May 03, 2002
Friday - 12:55 am

Alaska Economic Trends May 2002 Read the 31 page report... ---

Industries relying on natural resource development and extraction and those selling Alaska's beauty drive Alaska's labor force. Oil and gas, seafood, and tourism employ a significant share of the state's workforce. In recent years, Alaska's economy has better weathered the storms associated with high and low oil prices, fluctuating fish harvests, and fickle tourists than it did thirty years ago. Today, while the health of resource-based industries still heavily influences the workforce, the state has a more diversified economy.

The number of wage and salary jobs increased by 48,623 during the 1990 to 2000 time frame. This was a slower rate of increase than the previous decade when the state added 62,052 jobs. Projections are for creation of another 47,700 jobs during the 2000 to 2010 decade. (See Exhibit 1.) This would be a 1.7% annual increase, lower than between 1980 and 1990 when the workforce increased at a rate of 3.6% annually, and the 1990 to 2000 era when it increased by 2.1% annually.

Demographics chart the course

Labor force projections are primarily tied to changes predicted in the population. Furthermore, predictions of changes in the kinds of work performed are tied to the state's aging population. The services industry is expected to grow dramatically as the over 55 age group in the state doubles over the next ten years. The low case population projection predicts Alaska to grow by 43,038 or 0.6% annually in the next ten years.

Source of News Release:

Alaska Dept. of Labor
Web Site

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