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Economy & Finance

Modern Sitka is a thriving community strategically located on the shipping and air lanes between the Lower 48 states and Canada and the growing Asia-Pacific Region. Sitka abounds in natural resources- this meeting of the mountains and the sea attracts hundreds of thousands of business and recreational visitors each year. Daily jet service, the availability of all major express carriers and excellent telecommunications capacity allows Sitkans to operate their businesses and, at the end of the day, climb into their boats and cars and enjoy the unique marvels of the Last Frontier.

Sitka enjoys one of the most diversified economies in the entire State of Alaska. Strong sectors exist in commercial fishing and fish processing; cruise ship, eco- and independent tourism; health care; education; and government agencies. The local timber industry is retooling from an export market to value-added manufacturing. Sitka's abundant fresh and salt-water resources are sure to become a very marketable item into the next century.

Sitka's workforce, like much of Alaska's, tops national norms for productivity and education. There is a large professional class, connected with the medical, education, natural resource management and law enforcement sectors - Sitka is the site of the Alaska State Trooper Academy. There is a strong and underutilized segment of the workforce especially suitable for jobs requiring production and mechanical expertise, such as manufacturing.

Finance

Gross Business Sales $392.5 million (2009)
Payroll (wage & salary not including seafood crew earnings) $152,850,537
Per Capita Income $36,696 (2007)

Total Assessed Value of Real & Personal Property $924.8 million (2007)

Sitka's Financial Institutionssitka banks first national bank alaska First Bank sitka alaska alaska pacific bank wells fargo bank ALPS Federal Credit Union

Economic Opportunity

Now actively seeking further diversification and responsible economic growth, Sitka is working hard with local business people as well as outside entrepreneurs. Sitka is open for business, with attractive incentive packages for new or expanding businesses and local professionals dedicated to making our community a desired business location.

Sitka has two main industrial sites, one located near the airport and another approximately six miles out of town. Waterfront parcels at each site are available. Deep-water dock potential exists at the Sawmill Cove Industrial Park. There are several smaller industrial sites located in various places throughout town, also including waterfront parcels. Numerous commercial properties are available, which allow light manufacturing.

Manufacturing operations in Sitka benefit from a positive labor environment, a skilled workforce, and a strong work ethic. Training available through local colleges and vocational programs can further enhance the local workforce. There's ample opportunity for industry to find a home here among the state's best-educated populace.


Cost of Living Indicators (December 2009)

Food (Based on one week’s average food costs for a family of four)
Sitka = $166.38
Anchorage, AK = $123.08
Portland, OR = $ 95.52

Gasoline - per gallon
Sitka = $3.15
Anchorage, AK = $3.27
Portland, OR = $2.60

Heating Oil - #2 diesel per gallon
Sitka = $2.69
Anchorage, AK = $2.84
Portland, OR = $3.17

Electricity - per 1000 kWh
Sitka = $97.04
Anchorage, AK = $140.82
Portland, OR = $105.61

(Source: Cooperative Extensioin Service - Univ. of AK Fairbanks)

Alaska has a very favorable business tax climate with the lowest State and Local individual tax burden in the nation, and ranks the 3rd lowest for business taxes.
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