Alaskanomics

AEDC 3-Year Outlook Luncheon

The Anchorage Economic Development Corporation (AEDC) hosted its annual 3-Year Outlook luncheon on Wednesday. The event featured updates from the AEDC board and staff, Mayor Bronson and Keynote speaker Mick Cornett.

As it was in 2022, the tone was optimistic. There are definite bright spots in the Anchorage economy even though AEDC President and CEO, Bill Popp noted that we are at a crossroads and Anchorage’s future success depends on the path taken.

The 2023 AEDC Three-Year Outlook Report, sponsored by Northrim Bank, offers a look at back at the past few years and a forecast through 2026. Positive areas in this year’s report include oil and gas, port volume, tourism, and Air Cargo where Anchorage is now the third busiest cargo airport in the world.

The jobs report for January through June is strong. Jobs are up 2.4 percent, year to date. Many employers note that it is becoming increasingly harder to hire new employees. Seventy percent of working age adults in Anchorage are in the active workforce. A statistic that was highlighted by Popp was the fact that 25 percent of jobs in Anchorage are held by someone who does not live in the Municipality. This include people who commute from other areas of the state and those who work remotely, outside of Alaska.

A full look at AEDC’s report are on their website. The reports provide further insight into the outlook report. A series of videos will be available the second week of August and will highlight more of the forecast for the coming years in Anchorage.  

June jobs up 1.9 percent from June 2022

July 21, 2023
No. 23-10

JUNEAU, Alaska — June’s statewide job count was up by 6,400, or 1.9 percent, from June 2022.

Leisure and hospitality added 2,200 jobs over the year and exceeded pre-pandemic employment as the visitor season moved into full swing. The cruise industry anticipates a record 1.6 million passengers this season. Professional and business services added 600 jobs over the year, as did health care and retail.  

Nearly all Alaska industries grew or remained flat, with two exceptions. The financial services sector and information were down 200 and 100 jobs, respectively. Both have been shedding jobs since their peaks in the 2000s as automation and other technology have reduced the need for labor.

The public sector added jobs over the year, led by federal government (+600). Local government, which includes public schools, was up by 500 jobs and state government by 200. Federal government has exceed pre-pandemic levels, but state and local government remain below.

Alaska’s seasonally adjusted unemployment rate was 3.7 percent in June and the comparable U.S. rate was 3.6 percent.

View data tables and charts (PDF)

 

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Labor force data home page

 

May jobs up 1.8 percent from May 2022

June 16, 2023
No. 23-9

JUNEAU, Alaska — May’s job count was up by 5,800, or 1.8 percent, from May 2022.

Most Alaska industries grew or remained flat over the year, with two exceptions: manufacturing (-500 jobs over the year) and information (-100). Manufacturing employment, which is mostly seafood processing in Alaska, can vary considerably from year to year. Information has been on a long, gradual decline as the industry adjusts to changing technology.

Leisure and hospitality grew the most at 2,600 jobs over the year and exceeded its pre-pandemic job levels. Professional and business services added 800 jobs, followed by health care at 600.

The public sector added jobs over the year, led by federal government (+400). Local government, which includes public schools, was up by 300 jobs and state government by 200. State and local government both remain below pre-pandemic levels.

Alaska’s seasonally adjusted unemployment rate dropped to 3.6 percent in May and the comparable U.S. rate increased to 3.7 percent. Alaska’s unemployment rate is typically higher than the nation’s, but that trend has been less consistent during pandemic recovery.

View data tables and charts (PDF)

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Arctic Policy Implementation Plan

Ambassador David Balton serves as the executive director of the Arctic Executive Steering Committee for the Biden Administration. He recently addressed Commonwealth North regarding the development of an implementation plan for the National Strategy for the Arctic region. While the plan is still under development, Balton addresses the pillars of the strategy and suggests elements that will be represented in the implementation plan, the timing of the final plan publication and takes questions from the audience.

 

April jobs up 2.0 percent from April 2022

May 19, 2023
No. 23-8

JUNEAU, Alaska — April’s job count was up by 6,100, or 2.0 percent, from April 2022.

