Business facts:

The oil and gas industry is the largest component of Alaska’s economy. Nearly 85 percent of the state budget is supplied by oil revenues. The fortunes of Alaska’s oil industry, and therefore many sectors of the economy, are dependent upon world oil prices.

Forests add to Alaska’s beauty and provide a renewable economic resource. With 28 million acres of commercial forest, Alaska’s timber industry supplies world markets with logs, lumber, pulp, and other forest products. Much of Southeast Alaska is part of the Tongass National Forest, a 16.8 million acre rainforest. The Chugach is the nation’s second largest national forest with 4.8 million acres.

Alaska contains half the nation’s coal reserves, and its largest silver and zinc mines. Glittering gold in Alaska’s streams and mountains still lure miners to work private claims. 

About 15 million acres of soil in Alaska are suitable for farming, with 1 million acres currently in production. The long daylight hours of summer produce vegetables of extraordinary size. Farmers in the Matanuska Valley grow cabbages weighing more than 90 pounds. 

Economy:

Alaska’s main export product after oil and natural gas is seafood, primarily salmon, cod, Pollock and crab. In the 2013 fishing season, Alaskan fishers were able to accumulate a total of 5.8 billion pounds of seafood, which equates to an evaluation of $1.9 billion, a small, but noticeable increase in comparison to 2012, which had a total of 5.3 billion and $1.7 billion respectively. Employment is primarily in government and industries such as natural resource extraction, shipping, and transportation. Military bases are a significant component of the economy in both Fairbanks and Anchorage. Federal subsidies are also an important part of the economy, allowing the state to keep taxes low. Its industrial outputs are crude petroleum, natural gas, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products. There is also a growing service and tourism sector. Tourists have contributed to the economy by supporting local lodging.

Major companies

Its strong economic sectors include the federal government, the military, mineral extraction, oil and gas, and seafood. The tourism industry also continues to grow each year thanks to Alaska’s abundance of beautiful natural resources, such as Glacier Bay. Here is some background on eight major employers in Alaska: 

Providence Health & Services, Carrs-Safeway Alaska Division, Fred Meyer, Walmart/Sam’s Club, Trident Seafoods, Alaska Airlines, ASRC Energy Services, Yukon-Kuskokwim Health Corporation.