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The Prince of Wales-Hyder Census Area in Alaska has an annual GDP of approximately $292 million, translating to a GDP per capita of about $50,384. This region's GDP growth rate over the last year was modest at 0.7%, with a compound annual growth rate (CAGR) of 0% over the past 13 years, indicating stagnation in economic growth. The area's economy is characterized by a significant government contribution to GDP at 33.9%, alongside a notable goods-producing sector at 19.8%. Compared to Alaska's overall GDP per capita of $89,408 and a negative growth rate of -1.4%, Prince of Wales-Hyder appears to be faring better in terms of stability, though it lags behind more prosperous counties like Anchorage, which has a GDP per capita of $95,672. This suggests that while the region is stable, it faces challenges in achieving robust economic growth relative to both state and national averages.
The Prince of Wales-Hyder Census Area in Alaska exhibits a relatively strong employment landscape, with a 72.2% employment rate for individuals aged 20-64, slightly above the state average of 69.3% but below the national average of 73.8%. The area shows a commendable 80.9% employment rate for those with a bachelor's degree, aligning closely with the state rate of 80%. However, the high school graduate employment rate at 65.5% is notably higher than Alaska's 64.9%, indicating a robust local job market for those with basic education. Comparatively, the employment rate for Black residents at 72.7% is competitive, reflecting a more inclusive workforce than some other Alaskan counties. Overall, while the region performs well, it still faces challenges in matching national benchmarks, particularly in overall employment rates.
The Prince of Wales-Hyder Census Area in Alaska exhibits a mean household income of $61,779 and a median household income of $80,427, both significantly lower than the state averages of $86,370 and $110,602, respectively. The income per capita stands at $34,433, which is also below the state average of $42,828. Notably, 14.4% of households earn less than $20,000, indicating a higher prevalence of low-income households compared to the state average of 9.5%. The region's income inequality, as measured by the Gini index at 0.4250, is relatively moderate but still reflects economic challenges. Compared to other counties in Alaska, such as Anchorage Municipality, which has a mean income of $95,731, Prince of Wales-Hyder faces significant economic disparities, highlighting the need for targeted economic development initiatives.