This study presents an economic assessment of the impacts and benefits of implementing a national marine sanctuary around St. George Island, Alaska. Both market and non-market impacts were assessed using the benefit transfer method and data on local markets. This study finds that implementing a national marine sanctuary around St. George Island may have substantial benefits, including: at least four full-time jobs, $200,000 in annual government spending to support a sanctuary office, $140,000 to $1 million in expenditures due to research grants, $55,000 to $240,000 in annual recreation expenditures, $22,000 to $44,000 in estimated subsistence harvest annually, and $2.8 billion to $3.3 billion in annual non-market ecosystem service benefits.