Performance Details

Department of Commerce, Community, & Economic Development - Division of Economic Development

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Mission

Promote economic development opportunities.

Core Services

• Maximize economic opportunities for Alaskans.
• Research

Mission Results

Core Services

A: Economic opportunities for Alaskans are optimized.  Details >

A1: Maximize economic opportunities for Alaskans.  Details > TARGET #1: Increase economic output as expressed by the change in real gross domestic product; meet or exceed national and peer state averages. TARGET #2: Maintain or improve total nonfarm employment. TARGET #3: Increase corporation tax revenue as a result of increased economic activity. A2: Research  Details > TARGET #1: Promote Alaska's economic assets and industries to external audiences through development of research projects.

Performance Detail

Target #1: Increase economic output as expressed by the change in real gross domestic product; meet or exceed national and peer state averages. Methodology: United States Bureau of Economic Analysis Analysis of results and challenges: Gross Domestic Product annual growth rate is based on gross domestic product in chained dollars* and rounded to the nearest tenth of a percent. Peer states were selected as economies of comparable size. The peer states include North Dakota, South Dakota, Idaho, Montana and Wyoming. The growth rate of Alaska's GDP was +0.60% change from 2018. *Refers to a method of adjusting dollar amounts for inflation over time, so as to allow comparison of figures from different years. Chained dollars use a base year to calculate the real dollars. The base year for these growth rates is 2009.

Target #2: Maintain or improve total nonfarm employment. Methodology: State of Alaska, Department of Labor and Workforce Development, Research and Analysis Analysis of results and challenges: The employment numbers exclude self-employed workers, fishers, domestics and unpaid family workers. In calendar year 2019, employment was slightly higher than in the two previous years.

Target #3: Increase corporation tax revenue as a result of increased economic activity. Methodology: Alaska Department of Revenue, Corporate Income Tax Annual Report Data State of Alaska Corporate Tax Liabilities (millions) Year Oil and Gas Corps. Non-Oil and Gas Corps. 2019 $211.8 $114.8 2018 $66.4 $119.6 2017 -$59.4 $84.2 2016 -$58.8 $89.2 2015 $86.5 $134.8 2014 $313.8 $102.4 2013 $433.7 $109.5 2012 $542.2 $96.6 2011 $542.1 $146.2 2010 $447.9 $80.1 Analysis of results and challenges: Amounts reflect the total general fund tax collections as reported on corporate income tax returns. Corporate taxes grew overall in 2019, but are still well below collections in 2011.

Target #1: Promote Alaska's economic assets and industries to external audiences through development of research projects. Research Projects Undertaken Fiscal Year Tourism Development Natural Resources Business Development Other FY 2020 0 0 1 0 FY 2019 2 1 5 1 FY 2018 1 2 7 6 FY 2017 1 3 4 5 FY 2016 2 2 2 5 FY 2015 1 4 2 2 FY 2014 1 9 2 1 FY 2013 3 12 1 4 Analysis of results and challenges: Projects include total quantity of primary and secondary research projects the Division of Economic Development designed, implemented, and/or coordinated. Natural resources include seafood, minerals, and wood product industries. From FY2017 to FY2020 DED staff was reduced from seven full-time positions to three. As a result of lower staffing levels, fewer research projects were accomplished. Additionally, in FY2020, DED staff provided significant assistance in reviewing and processing AK CARES grants, which resulted in fewer research projects completed.

Current as of December 3, 2020