 

Federal government increased by 400 jobs, state government added 300, and local government added 100. 

Alaska’s seasonally adjusted unemployment rate increased to 4.6 percent in October and the comparable U.S. rate remained at 4.1 percent.

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September jobs up 2.0 percent from September 2023

Oct.18, 2024
No. 24-22

JUNEAU, Alaska — September’s statewide job count was up by 6,700, or 2.0 percent, from September 2023. 

Federally funded infrastructure and North Slope oil and gas projects contributed to over-the-year growth, boosting construction (2,000 jobs), professional and business services (700) and transportation, warehousing and utilities (900). Oil and gas also added 600 jobs. 

Health care’s growth remained strong, up 2,000 jobs from last September.

Most industries added jobs, but seafood processing disruptions drove losses in manufacturing (-800). The information sector continued its long-term trend of small losses (-200), and retail employment declined by 100. 

The federal government’s job count was up by 600, state government added 400, and local government decreased by 400. 

Alaska’s seasonally adjusted unemployment rate remained at 4.6 percent in September and the comparable U.S. rate dipped to 4.1 percent.

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August jobs up 1.8 percent from August 2023

Sept. 20, 2024
No. 24-20

JUNEAU, Alaska — August’s statewide job count was up by 6,400, or 1.8 percent, from last August. 

Federally funded infrastructure projects and North Slope oil and gas projects contributed to over-the-year growth, boosting construction by 2,600 jobs, professional and business services by 1,000, and the transportation, warehousing and utilities sector by 500. Oil and gas also added 500 jobs. 

Health care was up by 2,000 jobs over the year. Strong visitor numbers supported leisure and hospitality growth (100 jobs) and retail stability and contributed to transportation employment gains. 

While most industries added jobs, seafood processing disruptions drove losses in manufacturing (-1,300), and the information sector continued its long-term downward trend (-200). 

Federal government was up by 500 jobs, local government added 200, and state government remained flat. 

Alaska’s seasonally adjusted unemployment rate was 4.6 percent in August and the U.S. rate was 4.2 percent. Both have risen slightly over the last year but remain well below historical averages.

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July jobs up 2.0 percent from July 2023

Aug 16, 2024
No. 24-18

JUNEAU, Alaska — July’s statewide job count was up by 6,900, or 2.0 percent, from July 2023. 

Factors influencing growth included federally funded infrastructure projects and North Slope oil and gas projects, which helped boost construction (2,900 jobs), professional and business services (900), and transportation, warehousing and utilities (1,100). Oil and gas employment was also up by 500.  

Strong visitor numbers drove leisure and hospitality growth (100) and retail (flat employment), and contributed to transportation gains. Health care continued to show strong growth, adding 1,700 jobs, a 4.2 percent increase from last July.  

Most industries added jobs but manufacturing lost 1,700 through seafood processing disruptions while information (-200) and financial activities (-100) continued their long-term trend of small losses. 

Federal government was up 700 jobs, state government added 200, and local government added 100 over the year. 

Alaska’s seasonally adjusted unemployment rate was 4.5 percent in July and the U.S. rate was 4.3 percent. Both have risen slightly over the last year but remain well below historical averages.

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AEDC Economic Development Luncheon

The Anchorage Economic Development Corporation (AEDC) hosted its annual Economic Development luncheon on Wednesday. The event featured updates from the AEDC board and staff, Mayor LaFrance and Keynote speaker Andrew Busch.

AEDC President and CEO Jenna Wright continued her optimistic tone that she struck during the January forecast lunch. Wright shared an update on the summer job market and consumer and business indices.

The Employment Update - June 2024 is a brief update on the local job gains and losses throughout various industries. In June 2024, Anchorage unemployment increased from 3.6% to 4.2%. This amount of unemployment suggests that Anchorage has far too few workers to fill the open jobs around the city. This makes growth difficult and is often cited by business owners and managers as a barrier to development.

A Real-time Jobs Intelligence report highlights the types of jobs posted and the details of the requirements for these jobs. The report looks at April through June 2024.

The Anchorage Consumer Optimism Index was lower than during the first two quarters in both 2022 and 2023. Both personal finance confidence and future expectations were also low, either at or near historic low.

