KTUU.com | Alaska's news and information source | State economy should be on the upswing by mid-year

State economy should be on the upswing by mid-year

by Jackie Bartz
Wednesday, January 13, 2010

ANCHORAGE, Alaska -- Alaskans have more to look forward to than sunshine this summer.

Economists say by the middle of the year, the state should see an upswing in the job market.

The worst is over, but don't expect it to bounce back yet.

That's the message from a group of economists at the Seventh Annual World Trade Center Alaska Economic Forecast Luncheon.  

According to them, Alaska will continue to see job losses during the first part of the year, but by the end, economists predict the state will add about 1,800 jobs.

Most of those jobs will be in health and education, but there will also be improvements in trade.

"International trade is big business for Alaska; it creates thousands of jobs, it brings new money into the Alaskan economy, and it really makes possible these industries to be here and to be successful," said Greg Wolf with World Trade Center Alaska.

Alaska's unemployment rate is historically higher than the national average, but that's not the case right now.

However, if you compare 2010 projected unemployment numbers, they will be higher than two years ago.

Some of the factors the economists said may contribute to the recovery process are high oil prices, stimulus money and consumer spending.

But high energy costs and a dip in the tourism industry will work against it.

Contact Jackie Bartz at jbartz@ktuu.com