A Slowing Global Economy and The Great Recession Continue to Impact Idaho’s Economy

Recessions are natural in any economy and are commonly defined as two or more successive quarters of negative economic growth. Since the end of WWII, the United States has experienced 10 recessions – each with its own unique impact.

And in December 2007, the U.S. entered a recession unlike any other.

The Great Recession

After six consecutive years of significant economic growth – largely spurred by a hyper-inflated housing market – the U.S. economy crashed into an 18-month recession. Worthy of its name, the Great Recession was the worst U.S. financial crisis since World War II. While the foibles of those who played the housing market are well documented, what was it that made the Great Recession so bad?

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Future Workforce to Rely on Millennials

Millennials – people born between 1980 and the late-1990s – are the largest generation in the U.S. population and critical to economic success of the nation and Idaho. Today, there are almost 73 million millennials in the U.S. and over 365,000 in Idaho, where they are growing faster than the rest of the nation. This particular demographic also represents the workforce of the future.

Employers often characterize millennials as lacking soft skills, entitled, unmotivated and having a tendency to “job-hop.” While there is undoubtedly a need for this cohort to meet an employer’s expectation for soft skills, it is also worth taking a deeper look at the root cause of these stereotypes and identify any underlying circumstances that might influence the ability of millennials to succeed in today’s job market.

Idaho millennials are more likely to have a job, but on average, earn about $3,000 less than their national counterparts and are more likely to live in poverty. While education rates have increased in Idaho and nationally since 1980, Idaho millennials are also significantly less likely to hold a bachelor’s degree or higher, which could explain the below-average wages they earn compared to their counterparts.

Nationally millennials are living at home with a parent and the rate of those living alone has remained stable and low. Compared to the US, Idaho millennials are less likely to live alone or with a parent and much more likely to be married. They are also slightly more likely to be veterans and significantly less likely to be minorities.

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Despite Losses, Idaho Manufacturing Sees Improvements

In recent years, the manufacturing industry in the United States has been a skeleton of what it once was. As some manufacturers outsourced work to foreign countries in pursuit of cost savings, others simply struggled to stay alive, unable to keep up with increasing competition in an ever-expanding global economy.

From 2000 to 2010, manufacturing posted net job losses each year. Manufacturing jobs decreased 30 percent, losing more than 5 million jobs over the decade. Regardless of the cause, once proud cities like Detroit are left desolate by the relative death of the industry.

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Hot Jobs Different Mix in South Central Idaho

Idaho’s hottest jobs over the next decade – identified by the Idaho Department of Labor’s 2012-2022 Long-Term Occupational Projections – continue to place health care occupations at the top even in the south central region, but the other top occupations differ, reflecting the unique qualities of the region’s economy and labor pool.

Hot jobs are identified as those greatest in number, with the strongest growth rate and the highest wage. Continue reading →

Idaho Economy Settling Into Sustainable Growth Pattern

The following is the text of the Idaho Department of Labor presentation to the Idaho Legislature Economic Outlook and Revenue Assessment Committee on Jan. 8, 2015.

After a slow start, Idaho’s economic recovery from the worst recession since World War II picked up significantly in late 2012. Job creation exceeded the national rate by more than a full percentage point during spring 2013.

The unemployment rate has been steadily falling from the recession high 8.8 percent in late 2010 to 3.9 percent in November. Unemployment is now approaching the record lows before the recession although these rates are typically revised in March after additional data gathered over the past year are assessed.

unemployment ratesRecognizing that adjustments will be made to the employment data for the past year, based on current data the department estimates the average annual unemployment rate for FY2015 at 4.1 percent, down from 5.5 percent the previous fiscal year. Barring unexpected economic events the following 12 months, the rate should continue falling to average 3.6 percent for Fiscal Year 2016.

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January Economic Activity Around Idaho

Information provided in this article has been gathered from various sources throughout the state, including weekly and daily newspapers, television and other media.

Statewide
Northern Idaho
North Central Idaho
Southwestern Idaho
South Central Idaho
Southeastern Idaho
Eastern Idaho

Statewide Developments

  • A recent report from the finance website Wallet Hub says Idaho is the third most-generous state – tied with Kansas, according to Boise State Public Radio. Utah and South Dakota topped the list. Using IRS statistics and survey data for the report for the Chronicle of Philanthropy, Wallet Hub looked at volunteer time and money donated. Idahoans’ high rate of giving was attributed in part to the state’s large Mormon population. About a quarter of Idahoans identify as members of the Church of Jesus Christ of Latter-day Saints. Giving money to a church counts as a charitable contribution in most studies. A University of Pennsylvania study found that 88 percent of active Mormons report giving 10 percent of their income to the church. That’s higher than any other religion in America.

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2014 Data Shows Economic Promise for Northern Idaho

Northern Idaho’s economy showed real life in 2013 and the data currently available for 2014 are stacking up well.

Despite the continued slowness of the state’s economic recovery, the most recent preliminary data for 2014 through June shows regional employment up 1.8 percent over the first half of 2013 with the same three counties leading the way: Kootenai County was up 3.6 percent, Boundary County up 2.1 percent and Bonner County increased by 1 percent. Benewah County also saw fractional employment growth but not enough to offset a 5 percent decline in Shoshone County. Continue reading →

Number of College-Age Unemployed Leaving Idaho Declines

The number of out-of-work, college-educated Idahoans leaving the state appears to be declining, but more are moving elsewhere than unemployed college-educated workers coming to Idaho from other states, based on interstate unemployment insurance claims.

Over 200 Idaho workers with college degrees or higher were receiving unemployment payments in other states at the end of 2012 and the beginning of 2013 while about 50 workers with degrees from other states were collecting benefits in Idaho.

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Boise High School Senior Makes a Difference by Volunteering

For Boise High School senior Frank DeAngeli, volunteering is about making a difference in the world.

Frank DeAngeli

Frank DeAngeli

“I recognize it seems ludicrous for me to claim my volunteerism in a small Idaho city is changing the world,” DeAngeli said. “It only takes one stone thrown into a body of water to create ripples. if enough stones are thrown, eventually the body of water will be diverted forever.”

With Idaho now ranking second in the nation for volunteerism, it’s proof  that volunteers in the Gem State are making a difference.

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