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The Nome Census Area in Alaska has an annual GDP of approximately 528 million dollars, with a GDP per capita of about 52,702 dollars. Notably, it experienced a robust GDP growth rate of 6% in the last year, outpacing the state's overall decline of 1.4% and reflecting a positive trend compared to many other counties in Alaska. The region's economy is heavily service-oriented, with 63% of its GDP coming from service-providing sectors, while goods-producing industries contribute only 4.6%. This contrasts with the national average, where service sectors account for 71.2% of GDP. The Nome Census Area's government contribution to GDP is significant at 32.4%, indicating a reliance on public sector employment and services, which is higher than the state average of 18.1%. Overall, Nome's economic performance is relatively strong within the context of Alaska's challenging economic landscape.
In the Nome Census Area, AK, the employment rate for individuals aged 20-64 stands at 62.9%, which is notably lower than the state average of 69.3% and the national average of 73.8%. However, the area boasts an impressive employment rate of 96.3% for those with a Bachelor's degree, significantly higher than Alaska's 80% and the national figure of 84.3%. The high employment rate among degree holders suggests a strong demand for skilled labor, yet the overall employment figures indicate challenges in job availability for the broader population. Additionally, the employment rate for high school graduates is only 52.4%, the lowest among comparable counties in Alaska, highlighting potential barriers to entry-level employment. The region also has a high employment rate of 85.5% for Black residents, indicating a positive trend in inclusivity within the local job market.
The Nome Census Area in Alaska exhibits a mean household income of $70,121 and a median household income of $89,721, both significantly lower than the state averages of $86,370 and $110,602, respectively. The income per capita stands at $28,678, which is also below the state average of $42,828. Notably, 13.9% of households earn less than $20,000, indicating a higher prevalence of low-income households compared to the state average of 9.5%. The income inequality, as measured by the Gini index at 0.4439, suggests moderate inequality, though it is better than the national average of 0.4829. Overall, Nome's economic indicators reflect challenges in income levels and economic disparity, positioning it as one of the lower-income areas in Alaska compared to its peers.