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Lake and Peninsula Borough, Alaska, has an annual GDP of approximately 100.4 million dollars, with a GDP per capita of about 100,494 dollars, which is notably high compared to the state average of 89,408 dollars. However, the region experienced a significant GDP decline of 19.6% in the last year, contrasting sharply with the national growth rate of 1.9% and Alaska's decline of 1.4%. Over the past 13 years, Lake and Peninsula has seen a modest CAGR of 0.84%, indicating some stability despite recent volatility. The government sector plays a substantial role in the local economy, contributing 30.4% to GDP, which is higher than the state average of 18.1%. This reliance on government funding may explain the region's resilience but also highlights potential vulnerabilities in economic diversification compared to other counties in Alaska.
Lake and Peninsula Borough, AK, exhibits a mixed employment landscape compared to national and state averages. The employment rate for individuals aged 20-64 stands at 70.4%, slightly above Alaska's average of 69.3% but below the national average of 73.8%. Notably, the borough boasts a high employment rate of 90.4% for those with a bachelor's degree, significantly surpassing both the state (80%) and national (84.3%) figures. However, the high school graduate employment rate at 65.9% is only marginally better than Alaska's 64.9%. The employment rate for seniors (75+) is notably high at 25.9%, indicating a potentially active older workforce. In comparison to other Alaskan counties, Lake and Peninsula Borough's overall employment rates are competitive, particularly for degree holders, suggesting a strong educational impact on employment opportunities in the region.
Lake and Peninsula Borough, AK, exhibits a mean household income of $61,607 and a median household income of $72,594, both significantly lower than the state averages of $86,370 and $110,602, respectively. The income per capita stands at $39,409, which is also below the state average of $42,828. Notably, the borough has a relatively low income inequality, as indicated by its Gini index of 0.3936, compared to the state’s 0.4304. While 10.7% of households earn over $200,000, a higher percentage (12%) earn less than $20,000, reflecting economic challenges. In comparison to other counties in Alaska, Lake and Peninsula Borough ranks among the lower-income regions, highlighting the need for economic development initiatives to enhance local prosperity.