In contrast, the Business Confidence Index while lower than last year, it was still in the positive range and is the third-highest score in the last decade.

Wright and AEDC board member Walter Featherly spoke about the details of Project Anchorage, the initiative to implement a 3% sales tax dedicated to property tax relief and revenue to fund projects to improve Anchorage. The initiative is currently gathering ideas for projects from residents and attendees were invited to submit their own ideas of ways to make Anchorage a better community. Projects can be submitted through September 14, 2024. Details on the plan are at ProjectAnchorage.com.

Up-to-date AEDC reports are online.  

June Jobs Up 1.5 Percent From June 2023

July 19, 2024
No. 24-16

JUNEAU, Alaska — June’s statewide job count was up by 5,200, or 1.5 percent, from June 2023. 

Construction added 2,300 jobs, with federally funded infrastructure projects contributing to the strong growth. Health care employment increased by 1,600, with nearly all of the gains in hospitals and outpatient care facilities. Professional and business services was up 900 jobs. 

Most industries grew, but manufacturing lost 1,100 jobs, primarily through seafood processing disruptions, while the information (-200) and financial activities (-100) sectors continued their long-term losses. 

Federal government was up by 700 jobs over the year and local government by 100. State government employment fell 300 from June 2023. 

Alaska’s seasonally adjusted unemployment rate was 4.5 percent in June and the U.S. rate was 4.1 percent.

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May Jobs Up 2.9 Percent From May 2023

June 21, 2024

No. 24-15

JUNEAU, Alaska — May’s statewide job count was up by 9,300, or 2.9 percent, from May 2023. Construction added 2,500 jobs, with federally funded infrastructure projects contributing to the strong growth. Health care employment increased by 1,700, with gains in hospitals and outpatient care facilities. Mining was up by 1,000 jobs, with hard rock mining and oil and gas both growing over the year. Most industries added jobs, but information (-200) and financial activities (-100) continued their long-term losses. Federal, state and local government were up by a combined 1,200 jobs, with the most growth in federal employment. Alaska’s seasonally adjusted unemployment rate was 4.5 percent in May and the U.S. rate was 4.0 percent.

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April Jobs Up 2.8 Percent From April 2023

May 17, 2024
No. 24-12

JUNEAU, Alaska — April’s statewide job count was up by 9,000, or 2.8 percent, from April 2023.

Construction added 2,600 jobs, with much of that growth coming from North Slope oil and gas-related activity. Health care added 1,500 jobs, led by strong growth in hospitals and outpatient care facilities. Transportation, warehousing and utilities also added 1,300 jobs (primarily in transportation), and mining and logging was up by 1,000.

Most industries added jobs, but wholesale and financial activities were flat and information and retail each fell by 200.

Federal, state and local government jobs were up by a combined total of 1,300 jobs, or 1.6 percent. The private sector’s overall growth rate was 3.2 percent.

Alaska’s seasonally adjusted unemployment rate was 4.6 percent in March and the U.S. rate was 3.9 percent.

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Alaska's Current Economy - Spring 2024 presentation

Northrim Bank hosted its annual Community Summits in Nome, Soldotna, Homer, Anchorage and Fairbanks this past week. At these events, this economic update presentation was given by Mark Edwards, Chief Credit Officer and Bank Economist. 

March Jobs Up 2.8 Percent From March 2023

April 19, 2024
No. 24-9

JUNEAU, Alaska — March’s statewide job count was up by 8,900, or 2.8 percent, from March 2023. 

Construction added 2,400 jobs, with North Slope activity strongly contributing to the growth. Health care added 1,300 jobs, mainly in hospitals and outpatient care. Transportation, warehousing and utilities also added 1,300 jobs (primarily in transportation), and mining and logging was up by 1,200. 

Most Alaska industries grew, but retail was flat, manufacturing was down by 100 jobs, and the leisure and hospitality sector and information were both down 200. 

Local government led public-sector job growth (up 600). Federal and state government each added 400 jobs over the year. 

Alaska’s seasonally adjusted unemployment rate was 4.6 percent in March and the U.S. rate was 3.8 percent.

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