Alaska’s economy is currently in a recovery period from the 2015 recession. The oil industry is on the way back toward historic high levels of employment, with the price of oil helping to lift the value of the production. This provides a boost to two of the macroeconomic indicators, employment and GDP.
The other major GDP contributor is still on a negative outlook. While oil prices are recovering, state revenues are still far from enough to balance the budget. This creates a concern that further government spending reductions are on the way.
The rest of Alaska’s economy weathered the recession remarkable well. Therefore, the overall economic outlook is stable.