Anchorage Economic Development Council Releases A Dire Report For Anchorage

Dire Report For Anchorage Over The Next Three Years

Anchorage Economic Development Corporation hosted a 3-Year Outlook Virtual Luncheon on August 5, 2020.

The main topic was "what has COVID-19 done to the Anchorage economy and what does the future hold"?

In Anchorage: 2019 was the 5th year of the recent recession, with a modest loss of 440 jobs and a 5.1% unemployment rate. The economy was expected to finally turn the corner in 2020.

The population of Anchorage peaked in 2013 at 301,034. It's expected to shrink to 286,200 by 2023.

In 2020, Anchorage had already lost 9,300 jobs and had 8.8% unemployment. The prediction is for a total job loss of 11,100 jobs by December in Anchorage alone.

Anchorage personal income is expected to drop by $1.1 billion dollars in 2020.

The Anchorage Airport passenger volume is expected to drop from 5.76 million in 2019 to 2.3 million in 2020.

It may take four years to climb back, Popp said. However, air freight volume is higher than last year and is now generating 1 out of 10 jobs in Anchorage.

The average price per barrel of oil is expected to average $42. The total value of the Arctic North Slope Oil production is "the lowest annual total oil gross value in decades."