Alaska Economic Update
“While we continue to be encouraged by the progress on a number of resource development projects in Alaska, we remain frustrated at the regulatory and tax barriers put in place at both the state and federal levels,” said Langland. “Alaska has enormous oil, natural gas, and mineral deposits which are not being developed, leaving others to meet global demand. New efforts to proceed with natural resource exploration and development remain one of the most important initiatives for our economy.”
“Alaska is expected to add 38,749 jobs between 2010 and 2020, an increase of 12%,” said economist Paul Martz in the October 2012 issue of Alaska Economic Trends published by the State of Alaska. “This forecast continues a trend that we have seen in Alaska over a number of years of relative economic stability and moderate job growth,” said Langland.
Residential construction is also beginning to improve. According to the Municipality of Anchorage, total new construction permit numbers increased 31%, which also equates to an 11% increase in total number of units in the first nine months of 2012. Year to date there were a total of 325 new construction permits issued versus 249 permits in 2011. Estimated total value for new residential permits through September 30, 2012 is $18.8 million.Northrim Bank sponsors the Alaskanomics blog to provide news, analysis and commentary on Alaska’s economy. With contributions from economists, business leaders, policy makers and everyday Alaskans, Alaskanomics aims to engage readers in an ongoing conversation about our economy, now and in the future. Join the conversation at Alaskanomics.com or for more information on the Alaska economy, visit: www.northrim.com and click on the “About Alaska” tab. Balance Sheet Review Northrim’s assets totaled $1.13 billion at September 30, 2012, compared to $1.07 billion three months earlier and $1.07 billion a year ago.