WHAT’S INSIDE

page 1

Economic StimulusProjects in Anchorage

page 2

President’s Letter

Economic Snapshot

page 3

Alaska Pacific University Turns 50

page 4

Anchoarge Businesses Optimistic

page 5

Anchorage Economy Stable in 2009

page 6

AEDC Elects Officers

page 7

Anchorage to Host Natural Gas Conference

page 8

AEDC Receives National Recognition

The Newsletter of Anchorage Economic Development Corporation

1st Quarter, 2009

The Newsletter of

AEDCAEDCAEDCAEDCconnections

900 West Fifth Avenue, Suite 300Anchorage, AK 99501

(907) 258-3700www.aedcweb.com

18

WElcomE!

TO OUR NEW iNEW iNEW NvESTORS:

Diamond Investor Spotlight

Alaska Growth Capital

Beacon Occupational Health and Safety Services

Carter Financial Group

irwin Development Group

Weatherholt & Associates

RENEWRENEWR iNG iNvESTORS:

AK Supply

Alaska Cargoport, LLC

Alaska Regional Council of Carpenters

Alaska Regional Hospital

Alaska Rubber & Supply, inc.

Alaska USA Federal Credit Union

Anchorage Daily News, inc.

Anchorage Downtown Partnership

Anchorage Hangarport, LLC

Birch, Horton, Bittner & Cherot

Bond, Stephens & Johnson, inc.

BP

CiRi

Coffman Engineers, inc.

Credit Union 1

Denali Alaskan Federal Credit Union

DOWL HKM

Eagle River-Chugiak Chamber of Commerce

First National Bank Alaska

GCi

HDR Engineering, inc.

iMEX, Ltd.

JL Properties, inc.

Kumin Associates, inc.

Millennium Hotel

NCB

Northern Air Cargo

Pegasus Aircraft Maintenance, L.L.C.

Penco AK

Providence Alaska Medical Center

RiM Architects, inc.

Roger Hickel Contracting, inc.

Schwantes, inc.

The Strategy Biz, inc.

The Wilson Agency

Totem Ocean Trailer Express, inc.

USKH, inc.

Wells Fargo BankWells Fargo Bank

AEDc STAFF

Bill PoppPresident & CEO

Erin EalumBusiness & Economic Development Director

Heather CavanaughCommunications Director

Amy GoodwinLogistics Coordinator

Allison M. M. van EckOffice Manager

Louis McGintyExecutive Assistant

AEDC is a private nonprofit corporation (IRS code 501(c)(6)), operating since 1987. It exists to encourage growth and diversity in the Anchorage economy, promote a favorable business climate and improve the standard of living of Anchorage residents. Funding sources for the corporation aremunicipal and state grants, con-tracts, and private contributions. For permission to reproduce any part of this newsletter, please call (907) 258-3700.

Diamond Investor Spotlight

What Will the National Economic What Will the National Economic Stimulus Bill Mean for Anchorage

With an estimated $844 million expected for the State of Alaska, Anchorage anticipates receiving approximately $300 to $400 million from the American Recovery & Reinvestment Act to sup-port local shovel-ready projects. An initial list of projects was submitted to the U.S. Conference of Mayors in December and is being updated and revised to meet national funding requirements. Below is a list of the first phase of projects to be submitted for the federal funding:

An estimated $49 to $71 million will be allocated from the Department of Transportation with An estimated $49 to $71 million will be allocated from the Department of Transportation with funding for roads, trails, transit and railroad. Some of the road and trail projects expected include:funding for roads, trails, transit and railroad. Some of the road and trail projects expected include:

· Repair and reconstruction of the Old Glenn Highway· Repair and reconstruction of the Old Glenn Highway

· Lake Otis and Tudor congestion relief project· Lake Otis and Tudor congestion relief project

· Area-wide trail rehabilitation (Chester Creek trail · Area-wide trail rehabilitation (Chester Creek trail and others)

· People Mover bus stop improvements in the · People Mover bus stop improvements in the University area

· People Mover facility improvements· People Mover facility improvements

An estimated $2 million in Department of An estimated $2 million in Department of Justice funds for technology and support to Justice funds for technology and support to increase the effectiveness and availability of increase the effectiveness and availability of the Anchorage Police Department with the Anchorage Police Department with projects listed below:

· Technology improvements for gathering · Technology improvements for gathering information from witnesses and suspects information from witnesses and suspects in the field

· Replacement of an aged and challenged Crime · Replacement of an aged and challenged Crime Scene investigation vehicle

APD also expects to receive approximately $450,000 for administrative and technological support APD also expects to receive approximately $450,000 for administrative and technological support for the ongoing internet Crimes Against Children Task Force.nternet Crimes Against Children Task Force.

Additionally, the city expects to receive $2 to $3 million in funding for energy efficiency improve-ments and the city is in the process of prioritizing projects eligible for this funding. The national funds will be allocated by various federal agencies, some through existing formulas and others through competitive grants. The city is also reaching out to local agencies and non-profit organizations to find ways to partner for funding allocation.

The Municipality of Anchorage will keep residents apprised on the status of local funding via a link on its main website at www.muni.org.

AEDC Receives National Recognition

The Anchorage Economic Development Corporation recently received an Excellence in Economic Development award from the international Economic Development Council. AEDC was recognized for this achievement during an awards ceremony at the 2008 iEDC annual conference in Atlanta, Georgia.

Competing in the category of Newsletters/Newspapers/Magazines by organi-zations serving areas with populations exceeding 200,000, AEDC was a clear standout with its quarterly newsletter AEDC Connections. The publication contains information about economic development trends and business news in the Anchorage and Alaska economies and is designed and produced by Alaska-based advertising firm Porcaro Communications.

“it’s an honor to be recognized by our peers as a leading economic development organization,” said AEDC President and CEO Bill Popp.

“Economic development efforts have long been a keystone in the quest to bol-ster the economy and improve quality of life in every locality across the country,” said Robin Roberts Krieger, iEDC chair. “As the nation continues to tackle longstanding challenges in the midst of an inhospitable financial climate, these efforts have taken on an even greater significance. With the award, we laud trendsetting organizations like the Anchorage Economic Development Corpora-trendsetting organizations like the Anchorage Economic Development Corpora-trendsetting organizations like the Anchorage Economic Development Corporation for leading the charge.”

