Trailblazers leading the state's top business: with combined gross revenues of more than $13.9 billion, these companies lead the state's top businesses.
Alaska Business Monthly › Vol. 25 Nbr. 10, October 2009
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2009 Alaska's Top 49ers: TRAILBLAZERS leading the state's top business - Cover story
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Trailblazers leading the state's top business: with combined gross revenues of more than $13.9 billion, these companies lead the state's top businesses.
Everywhere you go there is bad news regarding the nation and state's economy.
While it is doubtful we are in a recession like the rest of the nation, and even the world, we are feeling its effects. The budget for the Municipality of Anchorage has a shortfall of about $20 million in 2010. Job layoffs, reduced work hours and increased property taxes have or may result. Plus tourism is in the slumps. Construction is flat. Air cargo traffic down by 10 percent during the first five months of 2009. And oil industry giant BP is facing budget cuts that affect Alaska suppliers and contractors. The State budget, once flush with wealth, is also facing a shortage this year, according to statistics put out in early 2009. The governor's 2009 fiscal summary shows total revenue for the State for this year at $10.7 billion. Total authorized expenditures are $9.2 billion. Include the PFD expenditures, resource rebate, inflation proofing and additional savings and investments, and that makes the total to spend on budget, including savings and investments, at $13.9 billion, about $3.2 billion more than the State has in revenue resources. Gov. Scan Parnell may have a different vision than this earlier report though. Add to this that about one-third of all jobs in Alaska are traced to federal spending, which resulted in much economic growth in recent years, but is now also on the decline, and Alaska is vulnerable, according to a report put out by Scott Goldsmith, professor of economics for the Institute of Social and Economic Research at the University of Alaska Anchorage. LOOKING UP But not all news is bad. While the state's future looks uncertain at this time, there are many positives. Convention bookings are strong this year and expected to continue to grow in the near future. Oil prices are expected to rise to $93 a barrel in 2012, states the Anchorage Economic Development Corp.'s Three-Year Economic Outlook for 2009-2012. And while after 20 consecutive years of employment growth, employment growth decreased slightly this year, but the job picture will stabilize in the future, the report continued. AEDC also predicts building permits will remain stable and show growth during future years. There's more good news. Recovery in air cargo landings is expected to improve later this year. Jobs in oil and gas remain high, even though there are layoffs in the support sector. Alaska housing markets are stable. Federal stimulus funds of $1.4 billion have been allocated to construction and government operating programs. THE STATE'S LEADERS And then there are the Top 49ers: Trailblazers leading the state's top businesses. These 49 companies, all Alaskan-owned and -operated, represent lead...See the full content of this document
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