• 2017 Alaska's Construction Spending Forecast

      Goldsmith, Oliver Scott; Cravez, Pamela (Institute of Social and Economic Research, University of Alaska Anchorage, 2017-01-01)
      The total value of construction spending “on the street” in Alaska in 2017 will be $6.5 billion, down 10% from 2016.1, 2,3 Oil and gas sector spending will fall 15% to $2.4 billion, from $2.9 billion last year. All other construction spending will be $4.0 billion, a decline of 7% from $4.3 billion last year. Private spending, excluding oil and gas, will be about $1.6 billion, up 2% from last year—while public spending will decline 12% to $2.5 billion. Wage and salary employment in the construction industry, which dropped by 8.5% in 2016 to 16.2 thousand, will drop another 7.4% in 2017 to 15 thousand, the lowest level in more than a decade.n 2016 the Alaska economy slipped into a recession that is expected to continue at least through 2017. Total wage and salary employment fell in 2016 by 6.8 thousand, about 2%. This year it is anticipated the decline will be 7.5 thousand, or 2.3%, which will return the economy to the 2010 level.5. Weakness in the economy is also reflected in a net outmigration of population over the last four years.
    • 2018 Alaska's Construction Spending Forecast

      Leask, Linda; Goldsmith, Oliver Scott (Institute of Social and Economic Research, University of Alaska Anchorage, 2018-01-01)
      The total value of construction spending “on the street” in Alaska in 2018 will be $6.6 billion, up 4% from 2017.1, 2,3 The increase is due to a recovery in Petroleum sector spending which will grow 15% to $2.6 billion from its low of $2.2 billion last year. All other construction spending will be $4.0 billion, a decline of 2% from $4.1 billion last year. Private spending, excluding petroleum, will be about $1.5 billion, down 5% from $1.6 billion last year—while public spending will decline 1% to $2.5 billion. Wage and salary employment in construction will decline 3% to 14.5 thousand.4 After falling by half in the last two years, spending by the petroleum industry will start to recover because of the rise in the price of oil, and more support for the industry from the federal and state governments.