Alaska

Overview

Alaska is the largest state in the US. It is more than twice as big as Texas, four times larger than California, and one-fifth as big as the entire continental US. It was the 49th state to join the US, joining a mere seven months before Hawaii in 1959, although it had been US-owned since its purchase from the Russians in 1867 for seven million dollars. Alaska’s economy is driven primarily by the oil industry due to its extensive oil and natural gas reserves. The state is a great choice for aspiring small businesses because of its fiscal stability and relative isolation from the lower 48’s financial crisis.

Industry Stats

  • Although Alaska is known for its fishing industry, less than 2,500 people work in fishing and hunting in Alaska.
  • There were only 5,306 weddings in Alaska in 2015, but more than $188 million was spent on them.
  • Around 4.5% of Alaskans are associated with the US military in some way. Only about 3.5% work in mining.
  • There are only 1,349 mechanics in Alaska. That’s one mechanic for every 550 people.
  • Couples in Alaska spend an average of $173 on the bridal bouquet.
  • There are more people working in car dealerships than logging in Alaska.

Alaska is a fantastic region for small businesses due to its separation from the US market. Alaska’s economy is based on its oil trade, which is run by a global economy. This makes Alaska a great place to start a business and expand during an American recession. With a state motto of "North to the Future," Alaska could be a relatively untapped center of innovation and business prospects.

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