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The Northwest Arctic Borough, Alaska, has an annual GDP of approximately 736.7 million dollars, with a GDP per capita of 95,897 dollars, indicating a relatively high income level compared to other counties in the state. However, the region experienced a GDP growth rate decline of 1.2% in the last year and a compound annual growth rate (CAGR) of -2.18% over the past 13 years, reflecting ongoing economic challenges. Notably, the borough's economy is heavily reliant on goods production, contributing 61.1% to its GDP, which is significantly higher than the state average of 25.2%. In comparison to other Alaskan counties, such as Anchorage Municipality, which has a GDP per capita of 95,672 dollars but a more diversified economy, the Northwest Arctic Borough's reliance on goods production may pose risks amid fluctuating market conditions.
The Northwest Arctic Borough, AK, exhibits a notable employment rate of 60.3% for individuals aged 20-64, which is significantly lower than the state average of 69.3% and the national average of 73.8%. However, the borough stands out with a high employment rate of 94.7% for those with a Bachelor's degree, indicating a strong correlation between education and employment in the region. The employment rate for high school graduates is relatively low at 58.4%, suggesting potential barriers to entry-level jobs. Comparatively, the borough's employment rate for Black residents is 84.9%, which is higher than both the state (59.6%) and national (57.2%) averages, reflecting a unique demographic strength. Overall, while the Northwest Arctic Borough faces challenges in overall employment, its educational attainment appears to provide significant opportunities for those with higher degrees.
The Northwest Arctic Borough, AK, exhibits a mean household income of $77,647 and a median household income of $96,030, which are notably lower than the state averages of $86,370 and $110,602, respectively. The income per capita stands at $32,133, reflecting economic challenges compared to the national average of $41,261. The Gini index of 0.4208 indicates a moderate level of income inequality, slightly better than the national figure of 0.4829. Additionally, 12.3% of households earn less than $20,000, which is higher than the state average of 9.5%. This data suggests that while the Northwest Arctic Borough has a unique cultural and economic landscape, it faces significant economic hurdles compared to both state and national benchmarks, highlighting the need for targeted economic development initiatives.