Economy of Astoria
 | This article or section is in the process of an expansion or major restructuring. You are welcome to assist in its construction by editing it as well. If this article or section has not been edited in several days, please remove this template. If you are the editor who added this template and you are actively editing, please be sure to replace this template with {{in use}} during the active editing session. Click on the link for template parameters to use.
This article was last edited by Mythopoeia (talk | contribs). (Update) |
 Downtown Seattle and Mount Tahoma | |
| Currency | Astorian dollar (ASD) |
|---|---|
| July 1 – June 30 | |
Trade organisations | CAS, WTO, OECD |
| Statistics | |
| GDP |
▲ $2.38 trillion (2024) (nominal; 10th) |
GDP growth | ▲+3.4% (2023) |
GDP per capita |
▲ $94,831 (2013) (nominal; 4th) |
GDP by sector |
Primary: 1.4% Secondary: 28.1% Tertiary : 70.5% (2023 est.) |
| 2.6% (Q1 2024) | |
| 44.1 (2023) | |
Labour force | ▲ 17,621,042 (2023 est.) |
Labour force by occupation | agriculture: 1.3%, industry: 42.7%, services: 56% (2023) |
| Unemployment |
 3.8% (June 2024) |
Main industries | agriculture, mining, financial services, chemicals, aluminium smelting, electronics, pharmaceuticals, electronics, healthcare, defense, aerospace, machinery, fishing |
| ▲ 9th (2024) | |
| External | |
| Exports | aluminium, metals, machinery, chemicals, pharmaceuticals, electronics, hydroelectricity, water, foodstuff, software, transport equipment, |
Main export partners |
 Sierra 19.5%  Superior 17.4%  Brazoria 15.3%  United Commonwealth 12.8%  China 11.3%  Japan 7.1% |
| Imports | textiles, cars, petroleum, electronics, metals, furniture, plastics, chemicals, steel, uranium |
Main import partners |
China 25.6% Sierra 17.5% Superior 10.1% United Commonwealth 9.7% Brazoria 9.4% Japan 4.2% |
FDI stock | $3.1 trillion (2024 est.) |
Gross external debt | $1.4 trillion (2024 est.) |
| Public finances | |
| 78.5% of GDP (2024 est.) | |
| Economic aid | $8.1 billion (2024) |
|
Astorco Credit AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable Andersons-Moore AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable | |
Foreign reserves | ▼ $895.4 billion |
|
All values, unless otherwise stated, are in US dollars. | |
Astoria is a highly developed and mixed economy, utilizing both private and nationalized government services. As of 2024 the Astorian economy was the tenth largest economy in the world by GDP, and the fourth largest in North America behind Superior, Sierra, and the United Commonwealth. Astoria's economy accounted for 2.38% of the global economy in 2024, and the Astorian dollar is the third most used used reserve currency. Astoria has the largest gold reserve in the world, with roughly 6,390 metric tons held within its vaults. Its economy is tied heavily with the global economy, primarily through its finance industry.
Astorian citizens boast some of the highest incomes in the world, ranking 5th in GDP (PPP) per capita and 4th in GDP (nominal) per capita. In 2024 the GDP (PPP) per capita was $92,934 and the GDP (nominal) per capita was $94,831.
History
19th century
20th century
21st century
GDP
Economic data quantified by GDP was popularized in Astoria during the 1930s and 1940s. In 1943 the Monetary Commission of Astoria calculated the GDP was approximately $7.6 billion in 1900 and that Astoria saw accelerated growth, with the GDP rising to $33.7 billion by 1940, an increase of nearly 600% from 1920. In the aftermath of the Great War, Astoria saw a large expansion in economic growth, with the GDP reaching $156.3 billion by 1970, representing a 69.7% increase from 1960. The region's economy continued to grow rapidly, hitting $1.22 trillion by 2000 and $2.3 trillion by 2020, showing a 88.4% increase over the two decades from 2000 to 2020.
Earlier calculations and projections for the Astorian GDP throughout the late 19th century are disputed, but the Monetary Commission of Astoria projected that in 1870 the Astorian GDP nominal was approximately $1.1 billion in 2024 dollars, a growth of 2,090% over the course of 150 years.
