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Construction and oil industries expected to drive job growth in Alaska this year, leading economic recovery.


Aerial photo of drill site 3T at ConocoPhillips’ Nuna project in Alaska reveals expectations for moderate job growth in 2025, with construction and oil and gas sectors forecasted to excel while seafood processing is seen as the biggest loser. Statewide job growth is projected at 1.6%, with 5,300 jobs added, per Alaska Economic Trends. Construction is predicted to grow by 7.9% due to federal funding from the Infrastructure Investment and Jobs Act of 2021. Health care sector expects a 2.9% increase. The oil and gas sector is expected to grow by 7.4% from 2024. However, seafood processing in Alaska is anticipated to have a 5% decrease in jobs in 2025. Workforce challenges may be exacerbated by federal budget cuts and changing demographics. The state has seen 12 years of net outmigration, as people find Alaska less attractive. Population aging has also led to workforce constraints, with declining birth rates impacting job opportunities for younger Alaskans. Regional variations in job growth are expected, with Anchorage not gaining in oil and gas jobs, while Fairbanks anticipates growth in transportation and warehousing. Tourism in Southeast Alaska is expected to drive job growth, particularly in the leisure and hospitality sector. Construction growth in the region is slightly muted compared to other parts of the state. Despite these challenges, Alaska remains on track for employment gains in various sectors, signaling a mix of growth and constraints for the state’s economic future.

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Photo credit www.adn.com

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