Juneau Economic Indicators April 2004
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1 Juneau Economic Indicators April 2004 JEDC s latest update of Juneau economic indicators, compiled by the McDowell Group, reveals recent e conomic trends in Juneau and the region. Economic indicators are great for developing hindsight, however, keep in mind trends can change quic kly. How our economic future evolves is in a large part due to our own ingenuity, adaptability and entrepreneurialism. We are optimistic about Juneau s immediate future. Several public and private projects are pending. Construction of the NOAA facility at Lena Point is underway. Bartlett Hospital expansion plans are evolving along with those for a new high school. Th e CBJ is acquiring property for an off-load facility in Auke Bay, and expanding the Douglas Harbor. Along with the fast-ferry homeport, this infrastructu re will spur development of Juneau-based maritime industries. Private sector development including the new pier at the rock dump, a new fish processing facility in Auke Bay, and the Kensington mine development will all provide new jobs, expansion of Juneau s revenue and tax base, a nd provide new opportunities for ancillary enterprises. Our economic strengths include: State government, fueled largely by oil revenues, remains Juneau s economic base (Juneau is essentia lly an oil town). Due to Juneau being a transportation hub we are now the 7 th largest halibut port in the world. Juneau is among the top 10 sablefish ports in Alaska. With the Greens Creek Mine, Juneau is the largest silver producer in the US, and the 4 th largest silver producer in the world. The Mendenhall Glacier is one of the top visited destinations in Alaska. Juneau is the jumping off point for Glacier Bay, one of the nation s most famous National Parks. For major cruise lines, Juneau is one of the most popular destinations in the world. There is a growing local manufacturing industry, exporting products to the world. Native corporations add significantly to the economic base of the community. The recreational opportunities and the arts community are unparalleled for a town of 30,000. Juneau stands out in the technology sector as well, being home to Wostmann & Associates, one of the largest IT firms in the state (based on revenues). The University of Alaska Southeast has experienced dramatic growth, launching 11 new academic progra ms in the last two years, while the student population has grown over 12% in the last four years. Juneau s economic health is tied to the economies of Southeast Alaska, the state and the world. For example, the 1% growth in population of Juneau is in part due to the in-migration from other communities in the region (Southeast Alaska overall exper ienced a 0.13% population decline in ). Due to slow regional economic growth and population declines, Juneau s population and economic base may also decline unless we embrace an entrepreneurial spirit and the excitement for trying new ventures. Juneau s tremendous assets can be leveraged to both sustain and grow our economy. We, at the JEDC, a re striving to create wealth through a range of programs including direct business counseling, commercial lending, and entrepreneurial training prog rams aimed to help existing and startup businesses as well as through initiatives focused on the application of technology and science to industries in Juneau, in Southeast Alaska, and throughout the state. We welcome your ideas and comments. Sincerely, Lance Miller, Ph.D. James Young Executive Director, JEDC Chairman, JEDC
2 Population
3 Employment
4 Business
5 Business
6 Construction & Enrollment
7 Gross Product
8 Data for this publication was provided by the McDowell Group in conjunction with the City and Boroug h of Juneau, Alaska and The Juneau Economic Development Council. Income
Juneau Economic Indicators
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