The international Economic Development Council is headquartered in Washington, DC. its mission is to provide leadership and excellence in economic development for communities, members and partners. iEDC’s professional economic development awards annually recognize excellence in the economic development profession.

iNTERNATiONALECONOMiC DEvELOPMENT

COUNCiL

Excellence

in Economic

Development

Development

AwardAward

2008 W

INNER

• According to the Alaska Multiple Listing Service, the average price of residential hous-ing units sold in Anchorage in the third quar-ter of 2008 was $333,819, an increase of 1.6 percent from the third quarter of 2007, and 2.9 percent more than in the third quarter of 2006.

AEDCAEDCAEDC EcoNomIc SNAPSHoT

Economic data compiled by

2

BoARD oF DIRECtoRS

LEgISLAtoISLAtoISLA RS

Fred DysonSenator,

Alaska State Legislature

Hollis FrenchSenator,

Alaska State Legislature

Harry CrawfordRepresentative,

Alaska State Legislature

Craig JohnsonRepresentative,

Alaska State Legislature

MunICIpALIpALIp ty

Acting Mayor Matt ClamanMunicipality of Anchorage

Harriet DrummondAssembly Member,

Municipality of Anchorage

Dan CoffeyAssembly Member, AlternateMunicipality of Anchorage

AppoIntED By thE BoARD

Chris AndersonDeputy Director, AIDEA

Mike BradyVice President,

Ken Brady Construction Co.

Larry CashPresident,

RIM Architects

Carol ComeauSuperintendent,

Anchorage School District

Jim GorskiMember,

Hughes Pfiffner Gorski Seedorf & Odsen, LLC

Mary HughesPast Chairman of the Board,

AEDC

Christine KleinDeputy Commissioner of Aviation

State of Alaska

Edward LambCEO & President,

Alaska Regional Hospital

Brian NerlandDistrict President, KeyBank Alaska

Douglas M. NorthPresident,

Alaska Pacific University

Emil NottiCommissioner,

State of Alaska, Department of Com-munity & Economic Development

Phil OkesonChairman,

Anchorage Chamber of Commerce

Tennys OwensPresident,

Artique, Ltd.

Julie SaupePresident & CEO,

Anchorage Convention & Visitors Bureau

Fran UlmerChancellor,

University of Alaska, Anchorage

EX-oFFIcIo mEmBERS

7

Letter From the President

• According to the Alaska Multiple Listing Service, in the third quarter of 2008, 730 housing units were sold in Anchorage, 8.2 percent less than in the third quarter of 2007, and 19.0 percent less than in the third quarter of 2006.

number of Residential housing units Sold,3rd Quarter

2006 2007 2008

901

795 730

Average price of Residential housing units Sold, 3rd Quarter

Anchorage unemployment Rate(percent), 3rd Quarter

2006 2007 2008

• the Anchorage unemployment rate for the third quarter of 2008 was 5.3 percent, 0.5 percentage points higher than in the third quarter of 2007, and 0.2 percentage points higher than during the same time period in 2006.

5.1 4.85.3

• Gross revenue from car and RV rentals to-taled $37.9 million for the third quarter of 2008, an increase of 4.5 percent from the third quarter of 2007, and 12.8 percent above the same time period in 2006.

2006 2007

Gross Revenue from Car and RV Rentals (million), 3rd Quarter

$33.6$36.3

2008

$37.9

2006 2007 2008

$324,564 $328,525 $333,819

• the Municipality of Anchorage treasury Division reports gross revenue from room rentals totaled $88.1 million for the third quarter of 2008, an increase of 7.1 percent from the third quarter of 2007, and a rise of 11.7 percent from the same time period in 2006.

gross Revenue from Lodging Room Rentals (million), 3rd Quarter

2006 2007 2008

$78.9$82.3 $88.1

Bill PoppPresident and CEO, AEDC

Anchorage to Host Alaska Natural Gas Anchorage to Host Alaska Natural Gas Anchorage to Host Alaska

value-Added Anchorage to Host Alaska

alue-Added Anchorage to Host Alaska

value-Added vManufacturers Conference

The Alaska Natural Gas Development Authority (ANGDA) is staging an international gathering of oil and gas industry professionals in April to showcase the worldwide opportunities provided by of oil and gas industry professionals in April to showcase the worldwide opportunities provided by the 35 trillion cubic feet of proven natural gas reserves on Alaska’s North Slope.

The Alaska Natural Gas value-Added Manufacturers Conference will be held April 28–29 in value-Added Manufacturers Conference will be held April 28–29 in vAnchorage at the Dena’ina Civic and Convention Center.

The conference will include updates on pipeline projects from Denali—the Alaska Gas Pipeline LLC and TransCanada; a global petrochemical industry analysis and forecast; and an opportunity to visit several tidewater locations for a future petrochemical facility in Alaska.

With a proven supply of 35 trillion cubic feet, Alaska natural gas and natural gas liquids are some of the most significant new resources to enter the global olefins marketplace. vast and situated vast and situated vin a politically stable region, Alaska North Slope natural gas will arrive on the market in the next decade and could mean billions of dollars of new investment in Alaska.

“Open seasons for both TransCanada and the Denali project are scheduled for early summer 2010,” said Harold Heinze, CEO of the Alaska Natural Gas Development Authority. “This conference will give buyers, natural gas producers and pipeline owners the chance to discuss the market potential of Alaska gas.”

Officials from TransCanada and the Denali project have reported that an open season for manu-facturers to secure shipments of North Slope natural gas will occur in 2010. The gas is expected to reach markets in Southcentral Alaska and Alberta by 2018.

The Alaska Natural Gas Development Authority plans to deliver as much as 5 percent of the North Slope gas to Southcentral Alaska, an area without an existing petrochemical manufacturing plant, via a small-diameter pipeline. The agency anticipates the in-state supply will entice com-panies that want access to the gas and do not have existing infrastructure in Alberta. Additional advantages of accessing the gas in Alaska include easy access to shipping routes and Pacific Rim markets and a less expensive supply.

“This gas represents the first new source of ethane and propane to come to the world market in more than 20 years,” said Heinze. “Additionally, the Alaska in-state line can probably support an additional 1-2 global manufacturers.”

AEDC is organizing the conference on behalf of ANGDA, the Municipality of Anchorage and the Mat-Su and Kenai Peninsula Boroughs. Alaska businesses are encouraged to attend the conference. Sponsorship and exhibitor opportunities are available. To learn more or to register please visit www.AKnaturalgas.com.

“Flat is good” is not a phrase you would normally expect to hear from the leadership of any economic development expect to hear from the leadership of any economic development organization. But, that was the message i recently delivered at the Anchorage Economic Forecast Luncheon.

AEDC forecasts a loss of 100 jobs in 2009. Given the context of the current global recession this is actually very good news.

