Farm Loop CDP Alaska Income Charts

This section shows the Farm Loop CDP Alaska economy using the most recent economic analysis from the 2022 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Farm Loop CDP shows it has a Median earnings of $77,339 which is more than all other places in the greater Farm Loop CDP region. Comparing median earnings per worker to the United States average of $53,269, Farm Loop CDP is 45.2% larger. Also, versus the state of Alaska, median earnings per worker of $60,695, Farm Loop CDP is 27.4% larger.

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $105,521 which is the second most median income of all the places in the greater Farm Loop CDP region. The place with the highest median household income in the area is Gateway CDP which depicts a median income of $110,610 (only about 4.8% larger). Comparing median household income to the United States average of $69,021, Farm Loop CDP is 52.9% larger. Also, compared with the state of Alaska, median household income of $80,287, Farm Loop CDP is 31.4% larger.

The next section examines a variety of different income statistics for the Farm Loop CDP metropolitan area. In Figure 3 we see that it it has one of the largest proportions of earnings less than $10,000 at 6.1% of the total and is ranked #2. The only larger place being Buffalo Soapstone CDP with 7.1%. Second, it has the smallest proportion of earnings between $20,000 and $49,999 at 14.9% of the total.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 40.9 which is the third most average hours of all other places in the greater Farm Loop CDP region. The place with the highest average hours in the area is Gateway CDP which shows an average hours of 41.9 ( only slightly larger). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $36.36 which is the largest of all places in the greater Farm Loop CDP region. Comparing average hourly earnings to the United States average of $26.40, Farm Loop CDP is 37.7% larger. Also, versus the state of Alaska, average hourly earnings of $28.26, Farm Loop CDP is 28.7% larger.

Figure 7 examines the number of self employed people in the Farm Loop CDP metro area based on the number of people who reported any self employment income. Farm Loop CDP shows it has a Self Employed of 15.9% which is in the center range of other places in the greater region. The place with the highest percentage of people self employed in the area is Gateway CDP which depicts a percentage self employed of 20.8% (30.9% larger).

Turning our attention to Figure 8, the median household income by age group, it has one of the largest proportions of median income-under 25 years at $107,750 of the total and is ranked #3. Only #2 Lazy Mountain CDP ($109,286), and #1 Gateway CDP ($112,153) are larger. Second, it has the largest proportion of median income-25 to 44 years at $144,375 of the total and is ranked #1. Third, it has the largest proportion of median income-45 to 64 years at $81,250 of the total and is ranked #1.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 32.8% which is the third most households with retirement income of all other places in the greater Farm Loop CDP region. The place with the highest households with retirement income in the area is Buffalo Soapstone CDP which shows a households with retirement income of 33.4% ( only slightly larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has the largest proportion of overall family income at $126,000 of the total and is ranked #1. Second, it has less than most other places in the metro area when ranked by hawaiian family income at $56,875 of the total.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Farm Loop CDP depicts it has the hightest cost of 135.7 for the cost of healthcare category.

Farm Loop CDP Alaska Labor Force Charts

The next two charts look at monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2022, the Covid 19 recession occurred and affects this metric. The monthly unemployment rate depicts that from February 2017 to before the disasterous Coronavirus Pandemic it went from 6.3% to 4.8% in December 2019. This represents a decrease in the monthly unemployment rate of 23.8%. Since that time, the monthly unemployment rate has gone to 4.8%. This represents an increase in the monthly unemployment rate of very little. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. The monthly labor force participation shows that from January 2017 to before the Coronavirus Pandemic it went from 154,379 to 148,116 in November 2019. This represents a decrease in the monthly labor force participation of 4.1%. Since that time, the monthly labor force participation has gone to 148,116. This represents an increase in the monthly labor force participation of very little.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Farm Loop CDP indicates it has a Unemployment Rate of 4.2% which is the third most unemployment rate of all other places in the greater Farm Loop CDP region. The place with the highest unemployment rate in the area is Buffalo Soapstone CDP which depicts a rate of 6.0% (42.7% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. Farm Loop CDP depicts it has a Labor Force Participation of 68.7% which is the second most participation rates of all the places in the greater Farm Loop CDP region.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Farm Loop CDP depicts full time employees approximately 3.3 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Farm Loop CDP area. Farm Loop CDP depicts it has a Single Earner Families of 27.8% which is the second smallest when ranked by families with a single earner of all the other places in the area. The place with the highest families with a single earner in the area is Buffalo Soapstone CDP which depicts a single earners rate of 39.9% (43.5% larger). The percentage of families with no one working is depicted in Figure 22. Farm Loop CDP shows it has a Families with No One Working of 11.2% which is the second smallest when ranked by families with no one working of all the other places in the metropolitan area. The place with the highest families with no one working in the area is Lazy Mountain CDP which depicts a families with no worker of 19.2% (71.5% larger).

