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Mark Edwards
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By: Mark Edwards – Senior Credit Officer & Bank Economist We conclude our Alaska Economic Update today with a look at Gross Domestic Product, Income, Population and Employment. Gross Domestic Product, GDP – U.S. GDP growth has been stagnate and below historical levels for the last decade. Real GDP grew... Continue reading
Posted Apr 10, 2017 at Alaskanomics
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By: Mark Edwards – Senior Credit Officer & Bank Economist In our last post we looked at interest rates and inflation. Today we discuss the housing market. Housing market – Rising interest rates will impact a variety of industries. Sectors that require more fixed asset investments and higher levels of... Continue reading
Posted Apr 7, 2017 at Alaskanomics
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By: Mark Edwards – Senior Credit Officer & Bank Economist Each year, Northrim Bank publishes the Alaska Economic Update. It is an opportunity to review the past year as well as look forward to the current year in regards to oil prices, jobs and housing. We will break the report... Continue reading
Posted Apr 4, 2017 at Alaskanomics
By Mark Edwards The Bureau of Labor Statistics reported virtually no inflation in Anchorage in the first half of 2016. Anchorage is the only city in Alaska where the Consumer Price Index is tracked by the Federal government. Prices for the standard “basket of goods and services” was up only... Continue reading
Posted Aug 12, 2016 at Alaskanomics
By Mark Edwards According to preliminary Federal Department of Labor estimates, June was actually a good month and Alaska employment was 0.4% higher than June of 2015. June of 2016 had 359,400 jobs (rounded) vs. 358,200 at June of last year. The best estimate we have at this time for... Continue reading
Posted Jul 25, 2016 at Alaskanomics
By Mark Edwards One final update to the Economic Update, which is now available in the 'Resources Section'. Statistics released in March from the Bureau of Economic Analysis show that total income earned in Alaska last year grew by $1.5 billion to a total of $41.3 billion. With a population... Continue reading
Posted Apr 1, 2016 at Alaskanomics
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By Mark Edwards Home lending activity flat - The Alaska Housing Finance Corporation (AHFC) released its third quarter report on Alaska housing indicators. It tracks new loan activity for single family homes and condominiums in Alaska. The data is based on a survey representing approximately 95% of mortgage lenders in... Continue reading
Posted Feb 25, 2016 at Alaskanomics
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By Mark Edwards Population remains virtually unchanged in 2015 - The most recent Department of Labor estimate for Alaska's population is 735,625. That is an increase of 271 people net for the year. Over the last decade we have been averaging about 11,000 births and 3,500 deaths for a net... Continue reading
Posted Feb 23, 2016 at Alaskanomics
By Mark Edwards As a continuation of the Economic Update, today we look at Alaska’s State Government. State government will have to make prudent spending cuts and raise new revenues - The most impacted sector from a decline in the price of oil is the State of Alaska government. We... Continue reading
Posted Feb 19, 2016 at Alaskanomics
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By Mark Edwards As is tradition, Northrim Bank will publish the annual Alaska Economic Update. The full publication will be available later this spring, but we wanted Alaskanomics readers to get a sneak peek at the issues facing Alaska and its economy. We will break the report into sections and... Continue reading
Posted Feb 17, 2016 at Alaskanomics
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By Mark Edwards Today we wrap up our series on the Alaska Economic Update. Over the past three posts, we have looked at oil prices, jobs, and population. We wrap things up today with the housing marketing and the building environment. For the complete Alaska Economic Update as well as... Continue reading
Posted Mar 31, 2015 at Alaskanomics
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By Mark Edwards Each year, Northrim Bank publishes the Alaska Economic Update. It is an opportunity to review the past year as well as look forward to the current year in regards to oil prices, jobs and housing. We will break the report into four sections and will post the... Continue reading
Posted Mar 20, 2015 at Alaskanomics
