Alaska received some good economic news this week. Reports by the U.S. Department of Commerce and Moody’s Investors Service show our state’s finances are strong and our economy remains ahead of many other states.
Moody’s has upgraded Alaska’s bond rating to “Aaa”. This is the highest credit rating in Alaska’s history, and a testament to our state’s strong financial management. The legislature has taken the lead, prudently managing state finances by placing over $12 billion into state savings. The higher bond rating will save our state tens of millions of dollars in financing future bond sales including the education construction bond voters approved earlier this month.
Also this week, the U.S. Department of Commerce released a report highlighting the Gross Domestic Product of each state. While the report documented an economic downturn for most states, Alaska’s GDP was shown to have grown during the same period. In 2009, real GDP amongst states declined 2.1%, but Alaska’s GDP grew by 3.5%.
This economic growth can be attributed in part to the infrastructure investments the legislature has made to keep Alaskans working and develop our state during the economic downturn.
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