Alaska’s economy remains among the nation’s lowest performing, yet other indicators suggest potential for growth and recovery in 2023.
While nothing can be certain, projections are that by the second half of the year most of the city’s major industries will see some growth.
Most experts indicate that the Last Frontier has turned the corner and in 2020 will claw its way out of the recession that started several years ago. However, the recovery is not expected to be uniform, as Anchorage remains in recession and many of the impacts of the state’s budget cuts have yet to play out.
The electronic logging device market will grow at a compound annual growth rate of more than 4 percent between 2019 and 2025, according to a new report by Global Market Insights, a market research and strategy consulting firm.
Alaska’s major oil and gas players (and some newcomers) are investing their faith and money in the Alaska Arctic with new and ongoing projects.
By most accounts Alaska’s economy is finally set to emerge from several years of recession. The state’s residents can expect more employment opportunities with about 1,400 new jobs coming online in industries that have been stripping costs and reducing headcounts over the past four years.
Cautious optimism surrounds forecasts for Alaska’s economy in 2019 as many predict the state’s recession will finally bottom out—making Alaska one of the last energy-dependent states to begin recovery since oil prices tumbled about three years ago.
On April 19 the Anchorage Economic Development Corporation (AEDC) released the “2017 Anchorage, Alaska Cost of Living Index,” sharing Anchorage-centric data from the nationwide Cost of Living Index (COLi), which gathers information from 269 areas.
“To date, only minimal drafts, and in most cases just outlines, of these plans have been provided, and/or the development of the plans have been deferred to a later date,” FERC said, referring to its past requests of AGDC for proposed mitigation plans for wildlife avoidance, marine mammal monitoring, vegetation and soils restoration, groundwater monitoring, and invasive plants.
The State of Alaska Division of Economic Development, in partnership with the University of Alaska Center for Economic Development, released the first in a series of reports examining several emerging economic sectors in Alaska.