Anchorage completed its 20th year of uninterrupted job growth in January, a statistic envied by most other cities in the nation. More workers had jobs at the end of 2008 than at any other time in the history of our city.

Does this mean that Anchorage will ride out the recession unaffected? Absolutely not. The tourism, transportation and construction sectors are all feeling the pinch. And have you looked at your 401K statement recently?

But, when you take into account all of the indicators in our economy there are many reasons to believe that Anchorage is well positioned to ride out the economic storm. The Anchorage housing market is stable with steady prices and low foreclosure rates and the banking industry is healthy, well-funded and looking to make loans.

Many sectors of the economy will likely add jobs in 2009. Retail, health care and the professional services sectors will all see more jobs in the coming year. Government, oil and gas, and all other sectors will most likely maintain 2008 employment levels in 2009.

All things considered, the 2009 outlook is positive for the Anchorage economy and the business community agrees. AEDC recently completed the first ever Anchorage Busi-ness Confidence index Survey. The survey shows that business leaders are cautiously optimistic. Most surveyed expect moderate increases in gross sales, net profits, employ-ment and their own capital expenditures in 2009.

i welcome you to read more about the 2009 Economic Forecast and Anchorage Business Confidence index Survey in this newsletter or on our Web site at www.aedcweb.com. Once you do, i think you’ll see my point. Flat is good.

Thank you to our generous sponsors of the 2009 Anchorage Economic Forecast Luncheon

2009 Economic Forecast Sponsor

Primary Sponsors

Additional Sponsors:

Alaska Airlines Alaska Regional Council of Carpenters Alaska USA Eklutna, inc. First National Bank Alaska KeyBank Lynden international

NCB Northrim Bank The Wilson Agency TOTE USKH, inc.

The board of directors of the Anchorage Economic Development Corporation elected officers at the group’s 2008 annual meeting in December, selecting Dennis Mitchell to chair the executive committee and lead the organization in 2009.

The board also elected Lon Wilson of the Wilson Agency as vice chair and Suzanne Cherot of Birch, Horton, Bittner & Cherot to the position of secretary/treasurer.

Mitchell is the vice president of Lynden international and has served on the board of directors for the Council of Supply Chain Management Professionals and the Great Alaska Council Boy Scouts of America.

The 52-member AEDC Board of Directors is responsible for establishing overall policy for the organization, providing oversight for all agency programs and establishing fiscal parameters for agency and marketing functions.

AEDCAEDCAEDCAEDCAEDC

3

2009 BoARD oF DIRECtoRSVotinG MeMbeRs

6

AEDC Elects Officers for AEDC Elects Officers for 2009 Board of Directors

Dennis Mitchell of Lynden international elected chair

Dennis Mitchell, ChairVice President, Alaska Region,

Lynden International

Lon Wilson, Vice ChairPresident, The Wilson Agency

Suzanne Cherot, Secretary/TreasurerShareholder & Attorney,

Birch, Horton, Bittner & Cherot

Chris BrownChief Operating Officer, AT&T

Bruce BustamanteVice President of Community

and Public Affairs, Princess Tours

Connie CarterManaging Director of Alaska

Operations, FedEx Express

Jeff DavisPresident, Premera Blue Cross

Blue Shield of Alaska

Joseph EverhartSenior VP, Alaska Commercial

Banking, Wells Fargo Bank N.A.

Sheldon FisherSr. VP of Product, Sales & Marketing,

ACS

Peter GrunwaldtPresident, Premier Alaska Tours

Sandra Halliwill BPXA & E&P Backbone Program

Coordinator, BP

David HamiltonSenior VP, Business & Commercial

Lending, AlaskaUSA Federal Credit Union

Ed HerndonVice President of Business Development,

Chugach Alaska Corporation

Craig HaymesAlaska Production Manager,

ExxonMobil Production Company

Stephanie HolthausPresident, Alta Air Logistics

Greg KesslerDirector of Commercial Alaska,

Totem Ocean Trailer Express

Bob LacherVP Business Development Energy

& Chemicals, CH2M Hill

Bruce LamoureuxHospital Administrator, Providence

Alaska Medical Center

Sophie MinichChief Operating Officer, CIRI

Bill O’LearyVice President of Finance & CFO,

Alaska Railroad

Stewart OsgoodPresident, DOWL HKM

John PalmatierExecutive Secretary/Treasurer,

Alaska Regional Council of Carpenters

Greg PearceVP and General Manager, Commercial Services, GCI

Michael ProzeralikPresident, kpb architects

Scott PruittVP, Finance and Administration,

ConocoPhillips

Chris StephensPresident,

Bond, Stephens & Johnson, Inc.

Eric Van AndelChief Financial Officer,

Northern Air Cargo

Timothy VigPresident, USKH, Inc.

Pat WalshPresident & CEO, Walsh Sheppard

Marla WellingtonManager of Sales, WA, ID, OR, AKManager of Sales, WA, ID, OR, AK

Continental AirlinesContinental Airlines

The APU Nordic Ski Team

Segelhorst Hall, APU’s newest residence hall

Dennis Mitchell, Chair, AEDC Board of Directors

Alaska Pacific University Alaska Pacific University Turns 50 in First Place(s) Turns 50 in First Place(s)

Fifty years ago in 1959 the first university chartered in Anchorage was born—Alaska Methodist University. Over the five decades the university has had its ups and downs,notably when it closed its doors for a year in 1977 and in the early 1990s when the expenses associated with a new athletic program and an economic downturn brought APU again to the brink.

Since that time, however, APU has been running up a steep comeback trail, and as it enters its Since that time, however, APU has been running up a steep comeback trail, and as it enters its maturity, APU is making a name for itself both here in Alaska and also nationwide. The campus is maturity, APU is making a name for itself both here in Alaska and also nationwide. The campus is

thoroughly renovated, a new dorm has been built and filled with students, and APU’s local reputation for quality academics has started spreading to the lower 48. Best of all, perhaps, APU is now on sound financial footing.

Four remarkable testaments to APU’s growing stature are the diverse first place finishes that the university garnered last year:

National Psychologically Healthy Workplace Award. APU was a co-winner of the Alaska Psychological Association’s state-wide 2008 award, and it then went on to take one of the five national PHWA awards given by the American Psychological Association for innovative practices.

US News and World Report. For the fifth consecutive year APU was ranked highest among universities in Alaska in the 2008 edition of “America’s Best Colleges.”

