Fact Checking Alaska’s Economy

Courtesy of Ron Niebrugge

Those wanting to fact check Alaskan economic facts and figures this political season just got handed a plum. The Department of Labor and Workforce Development posts it’s monthly  Alaska Economic Trends on the internet, offering advanced indicators that tell the overarching story of how our state’s economy is progressing.

While it is no secret that the state is currently entering it’s second year of recession, how that compares to historical lows is now well understood. The crash of the late 1980s hit like a tidal wave, and cleaning up the aftermath changed the way many sectors of the economy went about their business – making them more resilient and adaptable.

State labor economist Dan Robinson: “We brought together many of the measures that we think are most relevant to try to understand the current health or lack there of in our economy.”

Alaska Economic Trends offers robust statistics on key indicators like job growth, unemployment, and gross domestic product growth.  They also offer statistics on wages, foreclosures, personal income, house prices, population growth, net migration, and initial claims for unemployment insurance.  All indicators are  compared against a ten year history, but the key indicators are also compared against relevant U.S. and historic Alaska trends.

Spoiler alert for those who weren’t here to experience it first hand, the current recession doesn’t hold a candle to Alaska’s real estate tank in the 80s.

State labor economist Dan Robinson: “Lot’s of bank failed, very high foreclosure rates.  Foreclosure rates right now, for example,… .06%, very low. Lower than our ten year historical average. Well below what the U.S. foreclosure rate was during that recession. Just a whole different scale than what happened in the mid-80s.”

Robinson says this is a recession in terms of job loss, wages and GDP, but so far it hasn’t had a large impact on housing.

Story as aired on KSRM News:
http://www.radiokenai.us/wp-content/uploads/2017/08/Dorene-on-Fact-Checking-Alaskas-Economy.mp3