© 2020 Anchorage Daily News. These adjustments will make future employment declines either deeper or longer-lasting than shown in the graph. To be exact, between 2010 and 2015 the Alaska economy grew, on average, at 0.92%. In particular, we do not address regional variation in the economy, which is significant, or the significant changes occurring in many industries. Our projections are of course speculative. However, whether or when an LNG project will be built remains far from certain. By networking people successfully and meaningfully, OTIS simultaneously helps to encourage blue innovation while adding to the network of people and resources willing to help this innovation. But independent travelers, flying or driving to Alaska, spend money that filters through Alaska towns. OTIS Demo Night 2017 brought together members of the community to celebrate blue innovation. Alaska’s future economic outlook is uncertain. National politics are as unpredictable as they've ever been. State and local government accounted for 14 percent of employment but 18 percent of wages and salaries. Alaska Journal breaks the news that matters to business. Business pessimism followed the Legislature's long stalemate on the state's fiscal problems, and that made the recession worse than it needed to be. How large they will be, and how and when they will be felt, will depend on how and when the state reduces the deficit. What is most certain is that there will be changes and surprises—but there is no obvious reason to expect either dramatic long-term growth or decline. Ask experts in the area and they’ll tell you: the blue economy is the future of Alaska’s economic stability. He holds a PhD in economics from Oklahoma State University, where he specialized in regional and urban economics, health economics, and applied microeconomics. (We are currently studying these other potential economic impacts.). While the high costs of labour and transportation and complicated environmental and land-use constraints still tend to discourage outside investment, major improvements in infrastructure have lowered the costs of economic transformation significantly. They have reason to be. As shown in the graph below, in 2013 (the most recent year for which detailed GDP estimates are available) resource industries accounted for 31 percent of gross domestic product but only 11 percent of total employment. Not only because they received numerous accolades and marketing awards for the campaign but because, at the time, it was rare for Alaska Native corporations to market themselves through the media. The search can include any combination of the title or subtitle, date or date range, author, or … The changing environment is also a threat. Alaska's Future is a bi-partisan coalition of business, labor, Alaska Native Organizations, and members of both political parties. Alaska has strategic advantages, but spending levels and basing decisions are essentially political. Alaskanomics Northrim Bank launched the Alaskanomics blog to provide news, analysis and commentary on Alaska’s economy. In contrast, the relative economic impacts of an income tax would be highest in wealthier urban areas such as Anchorage. Alaska’s economy is complicated. Last year we came within a couple of votes in the U.S. Senate of losing a big bite of that funding. As the network of interested, quality stakeholders continues to grow, we can encourage the development of blue startups and small businesses while providing them with the resources and expertise they need to be successful. Alaska receives many other special federal benefits, too. Clearly the short-term economic impacts of significantly reducing the state deficit—which will exceed $3.5 billion this year—could be significant. "When you're writing this stuff, you feel a sense of responsibility. Total Alaska employment in 2013, as estimated by the Bureau of Economic Analysis and including non-wage and salary employment, was 461,112. Next we review historical trends in the economy. The short-run economic impacts of larger spending cuts or new revenues would be proportional: the impacts of cuts or new revenues of $1 billion would be ten times as large.