Ski Team. in 2008 the APU Nordic Ski team won the SuperTour, the highest level of American team competition and Kikkan Randall, a junior at APU, was the first Ameri-can Nordic skier to win a World Cup Gold Medal. As a result, the American Nordic Ski Association named APU as the 2008 Team of the Year, ski coach Erik Flora as Coach of the Year, and Randall as the Athlete of the Year. Wow!

Collegiate Learning Assessment (CLA). CLA tests for the “value added” by college education. APU finished 91st overall nationally in this testing, and its seniors tested highest in the nation for the amount they had learned through their university experience.

A very happy birthday indeed to APU.

Anchorage Water & Wastewater utility

Bp Exploration

Chugach Alaska Corporation

Conocophillips

general Communication, Inc.

Municipal Light & power

Municipality of Anchorage

port of Anchorage

providence Alaska Medical Center

Solid Waste Services

ted Stevens Anchorage International Airport

Walsh • sheppard4

AEDCAEDCAEDCAEDCAnchorage Businesses OptimisticAnchorage Businesses Optimisticin its first ever Business Confidence index, the Anchorage Economic Development Corporation gauged the perceptions of Anchorage professionals on the local economy and how businesses will respond in 2009. in the face of a national recession, the results reveal a cautiously optimistic mindset.

The Anchorage Business Confidence index for 2009 is 51.8, indicating that the business community anticipates nominal growth when compared to last year. (An index between 51 and 100 indicates a positive outlook, while an index below 50 shows a negative outlook.) Most surveyed expect moderate increases in gross sales, net profits, employment and their own capital expenditures in 2009.

Key findings:

• When asked about business performance in 2008, 60 percent report some increase in profits with an additional 11 percent reporting 2008 as a flat year.

• Going into 2009, more than half the businesses (55 percent) expect an increase in terms of gross sales.

• In 2009, 45 percent of businesses anticipate an increase in net profits while 14 percent expect no change.

• Energy prices and the availability of professional and technical workers are considered the two most significant barriers to growth, with 63 percent rating energy prices and 62 percent rating the availability of skilled employees as significant or moderate barriers.

• All businesses surveyed believe that an Alaska gas pipeline is an important project for the Anchorage economy, with nearly 90 percent responding that it is “very important.”

• 97 percent of businesses responded that a natural gas pipeline from North Slope to Southcentral is an important project for the Anchorage economy, 78 percent replied “very important.”

More than 100 businesses completed the survey, representing a broad cross section of the Anchorage business community in terms of size and business sector. The complete results of the Anchorage Business Confidence index may be found at www.aedcweb.com.

AeDC DiAMonD inVestoRs:

Anchorage Water

Solid Waste Services

5

Anchorage to see some job loss, but stable economy in 2009

AEDC presented the 2009 Anchorage economic forecast at its annual luncheon on January 28 at the Dena’ina Civic & Conven-tion Center.

AEDC forecast employment in Anchorage will decrease slightly from the 2008 level. “We expect some sectors of the Anchorage economy to add jobs, while others are likely to generate fewer jobs than last year,” ex-plained President & CEO Bill Popp.

increases in employment are expected in retail trade (200 jobs) and health care (100 jobs). Employment in the oil and gas sector and the government sector are expected to remain at about 2008 levels. AEDC anticipates job declines in the leisure and hospitality sector and the construction sector, both accounting for 200 fewer jobs in 2009.

Due to anticipated cuts in air transporta-tion, the transportation sector will also likely experience a loss of about 100 jobs. Employ-experience a loss of about 100 jobs. Employ-experience a loss of about 100 jobs. Employment in other sectors, including information, financial activities, manufacturing, and “other services” is not expected to change overall in 2009. Troop levels at Fort Richardson are

expected to increase slightly while levels at Elmendorf Air Force Base are expected to remain stable in 2009.

Overall, employment in Anchorage is expect-ed to decline by about 100 jobs in 2009, a net change of less than one-tenth of one percent. This forecast assumes no further significant decline in the national and global economies.

The Economic Forecast Luncheon also featured Acting Mayor Matt Claman and his views on the 2009 Anchorage economy as well as keynote speaker Todd Buchholz. Buchholz is a former director of economic policy at the White House, a managing director of the $15 billion Tiger hedge fund, and an award-winning economics teacher at Harvard.

AEDC will present a mid-year update to the 2009 economic forecast as well as an update to the three-year economic outlook at the Annual investor Luncheon scheduled for Wednesday, July 29 at the Anchorage Mar-riott Downtown.

Download the 2009 Economic Forecast at www.aedcweb.com

Anchorage Businesses Optimisticndex, the Anchorage Economic Development

Corporation gauged the perceptions of Anchorage professionals on the local economy

Anchorage Business Confidence Index Survey

Prepared for:

Anchorage Economic Development Corporation

January 2009

January 2009 January 2009

Anchorage Business Confidence Index Survey 1

Summary of Key Findings

This report presents the findings from an Anchorage Economic Development Corporation business survey

conducted by the McDowell Group at the end of 2008. The purpose of the survey is to assess factors that

affect Anchorage businesses and the overall economy, and derive a statistical measure of business confidence.

The Anchorage Business Confidence Index for 2009 is 51.8, indicating that the business community

anticipates nominal growth when compared to last year. (An index between 51 and 100 indicates a positive

outlook, while an index below 50 shows a negative outlook.)

Respondents forecast small increases in several aspects of their own business or organizational activity.

Opinions about gross sales reveal a confidence index of 56.4. The confidence index for net profits and

employment is 54.6 and 53.8 respectively. Survey participants expect a very minor decrease in capital

expenditures in 2009 (confidence index is 49.3).

Anchorage Business Confidence Indices

As shown in the charts on the following page, respondents are somewhat more confident about increases in

gross sales in the coming year when compared to expectations about net profits. Expectations for capital

expenditures and employment in 2009 mirror each other, where the most frequently mentioned responses

are “no change,” “small increase,” followed by “small decrease.”

44.9

49.3

53.8

54.6

56.4

51.8

0 25 50 75 100

Anchorage economy

Capital expenditures

Employment

Net profits

Gross sales

Anchorage Business Confidence Index

large decrease

no change

large increase

2009 AEDC Economic Forecast prepared by

• Page 2

Anchorage Employment, 2001-2008, 2009 Estimate

138,200

140,800

142,300

144,100

146,600

148,300149,700

150,600 150,500

2001 2002 2003 2004 2005 2006 2007 2008 20092001 2002 2003 2004 2005 2006 2007 2008 2009

Anchorage Employment, 2001-2008, 2009 estimate2009 estimate

Anchorage Water & Wastewater utility

Bp Exploration

Chugach Alaska Corporation

Conocophillips

general Communication, Inc.

