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Fairbanks North Star Borough, Alaska, has an annual GDP of approximately 6.8 billion dollars, with a GDP per capita of about 70,651 dollars. The region experienced a GDP growth rate of -2% in the last year, reflecting a decline that contrasts with the national growth rate of 1.9% and the state's negative growth of -1.4%. Over the past 13 years, Fairbanks has seen a compound annual growth rate (CAGR) of -0.78%, indicating a long-term economic stagnation. The borough's economy is heavily influenced by government contributions, which account for 35.2% of its GDP, significantly higher than the national average of 11.4%. Compared to other Alaskan counties, Fairbanks has a relatively high GDP but lower per capita income than Anchorage and Juneau, highlighting its unique economic challenges and reliance on government sectors.
Fairbanks North Star Borough, AK, exhibits an employment rate of 63.1% for individuals aged 20-64, which is notably lower than the state average of 69.3% and significantly below the national average of 73.8%. The employment rate for those with a Bachelor's degree stands at 75.7%, also trailing behind Alaska's 80% and the national figure of 84.3%. High school graduates in Fairbanks have a 59.3% employment rate, which is lower than both the state (64.9%) and national (67.9%) averages. Interestingly, the borough has a higher employment rate of 13.9% for those aged 75 and older compared to the state (8.2%) and national (6.8%) figures, indicating a potentially unique demographic trend. Overall, Fairbanks lags behind other Alaskan counties like Anchorage and Juneau, which have higher employment rates across various educational levels.
Fairbanks North Star Borough, AK, exhibits a mean household income of $81,655 and a median household income of $107,852, positioning it slightly below the state averages of $86,370 and $110,602, respectively. The income per capita stands at $42,744, which is also lower than Alaska's average of $42,828. Notably, 11.4% of households earn over $200,000, indicating a relatively affluent segment, while 8.6% fall below $20,000, suggesting some economic disparity. Compared to other counties in Alaska, Fairbanks performs better than Kenai Peninsula Borough but lags behind Anchorage Municipality and Juneau City, which have higher income levels and lower poverty rates. This data highlights Fairbanks as a region with moderate income levels and a diverse economic landscape, reflecting both opportunities and challenges.