We use demographic and economic indicators to analyze spatial differences and temporal trends across 18 regions surrounding the Arctic Ocean. Multifactor and cluster analysis were used on 10 indicators reflecting income, employment and demography from 1995 to 2008. The main difference is between regions with high population densities, low natural growth rate, and low unemployment (Russia, Norway and Iceland) and regions with high unemployment rate and high natural growth rate (mainly North American regions). However, once those parameters were accounted for sub-regional differences start to emerge. Variation among the regions was a result of national policies and regional differences such as access and presence of natural resources (i.e. oil, gas, mining, etc.). We found only weak temporal trends, but regions with resource extraction show some signs of higher volatility. Overall, the Arctic has experienced out-migration with only Iceland and two regions in Canada experiencing in-migration.