Municipal Light & power

Municipality of Anchorage

port of Anchorage

providence Alaska Medical Center

Solid Waste Services

ted Stevens Anchorage International Airport

Walsh • sheppard4

AEDCAEDCAEDCAEDCAnchorage Businesses OptimisticAnchorage Businesses Optimisticin its first ever Business Confidence index, the Anchorage Economic Development Corporation gauged the perceptions of Anchorage professionals on the local economy and how businesses will respond in 2009. in the face of a national recession, the results reveal a cautiously optimistic mindset.

The Anchorage Business Confidence index for 2009 is 51.8, indicating that the business community anticipates nominal growth when compared to last year. (An index between 51 and 100 indicates a positive outlook, while an index below 50 shows a negative outlook.) Most surveyed expect moderate increases in gross sales, net profits, employment and their own capital expenditures in 2009.

Key findings:

• When asked about business performance in 2008, 60 percent report some increase in profits with an additional 11 percent reporting 2008 as a flat year.

• Going into 2009, more than half the businesses (55 percent) expect an increase in terms of gross sales.

• In 2009, 45 percent of businesses anticipate an increase in net profits while 14 percent expect no change.

• Energy prices and the availability of professional and technical workers are considered the two most significant barriers to growth, with 63 percent rating energy prices and 62 percent rating the availability of skilled employees as significant or moderate barriers.

• All businesses surveyed believe that an Alaska gas pipeline is an important project for the Anchorage economy, with nearly 90 percent responding that it is “very important.”

• 97 percent of businesses responded that a natural gas pipeline from North Slope to Southcentral is an important project for the Anchorage economy, 78 percent replied “very important.”

More than 100 businesses completed the survey, representing a broad cross section of the Anchorage business community in terms of size and business sector. The complete results of the Anchorage Business Confidence index may be found at www.aedcweb.com.

AeDC DiAMonD inVestoRs:

Anchorage Water

Solid Waste Services

5

Anchorage to see some job loss, but stable economy in 2009

AEDC presented the 2009 Anchorage economic forecast at its annual luncheon on January 28 at the Dena’ina Civic & Conven-tion Center.

AEDC forecast employment in Anchorage will decrease slightly from the 2008 level. “We expect some sectors of the Anchorage economy to add jobs, while others are likely to generate fewer jobs than last year,” ex-plained President & CEO Bill Popp.

increases in employment are expected in retail trade (200 jobs) and health care (100 jobs). Employment in the oil and gas sector and the government sector are expected to remain at about 2008 levels. AEDC anticipates job declines in the leisure and hospitality sector and the construction sector, both accounting for 200 fewer jobs in 2009.

Due to anticipated cuts in air transporta-tion, the transportation sector will also likely experience a loss of about 100 jobs. Employ-experience a loss of about 100 jobs. Employ-experience a loss of about 100 jobs. Employment in other sectors, including information, financial activities, manufacturing, and “other services” is not expected to change overall in 2009. Troop levels at Fort Richardson are

expected to increase slightly while levels at Elmendorf Air Force Base are expected to remain stable in 2009.

Overall, employment in Anchorage is expect-ed to decline by about 100 jobs in 2009, a net change of less than one-tenth of one percent. This forecast assumes no further significant decline in the national and global economies.

The Economic Forecast Luncheon also featured Acting Mayor Matt Claman and his views on the 2009 Anchorage economy as well as keynote speaker Todd Buchholz. Buchholz is a former director of economic policy at the White House, a managing director of the $15 billion Tiger hedge fund, and an award-winning economics teacher at Harvard.

AEDC will present a mid-year update to the 2009 economic forecast as well as an update to the three-year economic outlook at the Annual investor Luncheon scheduled for Wednesday, July 29 at the Anchorage Mar-riott Downtown.

Download the 2009 Economic Forecast at www.aedcweb.com

Anchorage Businesses Optimisticndex, the Anchorage Economic Development

Corporation gauged the perceptions of Anchorage professionals on the local economy

Anchorage Business Confidence Index Survey

Prepared for:

Anchorage Economic Development Corporation

January 2009

January 2009 January 2009

Anchorage Business Confidence Index Survey 1

Summary of Key Findings

This report presents the findings from an Anchorage Economic Development Corporation business survey

conducted by the McDowell Group at the end of 2008. The purpose of the survey is to assess factors that

affect Anchorage businesses and the overall economy, and derive a statistical measure of business confidence.

The Anchorage Business Confidence Index for 2009 is 51.8, indicating that the business community

anticipates nominal growth when compared to last year. (An index between 51 and 100 indicates a positive

outlook, while an index below 50 shows a negative outlook.)

Respondents forecast small increases in several aspects of their own business or organizational activity.

Opinions about gross sales reveal a confidence index of 56.4. The confidence index for net profits and

employment is 54.6 and 53.8 respectively. Survey participants expect a very minor decrease in capital

expenditures in 2009 (confidence index is 49.3).

Anchorage Business Confidence Indices

As shown in the charts on the following page, respondents are somewhat more confident about increases in

gross sales in the coming year when compared to expectations about net profits. Expectations for capital

expenditures and employment in 2009 mirror each other, where the most frequently mentioned responses

are “no change,” “small increase,” followed by “small decrease.”

44.9

49.3

53.8

54.6

56.4

51.8

0 25 50 75 100

Anchorage economy

Capital expenditures

Employment

Net profits

Gross sales

Anchorage Business Confidence Index

large decrease

no change

large increase

2009 AEDC Economic Forecast prepared by

• Page 2

Anchorage Employment, 2001-2008, 2009 Estimate

138,200

140,800

142,300

144,100

146,600

148,300149,700

150,600 150,500

2001 2002 2003 2004 2005 2006 2007 2008 20092001 2002 2003 2004 2005 2006 2007 2008 2009

Anchorage Employment, 2001-2008, 2009 estimate2009 estimate

Thank you to our generous sponsors of the 2009 Anchorage Economic Forecast Luncheon

2009 Economic Forecast Sponsor

Primary Sponsors

Additional Sponsors:

Alaska Airlines Alaska Regional Council of Carpenters Alaska USA Eklutna, inc. First National Bank Alaska KeyBank Lynden international

NCB Northrim Bank The Wilson Agency TOTE USKH, inc.

The board of directors of the Anchorage Economic Development Corporation elected officers at the group’s 2008 annual meeting in December, selecting Dennis Mitchell to chair the executive committee and lead the organization in 2009.

