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Wrangell City and Borough, Alaska, has an annual GDP of approximately 99 million dollars, with a GDP per capita of about 46,483 dollars. The region experienced a GDP growth rate of 3% in the last year, contrasting with a negative compound annual growth rate (CAGR) of -2.3% over the past 13 years. The economy is primarily service-oriented, with 69% of its GDP coming from service-providing sectors, while goods-producing industries contribute only 9.2%. Compared to the state of Alaska, which has a higher GDP per capita of 89,408 dollars and a negative growth rate of -1.4%, Wrangell shows a more favorable short-term growth trend. However, it lags behind larger counties like Anchorage, which has a GDP per capita of 95,672 dollars, indicating a need for economic diversification and growth strategies to enhance long-term sustainability.
Wrangell City and Borough, AK, exhibits an employment rate of 66.5% for individuals aged 20-64, which is notably lower than the state average of 69.3% and the national average of 73.8%. However, the borough shows a strong employment rate of 84.2% for those with a Bachelor's degree, surpassing both the state (80%) and national (84.3%) figures. The high school graduate employment rate is concerningly low at 53.3%, significantly below Alaska's 64.9% and the national average of 67.9%. Additionally, the employment rate for seniors (75+) is exceptionally low at 0.4%, indicating potential demographic challenges. Compared to other Alaskan counties, Wrangell's overall employment rates reflect a need for economic development, particularly in supporting high school graduates and older workers.
Wrangell City and Borough, AK, exhibits a Mean Household Income of $61,000 and a Median Household Income of $80,656, which are significantly lower than both the state averages of $86,370 and $110,602, respectively. The region's Income Per Capita stands at $35,421, also trailing behind the state average of $42,828. Notably, only 5.1% of households earn over $200,000, indicating a lower concentration of high-income earners compared to the state average of 11.5%. Additionally, the Gini index of 0.4125 suggests a relatively moderate income inequality. In comparison to other counties in Alaska, Wrangell's economic indicators reflect challenges in income generation, positioning it among the lower-income regions, which may impact local economic development and community services.