After the oil boom, Alaska's per-capita income decreased compared to the national average.
FAIRBANKS, Alaska - Alaska has been seeing a reduction in per-capita income for decades. This impact has resulted in less purchasing power for Alaskans and a narrowed margin for personal income compared to the national average.
“We peaked out in personal income, compared to the rest of the country back in the 70s and 80s,” said Neal Fried, an economist with the Alaska Department of Labor. “I think we once peaked at 75 percent above the national average.” During the last 12 years Alaska has endured decreases in employment and population. Another reason for the decrease to personal income is related to the timing of various recessions. While the United States faced a major recession which began in 2008, Alaska avoided major losses. But, as the lower 48 recovered, Alaska would face two internal recessions. Many markets in Alaska took a big hit including the oil industry.
Even though disparity remains low, communities across the state can vary widely regarding per-capita income. The two communities in Alaska with the highest per-capita income are the Bristol Bay and the Denali Boroughs. Both communities have a per-capita income of over $100,000 with the Bristol Bay Borough having the highest per-capita income at $155,155. This is primarily due to the area having an older population that holds year round jobs at managerial levels.
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