The board also elected Lon Wilson of the Wilson Agency as vice chair and Suzanne Cherot of Birch, Horton, Bittner & Cherot to the position of secretary/treasurer.

Mitchell is the vice president of Lynden international and has served on the board of directors for the Council of Supply Chain Management Professionals and the Great Alaska Council Boy Scouts of America.

The 52-member AEDC Board of Directors is responsible for establishing overall policy for the organization, providing oversight for all agency programs and establishing fiscal parameters for agency and marketing functions.

AEDCAEDCAEDCAEDCAEDC

3

2009 BoARD oF DIRECtoRSVotinG MeMbeRs

6

AEDC Elects Officers for AEDC Elects Officers for 2009 Board of Directors

Dennis Mitchell of Lynden international elected chair

Dennis Mitchell, ChairVice President, Alaska Region,

Lynden International

Lon Wilson, Vice ChairPresident, The Wilson Agency

Suzanne Cherot, Secretary/TreasurerShareholder & Attorney,

Birch, Horton, Bittner & Cherot

Chris BrownChief Operating Officer, AT&T

Bruce BustamanteVice President of Community

and Public Affairs, Princess Tours

Connie CarterManaging Director of Alaska

Operations, FedEx Express

Jeff DavisPresident, Premera Blue Cross

Blue Shield of Alaska

Joseph EverhartSenior VP, Alaska Commercial

Banking, Wells Fargo Bank N.A.

Sheldon FisherSr. VP of Product, Sales & Marketing,

ACS

Peter GrunwaldtPresident, Premier Alaska Tours

Sandra Halliwill BPXA & E&P Backbone Program

Coordinator, BP

David HamiltonSenior VP, Business & Commercial

Lending, AlaskaUSA Federal Credit Union

Ed HerndonVice President of Business Development,

Chugach Alaska Corporation

Craig HaymesAlaska Production Manager,

ExxonMobil Production Company

Stephanie HolthausPresident, Alta Air Logistics

Greg KesslerDirector of Commercial Alaska,

Totem Ocean Trailer Express

Bob LacherVP Business Development Energy

& Chemicals, CH2M Hill

Bruce LamoureuxHospital Administrator, Providence

Alaska Medical Center

Sophie MinichChief Operating Officer, CIRI

Bill O’LearyVice President of Finance & CFO,

Alaska Railroad

Stewart OsgoodPresident, DOWL HKM

John PalmatierExecutive Secretary/Treasurer,

Alaska Regional Council of Carpenters

Greg PearceVP and General Manager, Commercial Services, GCI

Michael ProzeralikPresident, kpb architects

Scott PruittVP, Finance and Administration,

ConocoPhillips

Chris StephensPresident,

Bond, Stephens & Johnson, Inc.

Eric Van AndelChief Financial Officer,

Northern Air Cargo

Timothy VigPresident, USKH, Inc.

Pat WalshPresident & CEO, Walsh Sheppard

Marla WellingtonManager of Sales, WA, ID, OR, AKManager of Sales, WA, ID, OR, AK

Continental AirlinesContinental Airlines

The APU Nordic Ski Team

Segelhorst Hall, APU’s newest residence hall

Dennis Mitchell, Chair, AEDC Board of Directors

Alaska Pacific University Alaska Pacific University Turns 50 in First Place(s) Turns 50 in First Place(s)

Fifty years ago in 1959 the first university chartered in Anchorage was born—Alaska Methodist University. Over the five decades the university has had its ups and downs,notably when it closed its doors for a year in 1977 and in the early 1990s when the expenses associated with a new athletic program and an economic downturn brought APU again to the brink.

Since that time, however, APU has been running up a steep comeback trail, and as it enters its Since that time, however, APU has been running up a steep comeback trail, and as it enters its maturity, APU is making a name for itself both here in Alaska and also nationwide. The campus is maturity, APU is making a name for itself both here in Alaska and also nationwide. The campus is

thoroughly renovated, a new dorm has been built and filled with students, and APU’s local reputation for quality academics has started spreading to the lower 48. Best of all, perhaps, APU is now on sound financial footing.

Four remarkable testaments to APU’s growing stature are the diverse first place finishes that the university garnered last year:

National Psychologically Healthy Workplace Award. APU was a co-winner of the Alaska Psychological Association’s state-wide 2008 award, and it then went on to take one of the five national PHWA awards given by the American Psychological Association for innovative practices.

US News and World Report. For the fifth consecutive year APU was ranked highest among universities in Alaska in the 2008 edition of “America’s Best Colleges.”

Ski Team. in 2008 the APU Nordic Ski team won the SuperTour, the highest level of American team competition and Kikkan Randall, a junior at APU, was the first Ameri-can Nordic skier to win a World Cup Gold Medal. As a result, the American Nordic Ski Association named APU as the 2008 Team of the Year, ski coach Erik Flora as Coach of the Year, and Randall as the Athlete of the Year. Wow!

Collegiate Learning Assessment (CLA). CLA tests for the “value added” by college education. APU finished 91st overall nationally in this testing, and its seniors tested highest in the nation for the amount they had learned through their university experience.

A very happy birthday indeed to APU.

• According to the Alaska Multiple Listing Service, the average price of residential hous-ing units sold in Anchorage in the third quar-ter of 2008 was $333,819, an increase of 1.6 percent from the third quarter of 2007, and 2.9 percent more than in the third quarter of 2006.

AEDCAEDCAEDC EcoNomIc SNAPSHoT

Economic data compiled by

2

BoARD oF DIRECtoRS

LEgISLAtoISLAtoISLA RS

Fred DysonSenator,

Alaska State Legislature

Hollis FrenchSenator,

Alaska State Legislature

Harry CrawfordRepresentative,

Alaska State Legislature

Craig JohnsonRepresentative,

Alaska State Legislature

MunICIpALIpALIp ty

Acting Mayor Matt ClamanMunicipality of Anchorage

Harriet DrummondAssembly Member,

Municipality of Anchorage

Dan CoffeyAssembly Member, AlternateMunicipality of Anchorage

AppoIntED By thE BoARD

Chris AndersonDeputy Director, AIDEA

Mike BradyVice President,

Ken Brady Construction Co.

