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Petersburg Borough, Alaska, has an annual GDP of approximately 187.5 million dollars, translating to a GDP per capita of about 55,560 dollars. The region has experienced a significant decline in economic performance, with a GDP growth rate of -8.1% over the last year and a compound annual growth rate (CAGR) of -1.02% over the past 13 years. 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, Petersburg's economic indicators are notably lower. The borough's economy is characterized by a substantial goods-producing sector (29.5%) and a significant government contribution (30.2%), reflecting its reliance on local resources and public sector support. This contrasts with the national average, where the GDP per capita is 77,754 dollars, highlighting Petersburg's economic challenges relative to broader trends.
Petersburg Borough, AK, exhibits a robust employment landscape, with a 77.7% employment rate for individuals aged 20-64, surpassing the state average of 69.3% and the national average of 73.8%. The borough's employment rate for those with a bachelor's degree stands at 82.3%, slightly below Alaska's 80% but higher than the national figure of 84.3%. Notably, the high school graduate employment rate is 72.7%, which is significantly better than Alaska's 64.9%. The employment rate for Black residents in Petersburg is notably high at 83.9%, indicating strong workforce participation among this demographic. Overall, Petersburg Borough demonstrates a favorable employment environment compared to both state and national averages, highlighting its potential as a competitive region for workforce development.
Petersburg Borough, AK, exhibits a mean household income of $77,826 and a median household income of $96,770, which are below the state averages of $86,370 and $110,602, respectively. The income per capita stands at $37,856, indicating a lower economic output per individual compared to the state average of $42,828. Notably, only 6.1% of households earn over $200,000, which is significantly lower than the state average of 11.5%. Additionally, 10% of households earn less than $20,000, slightly above Alaska's 9.5%. This data suggests that Petersburg Borough faces economic challenges relative to other Alaskan counties, particularly in high-income households, reflecting a more modest economic landscape compared to regions like Anchorage and Juneau, which boast higher income levels and a greater percentage of affluent households.