Employment and labor law
The national labor policy of Astoria, established by the 1948 National Collective Bargaining Recognition Act (NCBRA), promotes collective bargaining, workplace democracy, and the protection of workers' rights to freely associate with labor organizations. Prior to the legal codification of collective bargaining rights, Astorian workers in the 19th century operated under employer-employee contracts also known as 'range contracts' that were enforced by federal judges. Eugene Wyeth suspended the practice of federal judges arbitrating on range contracts, instituting national at-will employment.
The NCBRA established the National Commission for Labor Relations (NCLR), the legal procedures for union elections or decertification. The NCLR is tasked with enforcing laws related to collective bargaining and addressing unfair labor practices. It ensures that employees can organize and engage in union activities without employer interference, thereby upholding the rights guaranteed under the national labor policy.
Due to the small size of the nation's regulatory bodies, the government rarely if ever initiates an investigation without substantial evidence. Labor organizations in Astoria were responsible for 97% of all complaints filed to government's various regulatory bodies. Complaints filed by labor organizations had a significantly higher chance of resulting in the government intervening in a workplace, regardless if the complaint was filed on charges of safety, health, harassment or wage and hour violations.
Labor unions
Approximately 22.8% of the workforce, or 4.1 million workers, belong to a labor union. 25.5% of the population, an additional 350,000 workers, are covered by a collective bargaining agreement but choose not to join as members of their bargaining union. Rates of union membership in Astoria varies by state, with the highest rates in Yakima, Olympia and Monatoga. Pocatello, North Columbia and South Columbia had the lowest rates of union membership and workers covered by a collective bargaining agreement. In five states union security clauses are illegal, allowing employees belonging to a collective bargaining unit the opportunity to opt out of joining the union.
Construction and public services (firefighters and police officers) are the the most unionized sectors of the economy in Astoria. Roughly 86% of all construction workers have an additional pension alongside Federal Pension and Employment Insurance System (FPEIS). Firefighters, police officers and construction workers enjoy some of the most generous vacation plans in the labor market. Firefighters are represented by the Fraternal Order of Astorian Firefighters (FOAF), police by the Benevolent Order of Officers of the Republic of Astoria (BOORA). Construction workers in Astoria are represented by various trade unions, most of which collectively belong to the National Building Trades Association of Astoria (NBTAA).
In 2023 the National Education Association of Astoria (NEAA), with approximately 169,765 members, was the largest labor organization in Astoria. The United Arborean Workers of Astoria (AWUA) is the second largest labor organization in the country, with 163,034 members it is the largest union in the private sector. There are three major trade federations, the Astorian Federation of Trade Associations (AFTA), National Labor Council of Astoria (NLCA), and the Confederation of Astorian Trade Associations and Labor Organizations (CATA-LO). According to the Department of Labor, in 2023, CATA-LO the largest with 2.8 million associated members, NLCA the second largest with 568,000 associated members, and the AFTA with 311,000 associated members.
Income and Wealth
Economic sectors
Astoria's economy is heavily influenced by its abundant natural resources, making the primary sector a cornerstone of the nation's economic strength. Within the boundaries of nation, Astoria boasts vast forests, fertile farmlands, rich mineral deposits, and extensive coastlines. These features have provide a strong foundation for several of Astoria's key industries, including agriculture, forestry, mining, and fishing.
Agriculture
Agriculture in Astoria is varied due to the variety in climates and fertile soils found across the nation. Astoria is a leading producer of wheat, barley, and potatoes. Winter wheat is grown extensively in North Columbia and potatoes in Pocatello. The Willamette Valley and the Fraser Valley have a high density of fruit orchards and vineyards that produce various specialty crops like berries and hazelnuts. Astoria is major producer and exporter of red delicious apples, blueberries and raspberries. Organic farming and sustainable practices have grown in popularity since the late 20th century, contributing to the growth of Astoria's organic market.
