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Skagway Municipality, Alaska, has an annual GDP of approximately 90.2 million dollars and a GDP per capita of 69,240 dollars. The region experienced a notable GDP growth rate of 8.1% in the last year, contrasting sharply with its 13-year compound annual growth rate (CAGR) of -2.74%, indicating a recent recovery or surge in economic activity. In comparison to the state of Alaska, which has a GDP of 65.7 billion dollars and a negative growth rate of -1.4%, Skagway's performance stands out positively. The municipality's economy is primarily service-oriented, with 69.9% of its GDP coming from service-providing sectors, which is higher than the state average of 56.8%. This trend reflects a shift towards tourism and service industries, aligning with national trends where services contribute 71.2% to the overall GDP.
Skagway Municipality, AK, exhibits a notably high employment rate of 80% for individuals aged 20-64, surpassing both the state average of 69.3% and the national average of 73.8%. The region also boasts an impressive 87.4% employment rate for those with a Bachelor's degree, significantly higher than Alaska's 80% and the national figure of 84.3%. Furthermore, Skagway's high school graduate employment rate stands at 89.7%, indicating a strong local economy that effectively utilizes its educated workforce. The employment rate for seniors (75+) is also relatively high at 16.3%, suggesting a supportive environment for older workers. Compared to other Alaskan counties, Skagway's metrics reflect a robust economic landscape, particularly in education-related employment, positioning it favorably within the state.
Skagway Municipality, AK, exhibits a mean household income of $79,583 and a median household income of $91,563, positioning it favorably compared to the national averages of $75,149 and $105,833, respectively. While its income per capita of $46,771 is above the national figure of $41,261, it remains slightly below Alaska's state average of $42,828. Notably, Skagway has a low income inequality, as indicated by its Gini index of 0.3547, which is significantly lower than both the national (0.4829) and state (0.4304) averages. Additionally, only 3.7% of households earn less than $20,000, showcasing a relatively affluent community. Compared to other Alaskan counties, Skagway's income levels are competitive, particularly against areas like Bethel Census Area, which has a mean household income of $64,094.