Northrim Bank hosted it's annual Community Summits in Soldotna, Anchorage and Fairbanks. Additional events will be held in Juneau, Sitka and Kodiak in the fall. As part of the summit, the attached presentation was given at these events. Continue reading

The Alaska economy showed broad improvements in 2021 and the first quarter of 2022 as it rebounded from the pandemic lows of 2020. A steady recovery of jobs in nearly every sector resulted from improved tourism, rising oil prices, a strong housing market and consumer liquidity from government stimulus programs. We believe that the potential effects of rising interest rates, high inflation, and supply chain disruptions are the most pressing issues facing the economy in 2022. Continue reading

Population is a critical variable in economic analysis and the latest data from the Alaska Department of Labor and Workforce Development provides valuable insight into how Alaska is faring. Here are several components from that report worth highlighting. Continue reading

By Mark Edwards, EVP - Chief Credit Officer & Bank Economist 2020 was a challenging year for the global economy as health policies led to significant disruption in normal business activity. It is counter-intuitive to have a year where payroll jobs declined by 8.5% and gross state product fell 5%... Continue reading

By Mark Edwards, EVP - Chief Credit Officer & Bank Economist 2020 was an unprecedented year in just about every economic measure. Wild swings in unemployment resulting from government mandated business closures were then supported by trillions of dollars in assistance programs in an attempt to counteract the negative economic... Continue reading

By: Mark Edwards – EVP, Chief Credit Officer & Bank Economist Today we wrap up our discussion with a look at the state budget. State Budget Low oil prices for three years left the state government with a multi-billion dollar budget deficit due to the heavy reliance on oil taxes... Continue reading

By: Mark Edwards – EVP, Chief Credit Officer & Bank Economist Earlier this week, we looked at the US economy, tourism and military issues. Residential Foreclosure and Delinquency According to the Mortgage Bankers Association, Alaska’s foreclosure rate was 0.66% at the end of 2018, virtually identical to 0.64% at the... Continue reading

By: Mark Edwards – EVP, Chief Credit Officer & Bank Economist In our last post we looked at the resource development industry. Today we discuss the US economy, tourism and military issues. U.S. Economy Real GDP growth in the United States increased at a rate of 2.9% in 2018, compared... Continue reading

By: Mark Edwards – EVP, Chief 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... Continue reading

By: Mark Edwards – Senior Credit Officer & Bank Economist We conclude our Alaska Economic Update today with a look at Oil Prices, State Budget Issues and the Federal Government. Oil Prices - Oil prices have fluctuated between $47 and $71 over the last twelve months and finished February 2018... Continue reading

By: Mark Edwards – Senior Credit Officer & Bank Economist Today we look at Gross Domestic Product, Income, Population and Employment. Gross Domestic Product, GDP – Real GDP growth in the United States increased at an annual rate of 2.3% in 2017 compared to 1.5% in 2016, according to the... Continue reading

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 – The impact of rising long-term interest rates will be most broadly felt in the housing market. Alaska home purchases are... Continue reading

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

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

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

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

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

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

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

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

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

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

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

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

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