Valdez by the Numbers 2022

To keep Valdez residents and businesses updated on the most current economic trends and conditions, the City of Valdez has developed an annual publication providing multi-year breakdowns of local economic and socioeconomic trends. The overview provides analysis on demographics, employment, and earnings in the oil, visitor, seafood, health care, and other industries. Also included are public sector developments and economic projections.

From the document summary:
The economy of Valdez was hit hard by the pandemic. In 2020, the community lost nearly 400 jobs and more than $6 million in overall wages compared to 2019. The community staged a remarkable recovery in 2021. Jobs grew by 8%, and wages grew by 9%. Nearly three-quarters of businesses received COVID-19 support funding, a significant help in getting the economy back on track. However, the 2021 Valdez economy was still not back to pre-pandemic levels. Compared to 2018, the community was still down 218 jobs, and missing 16% of its visitors. Population and school enrollment were both below 2018 levels, but by small margins. Conversely, overall earnings increased by 20% over 2018 levels.

The largest earnings increase was in the marine transportation sector, which added nearly $14 million in wages; and wages were up across nearly all sectors, despite declining jobs in each. One of the biggest changes in 2021 was the decline of city workers, not due to job cuts, but due to difficulty attracting and retaining workers due, in part, to a challenging housing market and an aging workforce.

Overall, the Valdez economy is expected to see strong employment and wage growth through 2023.