Farm Loop CDP Alaska Poverty Charts

The next section details economy analysis about poverty for residents of the Farm Loop CDP community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Farm Loop CDP depicts it has a Total In Poverty of 126 which is the smallest when sorted by total people earning less than the poverty level of all the other places in the metro area. The place with the highest total people earning less than the poverty level in the area is Palmer which depicts a total people earning less than the poverty level of 674 ( substantially bigger).

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Farm Loop CDP depicts it has a Percent of Population In Poverty of 5.0% which is the second smallest when ranked by percent of people earning less than the poverty level of all the other places in the surrounding region. The place with the highest percent of people earning less than the poverty level in the area is Buffalo Soapstone CDP which depicts a percent of people in poverty of 13.9% (approximately 2.8 times bigger).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Farm Loop CDP has the percentage of hawaiian poverty rate less than most other places in the greater region at 4% of the total.

Figure 27 shows key poverty statistics for groups based on marriage status. Farm Loop CDP has one of the largest proportions of married with children and in poverty at 33% of the total and is ranked #2. The only larger place being Lazy Mountain CDP with 35%. Second, it has one of the largest proportions of unmarried female with children and in poverty at 29% of the total and is ranked #2. The only larger place being Buffalo Soapstone CDP with 31%. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Farm Loop CDP has the percentage of people who are in poverty and unemployed the second smallest as measured by people who are in poverty and employed of all the other places in the greater region at 14.3% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) Farm Loop CDP shows it has a Public Assistance Percent of 5.6% which is the second smallest when ranked by households with public assistance of all the other places in the greater region. The place with the highest households with public assistance in the area is Buffalo Soapstone CDP which shows a households with public assistance of 18.8% (approximately 3.3 times bigger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). Farm Loop CDP shows it has a Gini Index of 38.2% which is less than most other places in the greater region.

Farm Loop CDP Alaska Work Commute Charts

Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Farm Loop CDP or elsewhere.) Farm Loop CDP has the largest proportion of people who bike at 2% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Farm Loop CDP has one of the largest proportions of people who leave for work between 12am to 5am at 6% of the total and is ranked #3. Only #2 Gateway CDP (6%), and #1 Lazy Mountain CDP (8%) are larger. Second, it has the largest proportion of people who leave for work between 7am to 730am at 14% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Farm Loop CDP has the percentage of people with commute time of less than 5 minutesutes less than most other places in the metro area at 7% of the total. Second, it has one of the largest proportions of people with commute time between 5 to 9 minutes at 16% of the total and is ranked #2. The only larger place being Gateway CDP with 16%.

The average commute time is shown in Figure 37. Farm Loop CDP shows it has a Avg Commute Time of 33 which is in the mid range of other places in the metro area. Figure 38 shows the difference between male versus female commuting time. Farm Loop CDP shows average commute time in minutes for men 66.5% larger as the average commute time in minutes for women. Figure 40 shows the total number of vehicles available for transportation and Farm Loop CDP has the percentage of 1 vehicle available less than most other places in the local area at 29% of the total. Second, it has one of the largest proportions of 3 vehicles available at 18% of the total and is ranked #2. The only larger place being Fishhook CDP with 19%. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) Farm Loop CDP depicts it has a Work in city or place where live of 15% which is less than most other places in the surrounding region. The place with the highest people who both work and live in the same city in the area is Palmer which depicts a people who both work and live in the same city of 36% (approximately 2.4 times bigger). Comparing people who both work and live in the same city to the United States average of 44%, Farm Loop CDP is approximately a third the size. Also, in contrast to the state of Alaska, people who both work and live in the same city of 72%, Farm Loop CDP is approximately a fifth the size.

Farm Loop CDP Alaska Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. Farm Loop CDP depicts it has the hightest median earnings of $133,333 for the earnings-computer, engineering, and science occupations category. Similarly, Figure 47 shows the median earnings of women for the job categories and Farm Loop CDP depicts it has the hightest median earnings of $96,731 for the earnings-healthcare practitioners and tech occupations grouping. The table in Figure 48, shows Farm Loop CDP employment data in terms of job categories and salary data.

Farm Loop CDP Alaska Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. Farm Loop CDP depicts it has the hightest entrepreneurs of 49% for the self employed management, business, science, and arts businesses grouping.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. Farm Loop CDP shows it has the hightest entrepreneurs of 28% for the self employed in educational services, health care and social assistance category.

In Figure 51 the average annual self employment/entrepreneur income is shown. Farm Loop CDP depicts it has a Self Employment Income of $59,862 which is the second most average annual self employment income of all the places in the greater Farm Loop CDP region. The place with the highest average annual self employment income in the area is Gateway CDP which depicts an average annual self employment income of $69,605 (16.3% larger). Comparing average annual self employment income to the United States average of $42,141, Farm Loop CDP is 42.1% larger. Also, benchmarked against the state of Alaska, average annual self employment income of $38,150, Farm Loop CDP is 56.9% larger.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Farm Loop CDP shows total number of self-employed men approximately three-fourths the size as the total number of self-employed women.