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Anchorage may be reached by plane in 10 hours or less from virtually every major city in the industrialized world, including New York, Tokyo, and Frankfurt am Main (via the polar route). In order to facilitate international cargo flights, the Ted Stevens Anchorage International Airport serves as a popular refueling stop for cargo planes and is home to a significant FedEx hub.

There are a number of major industries in the city of Anchorage, including transportation, military, government, tourism, corporate headquarters, and resource exploitation. Anchorage’s physical position and surrounding natural resources have a significant impact on the local economy. Anchorage’s economy has historically grown steadily, but less rapidly than in many other communities in the lower 48 states. When it comes to downturns in the economy, it doesn’t feel as much pain as it did in the 1980s, when several financial institutions went down due to a real estate-related catastrophe.

Only Memphis, Hong Kong, and Shanghai Pudong have more cargo traffic than the Ted Stevens Anchorage International Airport (TSAIA). Anchorage’s placement on the great circle routes between Asia and the lower 48 states is a major factor in this travel. At addition, the airport has access to jet fuel from refineries in North Pole and Kenai, both of which are located in the state of Alaska. Once in Anchorage, the jet fuel is delivered by rail or pipeline to the airport through the Port of Anchorage.

Most of the items bound for Alaska arrive at the Port of Anchorage. Tacoma, Washington’s Port of Tacoma, receives ships from Totem Ocean Trailer Express and Horizon Lines twice every week, respectively. TSAIA and Joint Base Elmendorf-Richardson also utilize jet fuel stored at the port in addition to managing these operations (JBER).

The current port was constructed in the late 1950s and is nearing the end of its functional life. To ensure the port’s seismic and environmental stability for the next 75 years, a seven-year Anchorage Port Modernization Project will get underway in 2017 to replace the port’s existing infrastructure.

Elmendorf Air Force Base and Fort Richardson, two of the largest military posts in the United States, were the result of the breakup of the U.S. Air Force from the Army during World War II. The bases were consolidated as part of a cost-savings initiative launched by the 2005 BRAC procedures. In addition to JBER, the Kulis Air National Guard Base, located not far from TSAIA, was built. A total of 8,500 people, both military and civilian, are employed at the three locations together. An estimated ten percent of the people in the area are from these groups. Due to its closeness to the Soviet Union during the Cold War, Elmendorf served as a command hub for multiple forward air stations erected in Alaska’s western regions (most of which have since closed).

There are more state workers in the Anchorage region than in Juneau, the state capital of Alaska. Anchorage has roughly 6,800 state personnel, whereas Juneau has about 3,800. For many years, the State of Alaska had to rent space in the McKay Building (now the McKinley Tower) and the Frontier Building, which were eventually renamed as the McKinley and Frontier Buildings respectively.

The petroleum industry, with its numerous high-rises emblazoned with the logos of huge multinationals like BP and ConocoPhillips, is unquestionably Anchorage’s most conspicuous business. While the bulk of the company’s headquarters and administrative functions are located in Anchorage, Alaska’s North Slope and the Cook Inlet area south of Anchorage are the primary locations for field activities. ConocoPhillips Alaska, a ConocoPhillips subsidiary, has its headquarters in downtown Anchorage. It is also Alaska’s highest structure. It’s worth noting that Arctic Slope Regional Corporation and CH2M Hill are among the oilfield support service providers with headquarters outside of Anchorage but large operations in the city.

Anchorage is home to four minor airlines: Alaska Central Express, Era Aviation, Hageland Aviation Services, and PenAir. The Alaska Airlines Foundation’s headquarters are located at TSAIA, which was formerly Alaska Airlines’ home base but is now based in the Seattle region. MarkAir, Reeve Aleutian Airways, and Wien Air Alaska were all based in Anchorage prior to their demise. Reeve Building, which located at the intersection of West Sixth Avenue and D Street in Anchorage, was saved from demolition when the city block it occupies was removed to make space for the new Anchorage 5th Avenue Mall. Among the best places to do business and get a job, according to Forbes magazine, was Anchorage in 2013.

Anchorage is home to five Alaska Native regional corporations: the Aleut Corporation, the Bristol Bay Native Corporation, the Calista Corporation, the Chugach Alaska Corporation, and the Cook Inlet Region, Inc.

There is no sales tax in Anchorage. Hotel stays are taxed at 12 percent and automobile rentals at 8 percent by the city. Since around 2000, large hotel developers from the Lower 48 have been constructing new hotels along C Street from International Airport Road to just north of Tudor Road, with two more due to open in 2017, making this half-mile stretch of C Street a new “hotel row.”. It’s easy to go to the Kenai Peninsula for fishing, or farther north to Denali National Park and Fairbanks from Anchorage.