March 2025 Alaska’s Economy
Alaska unemployment claims for the week ending Feb. 22 remained low compared to previous years (excluding COVID years 2020 and 2021). In the second week of March, about one out of every 1,350 Alaskans filed for unemployment…
February 2025 Alaska’s Economy
A shift towards more restrictive U.S. trade policies could further reduce global trade volumes and shipping prices. Higher shipping rates can increase costs for Alaska businesses and consumers, leading to higher prices for goods…
January 2025 Alaska’s Economy
In December 2024, the Alaska Department of Revenue (DOR) released its annual financial outlook for FY 2026. It forecasted an average oil price of $70 per barrel with daily production at 470,000 barrels. This projection is expected to generate $1.7 billion in unrestricted revenue…
December 2024 Alaska’s Economy
In 2023, Alaska’s international exports were primarily driven by metal ores and products ($2.3 billion) and fishing ($2.2 billion). Key markets for Alaska’s fishing industry included Japan ($506 million), China ($453 million), South Korea ($417 million) and the Netherlands ($297 million). For metal ores, the main export destinations…
November 2024 Alaska’s Economy
Alaska pollock is the largest commercially harvested fish species in the United States by total weight and is among the most valuable in the world. In 2022, Alaska’s pollock fleet caught 1,226,483 metric tons. Over the past 30 years, Alaska pollock harvests…
October 2024 Alaska’s Economy
In 2019, 1,227 short-term rentals were listed in Anchorage. As of October 2024, the number had risen to 3,794. This growth is also seen in municipal bed tax collections. In 2024, gross rentals for the second quarter for traditional bed and breakfast accommodations and short-term rentals reached $19.67 million…
September 2024 Alaska’s Economy
Employment in Alaska remains higher than pre-pandemic levels. Alaska added 5,800 jobs to the economy in June compared to 6,900 in July 2023. July employment is the highest since 2016, the second year of Alaska’s 2015-2019 recession. In August, the largest job gains were in seasonal manufacturing…
August 2024 Alaska’s Economy
Declining natural gas production in Cook Inlet has created an urgent need for Alaska’s energy supply. Cook Inlet’s natural gas is used to heat three out of every four homes in Southcentral Alaska and contributes to about three-quarters of the region’s electricity generation. Declining resources may require the import of natural gas by 2027…
July 2024 Alaska’s Economy
In April, Alaska saw a slight decrease in the percentage of electricity generated from natural gas. This change was due to a decline in gas resources and a deliberate decision by state lawmakers to take advantage of federal incentives for clean energy. As a result, there has been an increased use of renewable energy sources, particularly hydroelectric power, which accounts for 25% of the state’s electricity generation…
June 2024 Alaska’s Economy
The Organization of the Petroleum Exporting Countries (OPEC) announced an extension of its deep oil output cuts well into 2025. Despite the cuts, oil prices have trended downward in recent months but are still high enough to justify new drilling investments in Alaska and other states…
May 2024 Alaska’s Economy
Alaska’s economy has shown resilience despite fluctuating oil prices and lower-than-expected production. The Alaska State Senate recently passed an operating budget balanced at $78 per barrel and would run a surplus if current oil prices remain in the mid $80s…
April 2024 Alaska’s Economy
The employment statistics for December 2023 and January and February 2024 have exceeded those
of the corresponding months before the pandemic, marking a significant milestone in Alaska’s economic
recovery. The industries spearheading this recovery include healthcare, construction, and logistics…
February 2024 Alaska’s Economy
Alaska saw an average oil price of $80 per barrel in January and continued to see lower-than expected
oil production. For the last eight years, the healthcare industry has driven employment growth in Alaska.
The state’s expanded Medicaid program accelerated the industry’s efforts to provide more healthcare
facilities and services, causing an upsurge in aggregated healthcare expenditures…
January 2024 Alaska’s Economy
Alaska saw an average oil price of $78 per barrel in December and continued lower-than-expected
oil production. Governor Dunleavy’s Fiscal Year (FY) 2025 budget proposal shifted some funding between agencies but does not represent a major departure from recent policy. However, inflation has eroded some of the state’s purchasing power…
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