Mining
Mining directly employed an estimated 42,000 workers in Astoria in 2023, and another 34,000 workers employed in jobs closely associated with the mining sector. Roughly 0.42% of the active workforce is employed in jobs associated with mining, including maintenance, the transportation and processing of minerals and other mined aggregates. Astorian mines produce over 28 million tonnes coal, 800,000 tonnes of copper, 100,000 tonnes of talc, 406.4 tonnes of silver and 33.6 tonnes of gold. Mining generated both directly and indirectly a combined total of $31.58 billion.
In Willamette, South Columbia and Clackamas, mining employs approximately 5,000 individuals, with key industries including aggregate mining, industrial minerals, and small-scale precious metal mining. Yakima has a handful of smaller mines, aggregates, and industrial minerals, which employs roughly 3,000 mining workers. In North Columbia and Pocatello several large scale mining operations focus on the extraction of copper, gold, silver, and talc, employing roughly 14,000 workers. Monatoga has the largest share of the nation's coal mines, located in the Kootenays. Roughly 12,000 workers in Monatoga are directly employed in mining.
Langford Coal, Aldrich Chamberlain and National Mineral Corporation dominate the mining sector in Astoria. Langford Coal controls approximately 86% of all coal production in the country. National Mineral, once a state-owned enterprise, is the largest extractor of bauxite in Astoria.
Logging and forestry
In 2023, 223,000 people worked in logging and adjacent industries. 89,791 worked directly in logging, felling and cutting, while the remaining 133,208 worked in the transportation, processing or manufacturing of timber. Workers in logging, forestry and wood industry make up 1.24% of the total employed population, and exceeds the number of workers employed in mining and fishing combined. Astoria was the third largest exporter of wood in 2023. China, Japan and Sierra were the top importers of Astorian wood.
Approximately 120 million cubic meters of timber was harvested in 2023, producing 90 cubic meters of softwood and hardwood. Approximately 10 million cubic meters of plywood and 5 million cubic meters of laminated and cross-laminated timber were produced. In 2023 the industry industry generated roughly $31.3 billion in revenue, $18.4 from exports. Logging, timber and adjacent industries contributed to 2.8% of Astoria's GDP.
Logging in Astoria is characterized by a mix of large multinational corporations and smaller, independent logging companies. The industry is heavily regulated, with strict guidelines in place to ensure sustainable forestry practices. This includes clear-cutting restrictions, reforestation requirements, and habitat conservation efforts to protect the diverse ecosystems found in Astoria's forests.
Astoria's wood industry is dominated by five major timber harvesting and milling companies; Wyeth Materials, National Timber Corporation, Russell-Bauer, Andrews Timber and Prattbush. Wyeth Materials and the National Timber Corporation are the 2nd and 3rd largest real estate investment trusts in the nation. Numerous industries responsible for transporting and processing timber exist as of 2024, with most companies ranging between 40-60 employees.
Manufacturing
Aluminum has long been one of the cornerstones of the economy of Astoria. Aluminum smelting, processing and manufacturing developed in Astoria during the Great War, due in part to the vast bauxite deposits discovered throughout Nechako and northern Monatoga. Domestic bauxite reserves have fueled the large-scale production of aluminum for nearly a century. Processed bauxite is transported down the Columbia River to smelters located near hydroelectric dams that dot the basin. Smelting facilities close to these dams provides a critical advantage economically, as access to some of the cheapest electricity in the developed world allows melting to remain a profitable industry in Astoria. Aluminum manufactures in Astoria are also protected by tariffs and numerous trade deals the other North American states, which has allowed Astorian aluminum manufactures to maintain dominance in the American Single Market, producing approximately 5.5 million metric tonnes of aluminum annually.
Alcon, formerly the Aluminum Corporation of Astoria, is the largest manufacturer and smelter of aluminum in the western hemisphere, producing roughly 2.5 million metric tonnes of aluminum annually, the sixth largest aluminum producer by output. Employing roughly 15,000 workers, Alcon is one of the largest manufacturing companies in Astoria. Aluminum production in Astoria is heavily tied to the nation's arms industry,
Services
Currency and central bank
Regulation
Private enterprises across all sectors of the economy are subject to regulation by local, federal, and state governments. Major regulatory bodies include the cabinet departments, notably the Department of Labor (DOL), Department of the Treasury (DOT), Department of Energy (DOE), and the Department of Health and Welfare (DOHW).
