Browsing University of Alaska Anchorage by Subject "economic activity"
Now showing items 1-3 of 3
2005 Alaska Construction Spending ForecastConstruction spending is one of the important contributors to overall economic activity in Alaska. It supports firms not only in the construction industry itself, but also construction activity “hidden” in other sectors of the economy such as oil and gas and mining. This is the second year we have prepared a forecast of construction spending, and our categories of spending are not exactly comparable to those last year. Consequently it is not possible to directly compare the forecasts by category between 2004 and 2005. Although we have not conducted a formal year-end review of construction spending in 2004, in the process of collecting information for 2005 we have determined that our projection for 2004 was robust.
Alaska Economy: An OverviewUnderstanding the composition of the Alaska economy is important for research, policy analysis, and project assessment. This report provides a fundamental description of the Alaska economy using basic economic principles and measures of economic activity. Measurements such as employment, income, wages, and output serve as the basis for this analysis. When used together, these measures provide a more complete view of the economy than any single economic measure. Section I of this report describes the Alaska economy as a whole by identifying the most important dimensions of economic activity, introducing the measures used to observe this activity, and describing the major changes in these measures over the past twenty years. Section II analyzes the structure of the Alaska economy by breaking the economy into its major components and describing the contribution of each sector.
The Economic Importance of Alaska Labor Union Pension FundsLabor union retirees could choose to live anywhere and those that remain in Alaska and collect their pensions in Alaska add to total economic activity. Pension distributions are one important source of purchasing power that flows into Alaska supporting households and generating income and jobs in a wide range of economic sectors. In this way union pension payments are similar to the wages paid in our natural resource export industries like petroleum, mining, and fishing and to the distributions made through the Permanent Fund Dividend program. All of these bring new money from outside the state into Alaska where it becomes income for Alaskan households. When these households then spend this income, sales, jobs, and payrolls are generated in trade, services, construction, and other sectors of the local economy. As these dollars re-circulate through the local economy, additional sales, jobs, and payroll are generated through the process known as the multiplier. The size of the annual infusion of purchasing power into the economy from labor union pension funds, although modest in comparison to some other sources, is not insignificant. For example, in 2004 the union pension fund infusion of $147 million was about one-quarter as large as the distribution from the Alaska Permanent Fund. It was about 50 percent larger than the payroll of the mining industry.