Fairbanks is a prominent business, trade and services center. Due to the Fairbanks International Airport the city is the freight distribution and supply center for the region. The major elements of the economy include federal, state and city government agencies; communications, transportation, tourism, and financial. Additional sectors significantly contributing to the economy are manufacturing, education, construction, medical services, and mining. The state's oil revenue is also a prominent factor for Fairbanks's economy.
Including employees at Fort Wainwright and Eilson Air Force Base, more than on-third of the workforce is employed by the government. In addition, the two military bases have a major impact on the economy. The Fort Knox hard rock gold mine and the University of Alaska Fairbanks also have a large number of employees. Many Fairbanks residents also hold commercial fishing permits.
Notable information regarding Fairbanks: The average earnings in 2009 was $29,000. About 20% of the population over the age of 25 have a bachelors degree or higher. The daytime population rises by about 37% due to people commuting to Fairbanks from surrounding areas. The personal tax amount is very low. Residents receive distributions from the Permanent Fund which provides residents 25% of Alaska's royalty oil revenue.
The Governor's Office of International Trade offers a variety of assistance and information to companies interested in foreign trade and investments. The Small Business Development Center provides advice, seminars and workshops for new and established companies. The Chamber of Commerce provides the "School Business Partnership" which helps businesses and schools work together.
Fairbanks major industries for employment are shown below:
- Health services
- Leisure and hospitality
- Professional and business services
Besides Fort Wainwright and Eilson Air Force Base, the largest employers in Fairbanks are:
- Banner Health System
- Alyeska Pipeline Service
- Tanana Chiefs Conference
- Fairbanks Gold Mining
- Petro Star
- University of Alaska
- Fairbanks North Star Borough School District
- Donyon, Ltd
- Dena' Nena' Henash
- Interior Alaska McDonald's Inc
- Borough of Fairbanks North
- Fairbanks Resource Agency
- City of Fairbanks
- Golden Valley Electric Association
- Tanana Valley Medical & Surgical Group
- Tatonduk Outfitters Limited
- Fairbanks Memorial Hospital and Denali Center
Helpful business organizations for Fairbanks companies:
The Fairbanks Daily News-Miner provides information about the current business activities in Fairbanks.