Alaska Seafood Industry Pumps $14.6 billion a Year into US Economy
SEAFOODNEWS.COM By Peggy Parker – January 20, 2016
A new study commissioned by the Alaska Seafood Marketing Institute found that economic impacts of the commercial fishing industry in Alaska to the rest of the nation reached $14.6 billion in recent years.
Those impacts include $6.2 billion in direct output associated with fishing, processing, distribution, and retail. There were $8.4 billion in multiplier effects generated as industry income circulates throughout the U.S. economy.
Alaska’s seafood industry adds $5.9 billion annually to the state’s economy, including employment of 60,000 workers and labor income of $1.6 billion, based on 2013 and 2014 averages.
“The Economic Value of Alaska’s Seafood Industry”, released yesterday, updates an earlier McDowell Group study from 2013, which looked at the industry’s performance in 2011.
That year, commercial fishermen landed over 5.5 billion pounds worth an ex-vessel value of $2.16 billion, making it the most valuable single-season harvest on record. Direct economic output to the U.S. (not including multiplier effects) was $6.4 billion, compared to $6.2 billion today.
On average, seafood harvests in Alaska have increased to 5.7 billion pounds annually, worth $1.94 billion.
The report, which looks at performance over 2013-14, points out that Alaska’s seafood industry is unique because it “more than other industries, provides employment and income opportunities for urban and rural residents alike.”
The businesses and individuals in Alaska’s seafood industry contribute roughly $138.6 million in taxes, fees, and self-assessments, which help fund state, local, and federal government.
The report considers only the commercial seafood industry and does not address economic impacts stemming from recreational, charter, or subsistence uses of Alaska’s seafood resources.
Seafood accounts for about 20 percent of Alaska’s basic private sector economy, with oil and gas providing just over 50 percent. Including multiplier effects, the seafood industry accounts for $2.1 billion in total labor income and $5.9 billion in total economic activity in Alaska.
Read the full report here.