AEDC report: Anchorage strained, the military its bright spot

A new report from the Anchorage Economic Development Corporation says Anchorage is getting squeezed. The city keeps losing its share of Alaska's jobs — down to about 45% of statewide employment from 46.5% a decade ago — as high costs and tight housing press on residents and businesses.

By the report's numbers, living here runs roughly 28% above the national average, the typical home sells for around $481,000, and consumer confidence has slid to near its pandemic low. Businesses AEDC surveyed are split on whether next year improves. Employment is about flat so far this year, dragged down by an 8% drop in federal jobs.

AEDC calls the military the city's growth engine, pointing to about $2 billion in construction at Joint Base Elmendorf-Richardson and 2,600 to 2,800 more service members on the way — by its account, the strongest force in the local economy right now.

That same influx, the report warns, runs into a housing shortage. Base housing is nearly full, and AEDC projects the private market falling about 3,500 homes short by 2030.