Global InformationEconomy of Alaska information
 | This article needs to be updated. (October 2020) |
 The Trans-Alaska Pipeline transports oil, Alaska's most important export, from the North Slope to Valdez. | |
| Statistics | |
|---|---|
| GDP | $63,618,000,000[1] |
GDP per capita | $68,919[2] |
Population below poverty line | 15.7%[3] |
Gini coefficient | .4241 ± 0.0104[4] |
Labor force | 364,209 [5] |
| Unemployment | 3.8% [6] |
| Public finances | |
| Revenues | 4,517,927,000[7] |
| Expenses | 5,437,000,000[8] |
In a report compiled by the government of Alaska, the real GDP of Alaska was $51.1 billion in 2011, $52.9 billion in 2012 and $51.5 billion in 2013. The drop-off that occurred between 2012 and 2013 has been attributed to the decline in the mining sector, specifically the oil and gas sectors, a consequence of declined production. The state's economy has been described by University of Alaska Anchorage economist Scott Goldsmith as a "three-legged stool" – with one leg being the petroleum and gas industry, the second leg being the federal government and the third leg being all other industries and services. Between 2004 and 2006, the federal government was responsible for 135,000 Alaska jobs, the petroleum sector provided 110,000 jobs and all other industries and services combined for 122,000 jobs.[9]
Alaska's main export product after oil and natural gas is seafood, primarily salmon, cod, pollock, and crab. 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.[10]
Agriculture represents only a very small fraction of the Alaskan economy. Agricultural production is primarily for consumption within the state and includes nursery stock, dairy products, vegetables, and livestock. Manufacturing is limited, with most food and general goods imported from elsewhere.
Employment is primarily in government and industries such as natural resource extraction, shipping, and transportation. Military bases are a significant component of the economy in both Fairbanks and Anchorage. Federal subsidies are also an important part of the economy, allowing the state to keep taxes low. Its industrial outputs are crude petroleum, natural gas, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products. There is also a growing service and tourism sector. Tourists have contributed to the economy by supporting local lodging.
- ^ "Graph: Total Gross Domestic Product by State for Alaska (AKNGSP) – FRED – St. Louis Fed". Research.stlouisfed.org. 2022. Retrieved 2023-06-21.
- ^ "Graph: Per Capita Personal Income in Alaska (AKPCPI) – FRED – St. Louis Fed". Research.stlouisfed.org. 2022. Retrieved 2023-06-21.
- ^ "State Rankings–Statistical Abstract of the United States–Persons Below Poverty Level". Census.gov. 2013-02-20. Archived from the original on 2011-08-17. Retrieved 2013-04-22.
- ^ "Gini Index of Income Inequality". U.S. Census Bureau. Archived from the original on 2020-02-12. Retrieved 2013-01-18.
- ^ "Civilian Labor Force in Alaska". fred.stlouisfed.org. 21 August 2023. Archived from the original on 4 September 2023. Retrieved 4 September 2023.
- ^ "Unemployment Rate in Alaska". fred.stlouisfed.org. 21 August 2023. Archived from the original on 4 September 2023. Retrieved 4 September 2023.
- ^ "State Government Tax Collections Viewable Data". Census.gov. Retrieved 2013-04-22.
- ^ "2009 Fiscal Year State Expenditure Report". nasbo.org. Archived from the original on August 23, 2011.
- ^ UA Research Summary No. 13: What Drives The Alaska Economy? Archived 2017-12-01 at the Wayback Machine, Scott Goldsmith, University of Alaska Anchorage
- ^ "2013 ALASKA ECONOMIC PERFORMANCE REPORT" (PDF). commerce.alaska.gov. Archived from the original (PDF) on 2019-05-31. Retrieved 2019-09-23.