Tag Archives: idaho economy

Idaho Unemployment Rate Falls to 4.4 Percent in December

NEWS RELEASE

For Immediate Release: Jan. 22 2021
Media Contact: Craig Shaul, craig.shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

December’s total nonfarm jobs exceed pre-pandemic peak for the first time

Idaho’s seasonally adjusted unemployment rate fell to 4.4 percent in December, and nonfarm payrolls regained 4,900 jobs as the state’s economy continues to recover.

December’s unemployment rate is down one-half of a percentage point from November’s revised 4.9 percent and currently stands 7.4 percentage points below April’s historic high of 11.8 percent.

Civilian Labor Force

Idaho’s seasonally adjusted labor force grew by 3,173 in December to 907,552, up 1.4 percent (+12,920) over its pre-pandemic level in March.

The total number of employed people increased by 6,916 to 867,423 in December. This 0.8 percent increase in total employed was the first significant increase since July.

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Around Idaho: Economic Activity in November 2020

Information provided in these news updates is from professional sources, news releases, weekly and daily newspapers, television and other media.

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

 

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

Region

  • The Panhandle Health District approved a mask mandate for all five northern counties, effective for 60 days. All five counties are currently in the “red” category for COVID cases, with high test positive rates and hospitals nearing or at full capacity. Source: Coeur d’Alene Press

Kootenai County

  • Northwest Specialty Hospital has terminated an agreement with MultiCare Health System, which would have allowed MultiCare to become the majority owner of the hospital. Northwest Specialty will instead enter into a new agreement with Mountain View Hospital of Idaho Falls which will allow Northwest Specialty to remain physician-owned and operated. Source: Journal of Business
  • The city of Post Falls adopted a city-wide mask recommendation and a mask requirement on city property. The city also has begun revising guidelines to reduce occupancy at city facilities to align with Idaho’s movement back to Stage 2 COVID requirements. Source: Coeur d’Alene Press

Openings Coeur d’Alene

  • University Auto Sales
  • Pho Le 1
  • Starbucks
  • See’s Candies
  • Budget Storage
  • Five Pine Wealth Management

Openings – Post Falls

  • Premier Vendor Mall
  • UPS
  • Riverside Coffee
  • Mugsy’s Espresso

Sam.Wolkenhauer@labor.idaho.gov, regional economist
Idaho Department of Labor
(208) 457-8789 ext. 4451

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Idaho’s Economy Leads Recovery from Coronavirus

As of October, Idaho has recovered faster than most other states from the sudden, enormous economic losses caused by the coronavirus shutdowns in March and April. Idaho’s long-term population and economic growth gives it strong upward economic momentum. In addition, the shutdowns in the state at that time did not as severely restrict economic activity as it did in many other states.

Despite Idaho’s relative success, it’s not back to normal, and 26,400 more Idahoans were unemployed in October than in February, according to seasonally adjusted labor force statistics from the Idaho Department of Labor. In the uncertain atmosphere caused by COVID-19 and a global economic slowdown, it’s likely that restoring all the jobs lost during the pandemic will take several months. Continue reading

Idaho Unemployment Rate Falls to 5.5 Percent in October

NEWS RELEASE

For Immediate Release: Nov. 20, 2020
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

State regains 5,400 nonfarm jobs

Idaho’s seasonally adjusted unemployment rate fell to 5.5 percent and nonfarm payrolls regained 5,400 jobs in October as the state’s economy continued to recover.

The unemployment rate dropped six-tenths of a percentage point in October after increasing by almost 2 points in September to 6.1 percent. October’s rate was 6.3 percentage points below April’s historic high of 11.8 percent.

The number of unemployed Idahoans fell by 5,866 to 50,278 as total employment recovered by 1,021 to 863,917, up one-tenth of a percent from September.

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Around Idaho: Economic Activity in October 2020

Information provided in these news updates is from professional sources, news releases, weekly and daily newspapers, television and other media.

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

 

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

Bonner County

  • Tamarack Aerospace Group is continuing its rapid expansion and is on track to triple its space in Sandpoint with additional office and hanger facilities. The company, which successfully completed a restructuring and emerged from bankruptcy filings, is aiming to leverage the new space for intensified research and development. Source: Journal of Business

Kootenai County

  • Lakeside Capital Group LLC is planning a large new residential development on more than 1,000 acres of land, located between Post Falls and Coeur d’Alene. The land, acquired by the developer last year, was recently rezoned from agricultural land to transitional use. The planned new residential community, called Coeur Terre, could potentially include more than 2,000 units in a mixture of single and multi-family developments. Source: Journal of Business
  • Hagadone Hospitality is working on a new mixed-use development in southeastern Coeur d’Alene, which will feature three 200-foot tall towers to include a mixture of hotel rooms, apartments and condominiums. The development is still in the planning stage, has not been assigned an address and does not have a concrete timeline for completion yet. Source: Journal of Business
  • COVID masking mandates in northern Idaho are in flux, with the Panhandle Health District rescinding its mask order and the city of Coeur d’Alene implementing a mask order of its own, which went into effect on Oct. 27. Coeur d’Alene Public Schools are currently facing a significant COVID-19 outbreak, with large numbers of students quarantined. Source: Coeur d’Alene Press

OpeningsCoeur d’Alene

  • Vicino Pizza
  • 2 Ravens Tattoo Studio
  • Gas and Grain
  • Magpie Home Goods
  • Hank’s Hatchets

OpeningsPost Falls

  • Ricardo’s Baja Tacos

Sam.Wolkenhauer@labor.idaho.gov, regional economist
Idaho Department of Labor
(208) 457-8789 ext. 4451

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Idaho’s September Labor Force Reaches Record High

NEWS RELEASE

For Immediate Release: Oct. 16, 2020
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

Record growth in the state’s seasonally adjusted labor force increased September’s unemployment rate to 6.1 percent, up from 4.2 percent in August. The labor force is up by 22,129 (+2.5 percent) to 918,644. As a result, the number of unemployed increased by 18,806, even as total employment continued to grow by 3,323 (+0.4 percent).

