Idaho’s new business establishments have added more than 10,000 private sector jobs per year over the past two decades, accounting for between 20 to 30 percent of private sector gross job gains and nearly all net private sector job growth. Since the end of the last recession, the share of private sector new businesses in Idaho’s economy has risen faster than surrounding states and the nation as a whole, growing from 7 percent of all establishments in 2010 to more than 11 percent in 2016. Job creation by these private startup businesses, however, remains in decline.
Idaho startup rates and failure rates are higher than national averages
In Idaho, as with the rest of the nation, the rise in the number of businesses entering the economy was significantly stymied by the most recent recession that started in December 2007. At the end of the first quarter of 2010, the number of establishment entries in Idaho had sunk to less than 3,000 from its prerecession peak of 5,073. Since then, the downward trend reversed and establishment entries have returned to pre-recession levels.
Source: Bureau of Labor Statistic – Business Employment Dynamics. Startups are establishments less than a year old and do not include non-employer establishments
The construction industry suffered disproportionate job losses during the course of the Great Recession as property values plummeted and the over-heated housing market contracted. An oversupply of housing in many parts of the country caused construction to shrink for several quarters even after other industries had begun to grow again. During the post-recession growth period, however, Idaho’s construction industry has outperformed the rest of the country, fueled by the state’s high rate of population growth and the associated demand for housing and commercial space.
Beginning in late 2007, construction in Idaho began to shed jobs at an alarming rate. The industry contracted by almost 24,000 jobs between October 2007 and March 2009 – about 42 percent of the industry’s total pre-recession employment. While construction suffered across the country, Idaho’s sufferings were particularly acute; the state’s 42 percent industry contraction dwarfed the 29 percent loss experienced nationwide. Continue reading
Information provided in this article is from professional sources, news releases, weekly and daily newspapers, television and other media.
NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties
- Northern Idaho witnessed at least 21 reported wildfires in July. While the actions of the forest service and other authorities prevented any of the fires from forcing evacuations or threatening structures, the number of fires was above average for July. Source: Coeur d’Alene Press
- Construction work began on a new commercial complex in Athol, which will eventually include the town’s first grocery store as well as a hardware store, a hotel and additional light industrial and commercial space. Source: Coeur d’Alene Press
- The Idaho Transportation Department and North Idaho College are partnering to offer a free three-week heavy equipment operator course, which aims both to fill labor needs in the construction industry and offer career opportunities to veterans, women and minorities. Source: Coeur d’Alene Press
Apprenticeships are no longer just for traditional trade and craft occupations like brick masons or bakers. Today’s apprenticeships have expanded to include careers in many fields such as information technology and health care.
With this change in apprenticeship opportunities comes additional flexibility for the employer as well. When an employer registers an apprenticeship in Idaho, the employer has the flexibility to customize the training and curriculum offered to help meet the company’s specific needs.
As the popularity of apprenticeships in Idaho grows, so too does the list of unusual opportunities. Here are a few of the apprenticeships the Idaho Department of Labor has recently registered.
Certified financial planner
Certified financial planner apprentices (pictured from left) Richard Naing, Taylor Reed and Serpil Rawson (on far right) enjoy learning from Figure 8 Investment Strategies President & Founder Lisa Cooper (pictured left of Serpil). Figure 8 Investment Strategies is located in Boise.
Figure 8 Investments in Boise hired three people to apprentice as certified financial planners in May. This is the first time a certified financial planner apprenticeship has been registered in Idaho. The employer has estimated it will take about four years to complete the 4,000 – 6,000 hours of training and instruction needed before the apprentices are prepared to take the CFP exam. This apprenticeship has been set up as a hybrid which involves both on-the-job training and curriculum provided by the Certified Financial Planner Board of Standards Inc.