The major economic sectors for Anchorage are transportation, the military, oil and gas, local and federal government and convention and tourism. Finance, construction, education and healthcare are also significant factors for the economy. Anchorage is not Alaska's center for oil production, however it's the administrative center for the petroleum industry. The economy is also bolstered by the tourism and conventions industry which usually brings in about 150 million dollars each year.
The Elmendorf Air Force Base, Fort Richardson Army Post and Kulis Air National Guard provide a vast number of jobs in Anchorage. The military and their families also stimulate the economy by patronizing local businesses. Although Juneau is the state capital, Anchorage actually has more state employees. Many of the federal government jobs are related to federal lands management.
Anchorage is the state's major transportation, trade, communications, finance and services center. The Ted Stevens Anchorage International Airport is one of the busiest airports regarding cargo traffic in the world. The direct and indirect employment associated with the airport provides approximately 10% of the jobs in the city. In addition, over 90% of the consumer goods arriving in Alaska come through the Port of Anchorage.
New and existing companies are helped in Anchorage by a variety of incentives including customized job training programs, municipal revenue bonds, low interest loans and property tax abatement. The Alaska Export Assistance Center helps local businesses expand into various foreign markets. In addition, the University of Alaska Anchorage, in association with the Alaska Economic Development Corporation, offers a mentor program that connects students with businesses.
A collection of notable information regarding Anchorage: Anchorage has been named an All-American city several times by the National Civic League. Wages are typically higher in Anchorage than the rest of the nation. In 2008 the cost of living index was at 90.5 and the national average is 100. The growth rate of the economy is typically a little lower than the rest of the nation, however during economic downturns Anchorage's economy is less effected than most of the nation. For residents over the age of 25 approximately 29% have a bachelor's degree or higher.
The largest employers in Anchorage are:
- Ted Stevens International Airport
- Providence Alaska Medical Center & Hospital System
- Fort Richardson US Army Base
- Teleco Telephone
- University of Alaska at Anchorage
- Alyeska Pipeline Service
- Alaska Regional Hospital
- Sullivan Arena/Government offices
- Conoco Philips
- US Fish and Wildlife Service
- Alaska Regional Hospital
- US Army Corps of Engineers
- US Emergency Transportation Services
- Northern Air Cargo
- Wal-Mart/Sam's Club
- Trident Seafoods
- Banner Health System
- NANA Management Services
Two helpful business organizations:
The Anchorage Daily News provides information about the current business activities in the Anchorage area.