The Department of Labor enforces laws related to wages, workplace safety, and employment rights. It is tasked with protecting workers' rights, promoting fair working conditions, and offering job training and employment services. Within the DOL, the National Commission for Occupational Safety (NCOS) and the National Commission for Mine Safety (NCMS) handle specific regulatory functions beyond collective bargaining. The NCMS focuses on safety and health standards in the mining industry, ensuring safe working conditions for miners. The NCOS sets and enforces broader workplace safety and health standards to maintain a safe environment for all employees.
The Department of the Treasury oversees financial institutions, enforces economic sanctions, and implements policies to ensure the stability and integrity of the financial system. Under its purview are the National Commission for Capital and Securities (NCCS) and the National Commission for Interstate Transactions (NCIT). The NCCS regulates the securities markets to ensure fairness and transparency in the issuance, trading, and disclosure of securities, while addressing fraudulent or illegal activities. The NCIT focuses on consumer protection and fair competition, regulating advertising, marketing, and other practices to prevent anti-competitive behavior.
The Department of Health and Welfare administers programs aimed at improving public health, providing social services, and supporting community well-being. It oversees the National Commission for Environmental Conservation (NCEC) and the National Commission for Safe Consumption (NCSC). The NCEC enforces environmental laws to safeguard public health and the environment, while the NCSC regulates food safety, pharmaceuticals, medical devices, and cosmetics to ensure that these products meet safety standards and do not pose risks to consumers. Additionally, the National Commission for Communications regulates interstate and international communications via radio, television, wire, satellite, and cable.
Energy regulation in Astoria is managed by the National Commission on Energy, a subordinate body of the Department of Energy. This commission oversees the transmission and sale of electricity, natural gas, and oil, as well as hydropower projects.
Taxation
Taxes in Astoria is levied at the federal, state and local levels on a variety of sources including income, property, payroll, dividends, capital gains, imports, estates and gifts. Approximately 28% of the national GDP was collected in taxes, lower than the OCED average of 33.5%. Income and payroll taxes are primary funding source for the national mandatory health insurance scheme and pension system. Total tax burdens vary by state and locality. Clackamas had the highest total tax burden, with a maximum rate of 15% on top of federal taxes, and Pocatello had the lowest with a maximum rate of 4% on top of federal taxes.
Astoria has a federal progressive tax system, where certain portions of citizens income are taxed at different rates. Incomes below $10,000 are taxed the least at 5% while incomes above $400,000 are taxed at the highest rate of 35%. Only two income exemptions exist, both of which are exclusively for earners classified as middle or lower income earners with homes or dependents. State and local governments may also levy income taxes.
Astoria has two sets of corporate taxes for non-financial and financial institutions. Non-financial institutions, are taxed at a flat rate of 10%, and a corporate profit tax ranging between 3 and 6%. Financial institutions in Astoria are subject to a capital gains tax of 1%, a flat corporate tax rate of 6.3%, and a maximum 3.1% tax on net profit. Due to the national adherence to banking secrecy the amount each financial institution pays in taxes is confidential. Regulations and taxes on financial institutions are among the least stringent and most complex in North America, and are typically scrutinized by foreign governments.
Local and state governments have the ability to levy corporate, profit and capital gains taxes. Tahoma, the location of Seattle and the majority of Astoria's financial sector, the state and local government levy no corporate, profit or capital gains taxes. As of 2023, the state of Clackamas had the highest local corporate, profit and capital gains taxes. Taxes on primary and secondary sector industries were lower than their financial counterparts in Yakima and North Columbia, Olympia and Willamette.
Federal budget and expenditure
Trade
State economies
See also
 Astoria articles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| History | |||||||||
| Geography | |||||||||
| Politics | |||||||||
| Economy | |||||||||
| Culture |
| ||||||||