Tag Archives: Christopher St.Joer

Around Idaho: Economic Activity in May 2016

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

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Region

  • According to a new report from the Idaho Housing and Finance Association, homelessness in the five northern counties increased by 5 percent from 2015, including a 35 percent increase in the number of homeless people without access to shelter. Source: Coeur d’Alene Press

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Study Shows Uneven Wage Growth in Idaho

In a competitive labor market, wages are determined by the supply and demand of labor. Over time, a worker’s wages should increase as he or she gains proficiency in the job and obtains more valuable skill sets, or because of changes in the macro economy that influence the demand for those particular skill sets.

Although wages are only a portion of an individual’s income, they are a primary source of income for many Idahoans and an important indicator of their economic wellbeing. As an individual’s wages increase, so does his or her standard of living. This study will evaluate the wage growth of Idaho’s permanent workforce using data collected through Idaho’s unemployment insurance program from 2005 to 2014. Unless otherwise indicated, only those with reported earnings each year are included in the study.

Growth by Wage Group

For much of the past decade, the take home pay for Idaho wage earners has been on the rise. In 2005 the reported median annual wage for Idaho’s permanent workforce was $25,061. By 2014 the state’s median wage had increased to $35,146. The $10,000 increase marked 40 percent growth over the decade or 3.8 percent annually.

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Around Idaho: Economic Activity in April 2016

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

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Shoshone County

  • The Federal Aviation Administration approved a long-term expansion plan for the Shoshone County Airport at a cost of approximately $10.3 million. The work will take place over the next decade and will expand taxiways and add helicopter facilities. Though the Shoshone airport has very limited commercial uses, it is an important facility for emergency aircrews, including search and rescue, medical transportation and especially firefighting operations. Source: Shoshone News-Press

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Signs Point to Positive Growth in Southeastern Idaho

Recent employment and economic projections indicate southeastern Idaho’s economy may finally be heating up.

For much of the last decade, southeastern Idaho’s economy has struggled to grow. Impacted by the previous recession, covered employment in the region increased less than 2 percent from 2004 to 2014. While the region saw impressive growth leading up to the recession, growing 8 percent from 2004 to 2007, employment in the region began to fall as the housing crisis affected the economy. After peaking in 2007, the region lost jobs the following four years. By 2011, covered employment in southeastern Idaho had fallen by more than 5,000 jobs.

Although the region began adding jobs each year since 2011, the tepid growth has done little to make up for the jobs lost during the recession. By the end of 2014, total covered employment was still 3,500 jobs shy of the region’s pre-recession peak, and total job growth over the decade increased less than 2 percent – well below the statewide growth of 10 percent over the same time.

QCEW1

Wage growth in the region has proven more resilient. The average wage in the region has increased from $26,370 in 2004 to $33,687 by 2014, growing by an annual average of 2.5 percent over the decade. This outpaced the statewide annual growth by a tenth of a percent. It should be noted however, that after accounting for inflation the actual buying power for the average wage earner improved slightly more than 2 percent over the decade.

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Around Idaho: Economic Activity in March 2016

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

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Kootenai County

  • Summit Cancer Centers, a national cancer-care chain of clinics, announced the opening of its newest clinic in Post Falls. The 11,000 square foot clinic is located on the campus of Northwest Specialty Hospital and will offer local residents access to cutting-edge and personalized oncology. Source: Coeur d’Alene Press
  • Kootenai Medical Center opened a 100,000 square foot expansion on March 15. The new wing includes additional patient rooms, a family birthing center and neonatal care unit. The hospital has already announced an additional phase of expansion, which will expand the emergency department and offer more room to support departments to accommodate an increasing rising number of patient visits. Source: Coeur d’Alene Press

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Around Idaho: Economic Activity in February 2016

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

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Kootenai County

  • High-profile aerospace manufacturer xCraft moved from Sandpoint to Coeur d’Alene. xCraft gained national visibility after a successful and widely praised venture capital pitch on the popular show Shark Tank, where representatives demonstrated the core products: innovative and affordable recreational drone aircraft. Source: Coeur d’Alene Press
  • Post Falls School District is moving forward with several construction projects, including the construction of a new elementary school — which does not have a name yet — and new classrooms, auditoriums and gyms to be constructed for Post Falls High School and multiple elementary schools. Source: Coeur d’Alene Press

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Idaho’s Economy Exceeding Expectations

Every two years, the Idaho Department of Labor releases 10-year-projections of what Idaho’s economy may look like. After years of sluggish economic growth the department’s most recent projections indicate that Idaho’s economy may finally be heating up. From 2012 to 2022 Idaho payroll jobs are projected to grow 16.3 percent – 1.5 percent annually – and add more than 109,000 jobs to the economy. While 16 percent growth would be excellent news for the state’s economy, Idaho’s economy appears to be well ahead of schedule and on track to significantly outpace the national economy.

Another positive sign in Idaho’s current expansion is that the growth has been distributed throughout several sectors of the economy. With two years removed from the latest projections, 12 industries in Idaho have posted higher-than-expected growth rates. Health care and social assistance reported the largest net growth adding 6,764 jobs – 2,800 more than projected growth – followed by leisure and hospitality adding 4,749 – 2,060 more than projected growth – and construction at 4,332 – 2,100 more than projected growth. Eight industries performed below expectations, four of which experienced losses.

Projections-graph

Source: Idaho Department of Labor, QCEW

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Around Idaho: January Economic Activity

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

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Bonner County

  • The Lake Pend Orielle school district approved hiring an architect in the first step toward replacing or renovating five school district buildings. Full details of the project have not been decided, but school officials expect roughly $55 million in total expenses. Costs are expected to be clearer once the architect completes the design for a new Sandpoint Middle School. Source: Bonner County Daily Bee
  • Bonner County Commissioners unanimously approved an application by the Alpine Cedar Mill to expand its hours of operation. The decision was delayed after opponents of the expansion protested that the mill violated noise pollution regulations. A study by the commissioners found the mill was not in violation of the county’s 70-decibel limit. The mill will now operate from 6 a.m. to 11 p.m. on weekdays. Source: Bonner County Daily Bee

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Data Plays Important Role in Shaping Idaho’s Economy

The development of products such as the personal computer, the World Wide Web and cloud-storage have completely changed the way companies generate, store and analyze their data, turning into what is now considered the Big Data Revolution.

The development and growth of big data has forced companies to transform the way they do business. As the Idaho and national economies continue to integrate with the global marketplace, the ability to organize, analyze and understand data is becoming increasingly important. Businesses that successfully couple their own data with other available data sources and understand the questions to be asked can gain a strong competitive advantage in the global marketplace.

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Around Idaho: November Economic Activity

Information provided in this article is gathered from professional sources, news releases, weekly and daily newspapers, television and other media.

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

NORTHERN IDAHO – Benewah, Bonner, Boundary, Kootenai & Shoshone counties

Kootenai County

  • Kootenai County has proposed to implement a permitting system to help track and regulate short-term vacation rentals. The issue arose over concerns that the short-term rental of homes to vacationers violates zoning laws by turning residential properties into de-facto hotels. The proposed regulations will aim to level the playing field between homeowners and traditional hotels and bed and breakfasts. Source: Coeur d’Alene Press
  • A massive windstorm in November felled hundreds of trees and left 8,300 residents of Kootenai County without power, on top of 113,000 without power in Spokane. The widespread outages across the region strained the ability of utility companies to quickly restore power, even after mobilizing all their available line crews. The Kootenai County Board of Commissioners issued a declaration of disaster, authorizing local authorities to spend whatever they deem necessary to deal with the effects of the storm. Source: Coeur d’Alene Press

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