Alaska shipping and commerce activities contribute hugely to Washington state’s Puget Sound economy. In a February 2015 report by The McDowell Group, the benefits listed were enormous. And are continuously growing. The major areas are Freight and Cargo, Seafood, Travel and Tourism, Oil, Health Care, post-secondary Education, and Tribal subsidiaries.
Alaska’s economic relationship with Puget Sound accounted for 113,000 jobs in the region, and $6.2 billion in labor earnings, in 2013 (including direct, indirect, and induced impacts). The sectors accounting for the largest percentage of Alaska-related jobs were services at 26,500 jobs (23 percent), seafood at 23,900 jobs (21 percent), and trade at 19,100 jobs (17 percent).
Over the long-term, the economic connection between Puget Sound and Alaska will continue to grow as both economies evolve. While Alaska faces near-term challenges associated with low oil prices and declining production, the state remains richly endowed with oil and gas, seafood, minerals, and scenic resources. These natural assets will continue to provide opportunity for economic growth in Alaska, and even stronger, mutually beneficial, economic Ties that Bind with Puget Sound.
While the Puget Sound economy is very large relative to Alaska’s, this report documents the important role of Alaska in generating economic activity for a broad cross-section of Puget Sound businesses and industries. Conversely, this analysis also provides clear evidence of the essential role that Puget Sound plays in supporting Alaskans and the Alaska economy. These are the Ties that Bind.
See Full Report Here