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By Mark Edwards To wrap up our look at the current oil price environment, I show the reasons for optimism and reasons I believe that prices will not go much lower and will rise in the coming year. Reasons for optimism that Alaska can withstand the current price shock: Deficit... Continue reading
Posted Feb 27, 2015 at Alaskanomics
Yesterday, I outlined the background of Alaska's economy in relation to the price of oil and how the current price is affecting the economy. Today, I will show the root causes for the recent decline and will wrap up on Friday with the reasons we should be optimistic for the... Continue reading
Posted Feb 26, 2015 at Alaskanomics
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Over the next couple of days, I will post a three part series about the current oil price environment in Alaska. It is well known that Alaska’s economy is highly sensitive to the price of oil. Billions of dollars in investment capital flow into the state each year as energy... Continue reading
Posted Feb 25, 2015 at Alaskanomics
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The recently released survey by the Mortgage Bankers Association shows that Alaska continues to have some of the lowest levels of foreclosures and delinquencies on residential mortgage loans in the United States. In the first quarter of 2013, Alaska ranked 3rd best in the nation out of 50 states in... Continue reading
Posted Jul 1, 2013 at Alaskanomics
If you listen to the rhetoric in Juneau, the focus appears to be on the State government budget and legislators working to maximize the dollars that flow to Juneau. That amount has been growing significantly over the past several years and has led to large spending increases that seemingly put... Continue reading
Posted Apr 11, 2013 at Alaskanomics
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According to the Federal Bureau of Labor Statistics, the Consumer Price Index (CPI) in Anchorage rose 2% in 2012. Anchorage is the only "urban" community in Alaska that is tracked for these national statistics which come out twice a year. It measures the price of a consistent “basket of goods”... Continue reading
Posted Mar 15, 2013 at Alaskanomics
Total personal income for Alaska was $34 billion in the third quarter of 2012, according to data released by the U.S. Department of Commerce Bureau of Economic Analysis. This is an increase of $846 million compared to one year ago, or a growth rate of 2.5%. This marks the fourteenth... Continue reading
Posted Feb 13, 2013 at Alaskanomics
The most recent Department of Labor estimate for Alaska's population is 732,298. That is a 1.3% increase in 2012 resulting from an additional 9,162 people. A majority of the growth is due to natural increase. There were 11,034 births reported and 3,746 deaths for a natural increase of 7,288 people.... Continue reading
Posted Feb 9, 2013 at Alaskanomics
The total number of payroll jobs, not including uniformed military and the self-employed, is about 335,000. It is important to note this is a preliminary estimate by the Alaska Department of Labor using nine months of actual data from employer tax returns and three months of estimates. The final numbers... Continue reading
Posted Feb 7, 2013 at Alaskanomics
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Alaska's seasonally adjusted unemployment rate finished the year at 6.6%. The comparable national rate in December was 7.8%. This was an improvement of 0.8% and 0.7% respectively for Alaska and the U.S. versus the December of 2011 rates. As seen in the graph below by the Alaska Department of Labor,... Continue reading
Posted Feb 6, 2013 at Alaskanomics
A recent report by the McDowell Group prepared for the State Department of Commerce showed overall visitor volume increased by 2% in Alaska between May and September of 2012. Cruise ship visitors increased by 6%, while air travelers decreased by 4% and highway/ferry traffic was essentially flat. Cruise ships continue... Continue reading
Posted Feb 5, 2013 at Alaskanomics
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According to the U.S. Census Bureau, the number of building permits for new, privately owned housing of 1 to 5 unit buildings is remaining low for the fifth straight year. It has been under 1,000 units since 2007. Through November of 2012 there have been 979 permits reported. This is... Continue reading
Posted Jan 25, 2013 at Alaskanomics
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The Alaska Housing Finance Corporation (AHFC) released their third quarter report on Alaska housing indicators. It tracks new loan activity for single family homes and condominiums in Alaska. The data is based on a survey representing approximately 95% of mortgage lenders in Alaska and also includes AHFC loans. It reported... Continue reading
Posted Jan 23, 2013 at Alaskanomics