Thursday, April 23, 2009

Bureau Of Economic Analysis Report Shows Alaska 15th In The Nation In 2007 Per Capita Income At $40,042, Slightly Above National Average Of $38,615

A report released by the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) shows that Alaska is now 15th in the nation in average personal per capita income (PCPI), at $40,042, slightly ahead of the national average of $38,615. The statistics are based upon 2007 data, the latest available. Alaska's PCPI reflects an increase of 4.4 percent from 2006, slightly behind the 2006-2007 national change of 4.9 percent. In 1997 the PCPI of Alaska was $26,759 and ranked 11th in the United States. The 1997-2007 average annual growth rate of PCPI was 4.1 percent. The average annual growth rate for the nation was 4.3 percent. No Alaska media has yet picked up this story.

BEA defines "personal income" as the income received by all persons from all sources. Personal income is the sum of net earnings by place of residence, rental income of persons, personal dividend income, personal interest income, and personal current transfer receipts. Net earnings is earnings by place of work (the sum of wage and salary disbursements, supplements to wages and salaries, and proprietors' income) less contributions for government social insurance, plus an adjustment to convert earnings by place of work to a place-of-residence basis. Personal income is measured before the deduction of personal income taxes and other personal taxes and is reported in current dollars (no adjustment is made for price changes).

You can read the press release HERE. Here are some instructions on navigating through the BEA website to obtain specified information:

To obtain per capita income statistics, access the following link:

http://www.bea.gov/regional/bearfacts/

Then choose between State, County, Metropolitan Statistical Area, or BEA Economic Area.

Here's the Alaska breakdown by municipality/borough/census area:

(1). North Slope Borough: $58,912
(2). Denali Borough: $50,465
(3). Bristol Bay Borough: $48,747
(4). Haines Borough: $46,772
(5). Municipality of Anchorage: $46,243
(6). Ketchikan Gateway Borough: $46,182
(7). Juneau City & Borough: $44,723
(8). Yakutat City & Borough: $41,054
(9). Valdez-Cordova Census Area: $40,472
(10).Southeast Fairbanks Census Area: $40,026
(11).Skagway-Hoonah-Angoon Census Area: $39,906
(12).Kodiak Island Borough: $37,951
(13).Wrangell-Petersburg Census Area: $37,831
(14).Sitka City & Borough: $36,696
(15).Kenai Peninsula Borough: $35,415
(16).Fairbanks North Star Borough: $34,960
(17).Matanuska-Susitna Borough: $34,341
(18).Dillingham Census Area: $33,380
(19).Aleutians West Census Area: $33,318
(20).Lake & Peninisula Borough: $32,331
(21).Nome Census Area: $29,421
(22).Aleutians East Borough: $28,942
(23).Northwest Arctic Borough: $28,799
(24).Yukon-Koyukuk Census Area: $28,359
(25).Bethel Census Area: $26,990
(26).Prince of Wales-Outer Ketchikan Census Area: $25,107
(27).Wade Hampton Census Area: $17,941

Note that those Alaska jurisdictions towards the top of the list benefit from either the energy industry, the fishing industry, the tourism industry, or have a mixed economy like Anchorage. Juneau's disproportionate dependence upon government jobs places them high on the list.

In contrast, those bringing up the rear are predominantly rural areas without a single "big" industry to deliver significant income. Under normal circumstances, the low PCPI figures for these areas are offset by the availability of a subsistence economy. Unfortunately, the late 2008 spike in energy prices cancelled out the advantages of subsistence; although oil prices have since declined, rural residents are still working their way through the higher-priced stocks ordered before the onset of winter.

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