As part of the Lake & Peninsula Borough Overall Economic Development Plan, a SWOT analysis was conducted for Chignik. According to the SWOT analysis, the following were identified as the community's Strengths, Weaknesses, Opportunities, & Threats:

Strengths:
Year-round deep water port
Access to transportation
Boat Harbor construction in 1999
Access to State ferry system in summer
Experienced local labor force
Heavy Equipment
Water source for hydro-electric power
Beautiful scenery/physical setting/abundant wildlife
Low crime rate
No property/sales tax
School
Fisheries resources
Openness to change
Diversity of residents
Sub-regional clinic

Weaknesses:
Lack of roads and other transportation infrastructure
Not enough full time jobs/employment opportunities
Dependence on fishing industry...lack of diversification
Lack of sites for housing and commercial development
High fuel prices
Lack of public dock
Declining population
Availability of services
High transportation costs
No cultural facilities
Proximity to markets
High cost of living
Seasonality of fisheries/tourism markets

Opportunities:
Growing tourism industry
Expanding fisheries
Local arts and crafts
Charter boats
Coal mining

Threats:
Outside image of area
Current economic status
Fish processors who will only operate in the summer months
No reason for young people to stay in community
Lack of financial aid to build needed infrastructure
Declining fish prices
PCE possibly curtailed
Welfare reform