Larry CashPresident,

RIM Architects

Carol ComeauSuperintendent,

Anchorage School District

Jim GorskiMember,

Hughes Pfiffner Gorski Seedorf & Odsen, LLC

Mary HughesPast Chairman of the Board,

AEDC

Christine KleinDeputy Commissioner of Aviation

State of Alaska

Edward LambCEO & President,

Alaska Regional Hospital

Brian NerlandDistrict President, KeyBank Alaska

Douglas M. NorthPresident,

Alaska Pacific University

Emil NottiCommissioner,

State of Alaska, Department of Com-munity & Economic Development

Phil OkesonChairman,

Anchorage Chamber of Commerce

Tennys OwensPresident,

Artique, Ltd.

Julie SaupePresident & CEO,

Anchorage Convention & Visitors Bureau

Fran UlmerChancellor,

University of Alaska, Anchorage

EX-oFFIcIo mEmBERS

7

Letter From the President

• According to the Alaska Multiple Listing Service, in the third quarter of 2008, 730 housing units were sold in Anchorage, 8.2 percent less than in the third quarter of 2007, and 19.0 percent less than in the third quarter of 2006.

number of Residential housing units Sold,3rd Quarter

2006 2007 2008

901

795 730

Average price of Residential housing units Sold, 3rd Quarter

Anchorage unemployment Rate(percent), 3rd Quarter

2006 2007 2008

• the Anchorage unemployment rate for the third quarter of 2008 was 5.3 percent, 0.5 percentage points higher than in the third quarter of 2007, and 0.2 percentage points higher than during the same time period in 2006.

5.1 4.85.3

• Gross revenue from car and RV rentals to-taled $37.9 million for the third quarter of 2008, an increase of 4.5 percent from the third quarter of 2007, and 12.8 percent above the same time period in 2006.

2006 2007

Gross Revenue from Car and RV Rentals (million), 3rd Quarter

$33.6$36.3

2008

$37.9

2006 2007 2008

$324,564 $328,525 $333,819

• the Municipality of Anchorage treasury Division reports gross revenue from room rentals totaled $88.1 million for the third quarter of 2008, an increase of 7.1 percent from the third quarter of 2007, and a rise of 11.7 percent from the same time period in 2006.

gross Revenue from Lodging Room Rentals (million), 3rd Quarter

2006 2007 2008

$78.9$82.3 $88.1

Bill PoppPresident and CEO, AEDC

Anchorage to Host Alaska Natural Gas Anchorage to Host Alaska Natural Gas Anchorage to Host Alaska

value-Added Anchorage to Host Alaska

alue-Added Anchorage to Host Alaska

value-Added vManufacturers Conference

The Alaska Natural Gas Development Authority (ANGDA) is staging an international gathering of oil and gas industry professionals in April to showcase the worldwide opportunities provided by of oil and gas industry professionals in April to showcase the worldwide opportunities provided by the 35 trillion cubic feet of proven natural gas reserves on Alaska’s North Slope.

The Alaska Natural Gas value-Added Manufacturers Conference will be held April 28–29 in value-Added Manufacturers Conference will be held April 28–29 in vAnchorage at the Dena’ina Civic and Convention Center.

The conference will include updates on pipeline projects from Denali—the Alaska Gas Pipeline LLC and TransCanada; a global petrochemical industry analysis and forecast; and an opportunity to visit several tidewater locations for a future petrochemical facility in Alaska.

With a proven supply of 35 trillion cubic feet, Alaska natural gas and natural gas liquids are some of the most significant new resources to enter the global olefins marketplace. vast and situated vast and situated vin a politically stable region, Alaska North Slope natural gas will arrive on the market in the next decade and could mean billions of dollars of new investment in Alaska.

“Open seasons for both TransCanada and the Denali project are scheduled for early summer 2010,” said Harold Heinze, CEO of the Alaska Natural Gas Development Authority. “This conference will give buyers, natural gas producers and pipeline owners the chance to discuss the market potential of Alaska gas.”

Officials from TransCanada and the Denali project have reported that an open season for manu-facturers to secure shipments of North Slope natural gas will occur in 2010. The gas is expected to reach markets in Southcentral Alaska and Alberta by 2018.

The Alaska Natural Gas Development Authority plans to deliver as much as 5 percent of the North Slope gas to Southcentral Alaska, an area without an existing petrochemical manufacturing plant, via a small-diameter pipeline. The agency anticipates the in-state supply will entice com-panies that want access to the gas and do not have existing infrastructure in Alberta. Additional advantages of accessing the gas in Alaska include easy access to shipping routes and Pacific Rim markets and a less expensive supply.

“This gas represents the first new source of ethane and propane to come to the world market in more than 20 years,” said Heinze. “Additionally, the Alaska in-state line can probably support an additional 1-2 global manufacturers.”

AEDC is organizing the conference on behalf of ANGDA, the Municipality of Anchorage and the Mat-Su and Kenai Peninsula Boroughs. Alaska businesses are encouraged to attend the conference. Sponsorship and exhibitor opportunities are available. To learn more or to register please visit www.AKnaturalgas.com.

“Flat is good” is not a phrase you would normally expect to hear from the leadership of any economic development expect to hear from the leadership of any economic development organization. But, that was the message i recently delivered at the Anchorage Economic Forecast Luncheon.

AEDC forecasts a loss of 100 jobs in 2009. Given the context of the current global recession this is actually very good news.

Anchorage completed its 20th year of uninterrupted job growth in January, a statistic envied by most other cities in the nation. More workers had jobs at the end of 2008 than at any other time in the history of our city.

Does this mean that Anchorage will ride out the recession unaffected? Absolutely not. The tourism, transportation and construction sectors are all feeling the pinch. And have you looked at your 401K statement recently?

But, when you take into account all of the indicators in our economy there are many reasons to believe that Anchorage is well positioned to ride out the economic storm. The Anchorage housing market is stable with steady prices and low foreclosure rates and the banking industry is healthy, well-funded and looking to make loans.

Many sectors of the economy will likely add jobs in 2009. Retail, health care and the professional services sectors will all see more jobs in the coming year. Government, oil and gas, and all other sectors will most likely maintain 2008 employment levels in 2009.

All things considered, the 2009 outlook is positive for the Anchorage economy and the business community agrees. AEDC recently completed the first ever Anchorage Busi-ness Confidence index Survey. The survey shows that business leaders are cautiously optimistic. Most surveyed expect moderate increases in gross sales, net profits, employ-ment and their own capital expenditures in 2009.

i welcome you to read more about the 2009 Economic Forecast and Anchorage Business Confidence index Survey in this newsletter or on our Web site at www.aedcweb.com. Once you do, i think you’ll see my point. Flat is good.

