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The Kenai Peninsula Borough, Alaska, has an annual GDP of approximately 3.33 billion dollars, translating to a GDP per capita of about 56,266 dollars. The region has experienced a GDP growth rate decline of 2.2% over the last year, with a compound annual growth rate (CAGR) of -1.9% over the past 13 years, indicating a persistent economic contraction. In comparison to the state of Alaska, which has a GDP of 65.7 billion dollars and a per capita GDP of 89,408 dollars, Kenai's economic performance lags significantly. The borough's economy is characterized by a higher contribution from goods-producing sectors (25.3%) compared to the state average (25.2%), but it still relies heavily on service provision (56%). This trend reflects broader challenges faced by many Alaskan regions, as they grapple with economic stagnation amidst fluctuating resource-based industries.
The Kenai Peninsula Borough, AK, exhibits an employment rate of 67.3% for individuals aged 20-64, which is slightly below the state average of 69.3% and significantly lower than the national average of 73.8%. The borough's employment rate for those with a Bachelor's degree stands at 79.1%, aligning closely with Alaska's 80% but trailing behind the national figure of 84.3%. Notably, the high school graduate employment rate is 60.5%, again lower than both state (64.9%) and national (67.9%) averages. The employment rate for seniors (75+) is notably low at 4.7%, indicating potential challenges for older workers. Comparatively, the borough ranks higher than Matanuska-Susitna Borough (65.3%) and Fairbanks North Star Borough (63.1%), but lags behind Anchorage Municipality (72.1%) and Juneau City and Borough (75.9%), highlighting a mixed employment landscape within Alaska.
The Kenai Peninsula Borough, AK, exhibits a mean household income of $76,272 and a median household income of $99,127, which are below the state averages of $86,370 and $110,602, respectively. The income per capita stands at $40,720, indicating a relatively modest economic output per individual compared to the state average of $42,828. Notably, 10.3% of households earn over $200,000, while 12.7% fall below $20,000, reflecting a higher proportion of low-income households than the state average of 9.5%. The Gini index of 0.454 suggests moderate income inequality, slightly higher than the state’s 0.4304. Compared to other counties, Kenai Peninsula Borough's income metrics are lower than those of Anchorage and Juneau, highlighting economic challenges that may stem from its reliance on tourism and natural resources.