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Sitka City and Borough, Alaska, has an annual GDP of approximately 600 million dollars, with a GDP per capita of about 70,907 dollars. The region has experienced a notable GDP growth rate of 5.1% in the last year, outpacing the state of Alaska's decline of 1.4% and the national growth rate of 1.9%. Over the past 13 years, Sitka's GDP growth rate has averaged 1.52%, indicating a stable economic environment compared to Alaska's overall negative growth trend of -1.24%. The government sector plays a significant role in Sitka's economy, contributing 22.1% to its GDP. In comparison to other counties in Alaska, Sitka's economic performance is relatively strong, particularly when contrasted with Anchorage's slight decline and Juneau's modest growth. This suggests that Sitka may be benefiting from unique local economic drivers or investments.
Sitka City and Borough, AK, exhibits a robust employment landscape, with a 74.5% employment rate for individuals aged 20-64, surpassing the state average of 69.3% and closely aligning with the national figure of 73.8%. The region's employment rate for those with a Bachelor's degree stands at 79.7%, slightly below Alaska's 80% but indicative of a well-educated workforce. Notably, Sitka's high school graduate employment rate is impressive at 79.2%, significantly higher than Alaska's 64.9%. The employment rate for seniors (75+) at 11.9% is also noteworthy, reflecting a commitment to workforce inclusivity. Compared to other Alaskan counties, Sitka ranks favorably, particularly against Fairbanks North Star Borough (63.1%) and Matanuska-Susitna Borough (65.3%), highlighting its economic resilience and potential for growth.
Sitka City and Borough, AK, exhibits a robust economic profile with a mean household income of $95,261 and a median household income of $104,872, both of which are significantly higher than the national averages of $75,149 and $105,833, respectively. The region's income per capita stands at $43,964, which is also above the national figure of $41,261. Notably, Sitka has a high percentage of households earning over $200,000 (17.3%), indicating a concentration of wealth that surpasses the state average of 11.5%. Additionally, the income inequality, as measured by the Gini index (0.3721), is lower than both the state (0.4304) and national (0.4829) levels, suggesting a more equitable income distribution. Overall, Sitka's economic indicators reflect a prosperous community within Alaska, characterized by higher incomes and lower inequality compared to both state and national benchmarks.