Fairbanks Job Market to See Reduced Growth in 2025
The Alaska Department of Labor and Workforce Development (DOLWD) has released a report predicting that the job market in Fairbanks will see reduced growth in 2025, peaking between 2022 and 2023 at just 1.3%. The moderate growth reflects a stable economy supported by federal infrastructure projects, military investment, mining, and tourism in the region.
According to Dan Robinson, an economist with Alaska’s DOLWD, there has been a delay in the completion of some federal infrastructure projects due to a lack of bidding. However, these projects are expected to continue contributing to the economy in the next four to five years. Additionally, the arrival of the F-35 Lightning squadron and the addition of four KC-135 refueling planes have boosted economic activity and the job market in Fairbanks.
The mining sector also remains robust in Fairbanks, with the Manh Choh mine set to come online in 2023. The ore from this mine is brought back through Fairbanks for processing at Fort Knox, further adding to the jobs market in the region. Meanwhile, tourism has shown signs of growth since the COVID-19 pandemic, with potential for further increases in the coming years.
However, there are limitations to growth in Fairbanks, including a potential labor shortage and the consolidation of public schools in the area due to budget deficits. Despite challenges, the University of Alaska Fairbanks continues to grow, adding 300 jobs since the 2020-2021 academic year, with plans to add another 100 jobs in 2025.
Overall, the Fairbanks job market faces a mix of opportunities and challenges in the coming year, with potential for growth in key sectors despite some limitations.
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