Alaska’s economy is often referred to as a “3 legged stool. Which means, jobs customary to Alaskans can fit into three primary categories, or “legs”; Petroleum, federal government, and all other sectors. What this means for those of us who have jobs that do not depend on petroleum or the federal government make up the third part of our economy, which is just about equal to that of gas/oil or government alone! According to the Institute of Social and Economic Research at the University of Alaska Anchorage, about 31% of Alaskan residents work in the petroleum sector, while 35% work for the federal government, leaving 34% for all other sectors combined. This economic system has worked great for us in the past; however, with changing times we need to begin diversifying our economy because the petroleum will run out in time.
As stated by AlaskasEconomy.org, we, as Alaskans, have a choice of two paths: a slow decline or a stable and sustained growth. On one hand we use Alaska’s natural resources to generate short-term benefits and forget to think about the future generations of Alaska. The economy will slowly decline as investment in new opportunities decreases. Businesses will struggle to stay afloat, Alaskans will leave due to the lack of job opportunities, and property values will drop as well as many other negative effects. If we take action to diversify our economy, we can see a much brighter future for our state where there are new jobs and thriving businesses.
How can we begin to diversify?
Now that we’re advanced in technology, it opens many opportunities for economic growth. Many jobs are currently done from remote locations, like inbound marketing. Individuals can train themselves from home with many online courses & blogs on the subject manner. This also includes events, such as the Alaska Inbound Marketing Summit where you can learn and develop your skills within social media and inbound marketing from the experts — including network opportunities. This is a perfect time to dive into this new and exciting shift regarding businesses.