www.AlaskaAlliance.com 11 Reliable • Eco-friendly • Made for freight UNCOMPLICATE YOUR FREIGHT LOGISTICS Get a free quote: 800.321.6518 | AlaskaRailroad.com/Freight Borough looks to continue growth trend in future Fairbanks is doing well. But like most places, there are ups and downs. The Fairbanks Economic Development Corp. released its 2023 economic report July 30. The report includes trends into 2024. Key trends highlighted: On the upside: n The regional economy is stable; n jobs and wages are up, fueled by North Slope oil work; n another robust visitor season; n a stable military population; n and increasing enrollment at the University of Alaska Fairbanks. All of these are pillars of the community On the downside: n Childcare challenges continue to be a drag on the workforce, a common problem across Alaska; n a gradual outmigration of working age adults, which brings with it declining school populations, again a problem across Alaska except for the state’s Mat-Su region; n continued shortages of housing and high housing costs, again a familiar problem, n high energy costs for home-heating, electricity and transportation, problems that are exacerbated in Interior Alaska because of cold winters. The Fairbanks North Star Borough has seen a 2.5 percent population decline from 2014 to 2013 compared with a 0.24 percent decline for the statewide population and a 0.45 percent population increase for Anchorage. Among the bright spots: n Transportation and warehouse employment was up 10 percent in 2023, continuing into 2024, due to North Slope work and tourism; n Local hotel and motel bed tax revenue, reflecting tourism, was up 10 percent in 2023 over 2022. The January-May season (winter visitors) is up 31 percent in 2024 over the same period of 2023. The 2024 visitor season continued to be strong, CONTINUED on PAGE 12
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