WHAT’S INSIDE

page 1

Economic StimulusProjects in Anchorage

page 2

President’s Letter

Economic Snapshot

page 3

Alaska Pacific University Turns 50

page 4

Anchoarge Businesses Optimistic

page 5

Anchorage Economy Stable in 2009

page 6

AEDC Elects Officers

page 7

Anchorage to Host Natural Gas Conference

page 8

AEDC Receives National Recognition

The Newsletter of Anchorage Economic Development Corporation

1st Quarter, 2009

The Newsletter of

AEDCAEDCAEDCAEDCconnections

900 West Fifth Avenue, Suite 300Anchorage, AK 99501

(907) 258-3700www.aedcweb.com

18

WElcomE!

TO OUR NEW iNEW iNEW NvESTORS:

Diamond Investor Spotlight

Alaska Growth Capital

Beacon Occupational Health and Safety Services

Carter Financial Group

irwin Development Group

Weatherholt & Associates

RENEWRENEWR iNG iNvESTORS:

AK Supply

Alaska Cargoport, LLC

Alaska Regional Council of Carpenters

Alaska Regional Hospital

Alaska Rubber & Supply, inc.

Alaska USA Federal Credit Union

Anchorage Daily News, inc.

Anchorage Downtown Partnership

Anchorage Hangarport, LLC

Birch, Horton, Bittner & Cherot

Bond, Stephens & Johnson, inc.

BP

CiRi

Coffman Engineers, inc.

Credit Union 1

Denali Alaskan Federal Credit Union

DOWL HKM

Eagle River-Chugiak Chamber of Commerce

First National Bank Alaska

GCi

HDR Engineering, inc.

iMEX, Ltd.

JL Properties, inc.

Kumin Associates, inc.

Millennium Hotel

NCB

Northern Air Cargo

Pegasus Aircraft Maintenance, L.L.C.

Penco AK

Providence Alaska Medical Center

RiM Architects, inc.

Roger Hickel Contracting, inc.

Schwantes, inc.

The Strategy Biz, inc.

The Wilson Agency

Totem Ocean Trailer Express, inc.

USKH, inc.

Wells Fargo BankWells Fargo Bank

AEDc STAFF

Bill PoppPresident & CEO

Erin EalumBusiness & Economic Development Director

Heather CavanaughCommunications Director

Amy GoodwinLogistics Coordinator

Allison M. M. van EckOffice Manager

Louis McGintyExecutive Assistant

AEDC is a private nonprofit corporation (IRS code 501(c)(6)), operating since 1987. It exists to encourage growth and diversity in the Anchorage economy, promote a favorable business climate and improve the standard of living of Anchorage residents. Funding sources for the corporation aremunicipal and state grants, con-tracts, and private contributions. For permission to reproduce any part of this newsletter, please call (907) 258-3700.

Diamond Investor Spotlight

What Will the National Economic What Will the National Economic Stimulus Bill Mean for Anchorage

With an estimated $844 million expected for the State of Alaska, Anchorage anticipates receiving approximately $300 to $400 million from the American Recovery & Reinvestment Act to sup-port local shovel-ready projects. An initial list of projects was submitted to the U.S. Conference of Mayors in December and is being updated and revised to meet national funding requirements. Below is a list of the first phase of projects to be submitted for the federal funding:

An estimated $49 to $71 million will be allocated from the Department of Transportation with An estimated $49 to $71 million will be allocated from the Department of Transportation with funding for roads, trails, transit and railroad. Some of the road and trail projects expected include:funding for roads, trails, transit and railroad. Some of the road and trail projects expected include:

· Repair and reconstruction of the Old Glenn Highway· Repair and reconstruction of the Old Glenn Highway

· Lake Otis and Tudor congestion relief project· Lake Otis and Tudor congestion relief project

· Area-wide trail rehabilitation (Chester Creek trail · Area-wide trail rehabilitation (Chester Creek trail and others)

· People Mover bus stop improvements in the · People Mover bus stop improvements in the University area

· People Mover facility improvements· People Mover facility improvements

An estimated $2 million in Department of An estimated $2 million in Department of Justice funds for technology and support to Justice funds for technology and support to increase the effectiveness and availability of increase the effectiveness and availability of the Anchorage Police Department with the Anchorage Police Department with projects listed below:

· Technology improvements for gathering · Technology improvements for gathering information from witnesses and suspects information from witnesses and suspects in the field

· Replacement of an aged and challenged Crime · Replacement of an aged and challenged Crime Scene investigation vehicle

APD also expects to receive approximately $450,000 for administrative and technological support APD also expects to receive approximately $450,000 for administrative and technological support for the ongoing internet Crimes Against Children Task Force.nternet Crimes Against Children Task Force.

Additionally, the city expects to receive $2 to $3 million in funding for energy efficiency improve-ments and the city is in the process of prioritizing projects eligible for this funding. The national funds will be allocated by various federal agencies, some through existing formulas and others through competitive grants. The city is also reaching out to local agencies and non-profit organizations to find ways to partner for funding allocation.

The Municipality of Anchorage will keep residents apprised on the status of local funding via a link on its main website at www.muni.org.

AEDC Receives National Recognition

The Anchorage Economic Development Corporation recently received an Excellence in Economic Development award from the international Economic Development Council. AEDC was recognized for this achievement during an awards ceremony at the 2008 iEDC annual conference in Atlanta, Georgia.

Competing in the category of Newsletters/Newspapers/Magazines by organi-zations serving areas with populations exceeding 200,000, AEDC was a clear standout with its quarterly newsletter AEDC Connections. The publication contains information about economic development trends and business news in the Anchorage and Alaska economies and is designed and produced by Alaska-based advertising firm Porcaro Communications.

“it’s an honor to be recognized by our peers as a leading economic development organization,” said AEDC President and CEO Bill Popp.

“Economic development efforts have long been a keystone in the quest to bol-ster the economy and improve quality of life in every locality across the country,” said Robin Roberts Krieger, iEDC chair. “As the nation continues to tackle longstanding challenges in the midst of an inhospitable financial climate, these efforts have taken on an even greater significance. With the award, we laud trendsetting organizations like the Anchorage Economic Development Corpora-trendsetting organizations like the Anchorage Economic Development Corpora-trendsetting organizations like the Anchorage Economic Development Corporation for leading the charge.”

The international Economic Development Council is headquartered in Washington, DC. its mission is to provide leadership and excellence in economic development for communities, members and partners. iEDC’s professional economic development awards annually recognize excellence in the economic development profession.

iNTERNATiONALECONOMiC DEvELOPMENT

COUNCiL

Excellence

in Economic

Development

Development

AwardAward

2008 W

INNER