All Alaska industries grew or remained flat over the year. The two sectors that gained the most jobs were the two hit hardest by pandemic losses. Leisure and hospitality employment increased by 1,900 and transportation, warehousing and utilities added 1,000. Both have exceeded pre-pandemic job levels.

The public sector added jobs over the year, led by federal government (+500). Local government, which includes public schools, was up by 400 jobs and state government by 100 jobs.

Alaska’s seasonally adjusted unemployment rate remained at 3.7 percent in April and the comparable U.S. rate was 3.4 percent.

View data tables and charts (PDF)

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Labor force data home page

Alaska's Economy - 2023 presentation

Northrim Bank hosted it's annual Community Summits in Soldotna, Anchorage and Fairbanks. Additional events will be held in Juneau, Sitka and Kodiak in the fall. As part of the summit, the attached presentation was given at these events.

March jobs up 2.3 percent from March 2022

April 21, 2023
No. 23-7

JUNEAU, Alaska — March’s job count was up 2.3 percent from last March, an increase of 7,000.

All Alaska industries grew over the year except Information, which was flat. Gains were largest in leisure and hospitality (+2,000) and transportation, warehousing and utilities (+1,400), both of which sustained some of the biggest pandemic losses and are now above or approaching pre-pandemic job levels.

Oil and gas employment was up 400 over the year, to 7,400, but remains nearly 30 percent below pre-pandemic levels and less than half what it was at its all-time high of 15,300 in late 2014.

The public sector was up over the year, led by local government, which includes public schools (+300). State and federal government each added 100 jobs.

The state’s seasonally adjusted unemployment rate was 3.7 percent in March and the comparable U.S. rate was 3.5 percent. Job openings are high, and Alaska and the nation both had more available jobs than workers. In February, the most recent month available, both had about one unemployed worker for every two job openings.

View data tables and charts (PDF)

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Labor force data home page

February jobs up 2.5 percent from February 2022

March 24, 2023
No. 23-5

JUNEAU, Alaska — February’s job count was up 2.5 percent from February 2022, an increase of 7,700 jobs.

Nearly all industries recorded growth. Gains were largest in transportation, warehousing and utilities (+2,300), leisure and hospitality (+2,100), and professional and business services (+700). Transportation, responsible for most of the growth in that sector, and leisure and hospitality sustained some of the biggest losses during the pandemic, but the transportation, warehousing and utilities sector is now above pre-pandemic job levels and leisure and hospitality and professional and business services are close.

The only over-the-year job loss was in manufacturing (-100), which in Alaska is mainly seafood processing and can vary considerably from year to year. Financial activities and state and federal government employment were flat over the year.

The state’s seasonally adjusted unemployment rate was 3.8 percent in February — no change from January’s revised rate — and the comparable U.S. rate was 3.6 percent, up from 3.4 percent in January.

View data tables and charts (PDF)

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Labor force data home page

2023 Economic Forecast Video Series

Using data and reports from its 2023 Economic Forecast, the Anchorage Economic Development Corporation created this video series examining the variables and trends influencing Anchorage’s economic sectors.

 

December jobs up 2.1 percent from December 2021

Jan. 20, 2023
No. 23-2

JUNEAU, Alaska — December’s job count was up 2.1 percent from December 2021, an increase of 6,400 jobs. Nearly all industries recorded growth, but most remained below pre-pandemic levels. Overall, Alaska had 4,900 fewer jobs than in December 2019. 

Over-the-year gains were largest in leisure and hospitality (+1,800), transportation, warehousing and utilities (+1,800, primarily in transportation) and local government (+800, all in public education).

State government (-600) and manufacturing (-300) were the only two industries down over the year. State government recorded small losses in multiple departments. Manufacturing employment in Alaska is primarily in seafood processing and changes considerably on a monthly as well as a yearly basis according to the harvest season, catch, and available workforce. December is the lowest employment month.

The state’s seasonally adjusted unemployment rate was 4.3 percent in December (down from 4.5 percent in November), and the comparable U.S. rate was 3.5 percent, down from 3.6 percent.

View data tables and charts (PDF)

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Labor force data home page