Health care and transportation industries continue to offer bright spots in Anchorage economy
The fifth edition of the 2016 AEDC Employment Report, sponsored by First National Bank Alaska, has just been released.
The Anchorage unemployment rate in July was 5.2 percent, down 0.3 from June. Year-to-date unemployment in the city was 5.4 percent, 0.3 percent higher than at this time last year and above the national rate of 5.1 percent but below the statewide rate of 6.1 percent.
State government has seen a decrease of 400 jobs compared to the same time last year while local government has increased by 100 jobs. Year-to-date, there are 730 more unemployed people in Anchorage looking for jobs than July last year.
The services providing industry, which includes engineering, retail, tourism and health care, is up 200 jobs from 2015 year-to-date. Continuing a significant growth trend, the health care sector saw an increase of 1,000 jobs compared to July 2015. Professional and business services have lost 700 jobs year-to-date from 2015. The transportation sector shows stability with no change year-to-date, sitting at 11,300 jobs in July. The strength in the air cargo industry and a solid visitor season projects the transportation industry will continue to be a component of the Anchorage economy.
The goods producing category, which encompasses construction, mining, oil and gas production and manufacturing, continued its downward trend, losing 1,300 more jobs than the same period in 2015. The oil and gas sector shows 600 fewer jobs year-to-date compared with the same period in 2015.
“Some of our historically dependable sectors have suffered from recent losses in stability, and that’s no secret.” AEDC President and CEO Bill Popp said. “But with the health care industry experiencing significant growth, and the transportation industry providing exciting potential to the city, we certainly have more to look forward to than we do to fear.”