Labor Force Size

How’s the Prince William Sound Region performing?
The number of working age individuals in the region declined between 2013 and 2014. While the overall size of the labor force declined by just slightly over one percent, this contrasts with modest increases in labor force size for the state and nation. In addition, the labor force participation rate in the region (51 percent) is significantly below state and national levels.

How is this metric determined?
Labor force is determined by the number of working age (ages 16 – 64) individuals in the population. The best available data for this metric is for the Valdez-Cordova Census Area, which includes places outside of the PWSEDD.

Why does this matter?
Labor is a key factor of production within an economy. Both the availability and participation of the work age population in the labor force are important factors for economic vitality and growth. A declining labor force may be an earlier indicator of declining economic activity.

Source: Alaska Department of Labor and Workforce Development, Research and Analysis Section