Research & Reports

Anchorage Employment Report: March 2024

Year over year, from March 2023 to March 2024, Anchorage’s labor force increased by 370 workers and the unemployment rate rose 3.0% to 3.8%.

In the last month, between February 2024 and March 2024, there was an increase in the labor force of 381 workers with a fall in unemployment rate from 4.4% to 3.8%.

Historically, even in our highest jobs years, Anchorage unemployment hovers around 5-6%. Unemployment over 6% suggests we have too few jobs, while unemployment much below 5% suggests we have too few workers.

When we have too few jobs, we risk losing population as workers move to places where they are more in demand. This reduces our
economies of scale and can hurt property values and our municipal tax base. High unemployment also means more people relying on public assistance, driving up public sector costs.

When we have too few workers, we make it difficult to start or grow businesses. This can drive up consumer costs, reduce the availability of goods and services, and prevent outside businesses from expanding into our market or cause local businesses to look outside for opportunities to expand.