The record gains also pushed the state’s labor force participation rate – the percentage of people 16 years and older with jobs or looking for work – up from 63.7 percent in August to 65.1 percent in September. The last time Idaho’s participation rate was at or above 65.1 percent was in August 2010 – just over 10 years ago.

Total nonfarm jobs dropped by 1,000 (-0.1 percent) to 758,600 for September. A substantial gain of 1,800 jobs in leisure and hospitality (+2.3 percent), combined with modest increases in financial activities, natural resources, and trade, transportation and utilities, were not enough to compensate for job declines in other industries, including a loss of 2,200 jobs in government (-1.7 percent).

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Idaho’s Economy Recovering from COVID-19

Idaho was in its third longest period of economic expansion when COVID-19 reached the state and Gov. Brad Little proclaimed an emergency.

The economic shutdown that followed impacted the nation and Idaho full force in late March and in April as the state’s record low, 2.5 percent unemployment rate soared to a historic high of 11.8 percent.

After April’s COVID-19 economic shockwave, the economy gradually reopened from May through June as the Rebound Idaho Plan progressed through its four stages. Dramatic improvements to the state’s jobs and labor force statistics followed suit and by July had clearly emerged with one of the least affected economies by the pandemic in the nation.

Read the report on Idaho’s Rebound from Labor economists and analysts for more details on Idaho’s recovery since the record high unemployment in April.

Around Idaho: Economic Activity in August 2020

Information provided in these news updates is from professional sources, news releases, weekly and daily newspapers, television and other media.

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

 

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

Bonner County

  • Tamarack Aerospace Group, which successfully emerged from bankruptcy this year, is expanding its operations by adding a hanger and additional office space in Sandpoint, as well as a new facility in the United Kingdom. The new hanger space will be used for the installation of Tamarack’s fuel-efficiency boosting jet winglets. Source: Journal of Business

Kootenai County

  • Construction is underway on a new five-story, 62-unit apartment complex in Coeur d’Alene’s Riverstone development. Completion is anticipated for fall, 2021. Source: Coeur d’Alene Press
  • Coeur d’Alene City Council voted to demolish two abandoned hotels in the city. The hotels were acquired by the city in a land swap with the local charity organization St. Vincent de Paul. A new use has not been confirmed for the land currently occupied by the hotels, but public parking and a pocket park have been suggested by the city’s planning officials. Source: Coeur d’Alene Press
  • Public schools in Coeur d’Alene have pushed back the start of school to Sept. 14 and will begin with a blended learning approach that combines online learning with classroom time. Students will attend school in person on alternate days (determined alphabetically by last name) to halve classroom size on any given day. Source: Coeur d’Alene Press

Openings – Coeur d’Alene

  • LunchboxWax
  • Spice & Tea Exchange Tea Bar
  • CAL Cars
  • Good Time Tap Room
  • Vapor Lounge
  • Engel & Volkers Luxury Real Estate
  • Sweet Treats Frozen Yogurt

Openings – Post Falls

  • Select K9 Resort
  • SWEET Pea Imagery
  • Bluegrass Baby Boutique
  • India House

Openings – Hayden

  • Voltage Studios

Sam.Wolkenhauer@labor.idaho.gov, regional economist
Idaho Department of Labor
(208) 457-8789 ext. 4451

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Supplementary Economic Indicators Offer Insight During COVID

In economics, it can often seem that nothing happens for years at a time, only for years’ worth of change to happen all at once. The economy, in other words, can seem stable – or even boring – until suddenly it is not. In Idaho, for example, the changes in total nonfarm employment in April, May and June 2020 exceeded (in absolute terms) all the changes that occurred from 2015 to the end of 2019. Owing to the pandemic shock of COVID-19, three months saw more volatility in Idaho’s labor market than the preceding four years.

When economic events gain velocity, especially in the face of a serious recession, a variety of labor market indicators take on new importance, especially those updated monthly or even weekly, rather than quarterly or annually. Several labor market indicators can add to a real time understanding of economic conditions as a supplement to the Department of Labor’s headline statistics like unemployment rates and nonfarm employment numbers.

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Idaho Unemployment Falls to 5 Percent in July

NEWS RELEASE

For Immediate Release: Aug. 21, 2020
Media Contact: Craig Shaul, craig.shaul@labor.idaho.gov or Karen Jarboe Singletary, karen.jarboesingletary@labor.idaho.gov

Nonfarm Jobs Recover 1.9 Percent

Idaho’s nonfarm payrolls regained 14,000 jobs, and the state’s seasonally adjusted unemployment rate fell to 5 percent as the state’s economy continued to reopen.

July’s unemployment rate dropped 0.8 percentage points from a revised rate of 5.8 percent in June and down from April’s historic high of 11.8 percent. Previous peak unemployment rates include 10.2 percent for December 1982 and 9.6 percent for June 2016 – the Great Recession peak.

The number of unemployed Idahoans fell by 6,917 to 44,722 as total employment recovered by 12,843 to 856,251, up 1.5 percent from June.

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