Tag Archives: idaho economy

Silver Tsunami Could Swamp Idaho Employers

The silver tsunami — the aging of the baby boom generation — is posing a challenge to Idaho employers throughout the state. In Idaho, baby boomers – Americans born between 1946 and 1964 – are retiring at the rate of 52 a day. In a tight labor market, replacing these workers is not easy. Even when a replacement worker is found, the business has still lost an experiencedworker with deep institutional knowledge about the business — things like how a problem that just cropped up was solved 15 years ago, who’s the best contact at a supplier that isn’t providing what was promised, and other insights that contribute to a business’s competitiveness and bottom line.

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Idaho’s July Unemployment Rate Unchanged at 2.9 Percent

NEWS RELEASE

For Immediate Release: Aug. 17, 2018
Information Contact:  Craig Shaul (208) 332-3570 ext. 3201 or Robert Kabel (208) 332-3570 ext. 3886

Over-the-Year Job Growth Second in Nation Behind Utah

Idaho’s seasonally adjusted unemployment rate remained at 2.9 percent in July, continuing at or below 3 percent for the 11th consecutive month.

The state’s labor force – the total number of people 16 years of age and older working or looking for work – continued to increase, gaining 1,086 people from June to July for a total of 852,714.

Total employment increased by 998 to 828,111, keeping pace with the state’s labor force growth, while the number of unemployed remained virtually unchanged at 24,603.

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Report Examines Future of Rural Idaho

NEWS RELEASE

For Immediate Release: July 27, 2018
Information Contact: Sam Wolkenhauer, (208) 457-8789 ext. 4451

While Idaho continues to rank among the fastest-growing states in the nation, the state’s population growth is primarily concentrated in urban areas while the population in rural areas is largely limited to people age 55 and older, according to a report released this week by the Idaho Department of Labor.

The Future of Rural Idaho examines the economic and demographic challenges facing the state’s rural areas amidst the growing gulf between rural and urban centers, which are driving forces for Idaho’s economic future.

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Idaho’s June Unemployment Rate Unchanged at 2.9 Percent

NEWS RELEASE

For Immediate Release: July 20, 2018
Information Contact: Karen Jarboe Singletary (208) 332-3570 ext. 3215 or Robert Kabel (208) 332-3570 ext. 3886

— Sixth Month in Top Two Over-the-Year Job Growth in the Nation —

Idaho’s seasonally adjusted unemployment rate remained at 2.9 percent in June, continuing at or below 3 percent for the 10th consecutive month.

The state’s labor force – the total number of people 16 years of age and older working or looking for work – continued to increase, gaining 971 people from May to June for a total of 851,599.

Total employment increased by 1,032 to 827,084, keeping pace with the state’s labor force growth, while the number of unemployed remained virtually unchanged at 24,515. Continue reading

Idaho’s May Unemployment Rate Unchanged at 2.9 Percent

NEWS RELEASE

For Immediate Release: June 15, 2018
Information Contact: Karen Jarboe Singletary (208) 332-3570 ext. 3215 or Robert Kabel (208) 332-3570 ext. 3886

— Idaho Remains in Top Two for Over-the-Year Job Gains for Fifth Straight Month —

Idaho’s seasonally adjusted unemployment rate stayed steady at 2.9 percent in May, continuing a nine-month streak of 3 percent or lower.

The state’s labor force – the total number of people 16 years of age and older working or looking for work – continued to increase, gaining 1,222 people from April to May for a total of 850,605.

Total employment grew 1,203 to 826,026 in May, driving the increase of the state’s labor force growth, while the number of unemployed remained virtually unchanged at 24,579.

Idaho’s labor force participation rate remained essentially flat at 63.9 percent. Continue reading

Twin Falls, Jerome counties elevated from micropolitan to metropolitan area

“Metropolitan” is the new delineation for the Twin Falls area comprised of Twin Falls and Jerome counties, announced in the Federal Register by the Office of Management and Budget (OMB) dated August 2017. Before that, this geographic area or ‘delineation’ was designated the Twin Falls Micropolitan Statistical Area (MicSA).

In practical terms, what does this change mean?

The most important clue is found in the second word — Metropolitan Statistical Area (MSA). The purpose of the delineation is strictly for statistical activities, although a number of agencies both inside and outside the federal government make use of the delineation for nonstatistical program applications.

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Idaho’s April Unemployment Rate Unchanged at 2.9 Percent

NEWS RELEASE

For Immediate Release: May 18, 2018
Information Contact: Karen Jarboe Singletary (208) 332-3570 ext. 3215 and Craig Shaul (208) 332-3570 ext. 3201

April Marks Fourth Month in Top Two in the Nation for Over-the-Year Job Growth

Idaho’s seasonally adjusted unemployment rate remained at 2.9 percent in April, continuing an eight-month run at or below 3 percent.

The state’s labor force – the total number of people 16 years of age and older working or looking for work – continued to increase, gaining 1,242 people from March to April for a total of 849,373.

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An Alternative Measure of Idaho’s Labor Supply

In the nine years of growth following the recession of 2008-09, Idaho’s economy has created roughly 118,000 jobs. This amounts to a total growth of 17 percent over the low point of the recession, when Idaho’s total employment fell to 686,600 in March 2008. In comparison, total employment across the United States has grown by roughly 13 percent above its recession low point. Comparing growth rates – whether between states, regions or counties – only tells part of the story, however. Idaho’s job creation performance can be better evaluated in context of the state’s demographics.

The premise of this analysis is relatively straightforward. The notion of a healthy labor market – usually termed “full employment” – infers that jobs are abundant enough to employ everyone who wants to be employed. This implies job creation should be measured against the number of potential workers.

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Demographics of Today’s Young Adults Show Shift From Earlier Generations

Young Idahoans today differ considerably from previous generations in demographics, attitudes and behaviors. Like their peers across the United States, they are more likely to be college graduates and more likely to be living with their parents. They are postponing marriage, childbearing and home ownership. Their behavior affects the construction industry; makers and sellers of appliances, furniture, wedding services, and household items; manufacturers and retailers for toys, diapers and other children’s products; the quality of Idaho’s current labor force; and the size of its future labor force.

Delaying marriage

Today’s young adults are waiting longer to marry. In 1960, only 3.1 percent of Idaho women aged 25 to 34 had never married.  By 2010, 23.3 percent had never married. The next age cohort shows a similar pattern. In 1960, only 2 percent of women aged 35 to 45 years had never married. By 2010, 9.7 percent had never married.

 

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Around Idaho: Economic Activity in March 2018

Information provided in this article 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
Eastern Idaho

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

Kootenai County

  • Innovative Electrical Solutions LLC – an electrical contractor – has leased a new complex in Hayden where it plans to consolidate its operations, which are currently distributed across multiple office and warehousing spaces in Kootenai County. Source: Spokane Journal of Business
  • Kootenai County Commissioners voted 2-1 to change the county building permit system to allow residential builders to opt-out of acquiring permits. The opt-out provision will apply only to buildings in unincorporated areas. Source: Coeur d’Alene Press
  • Demolition has begun on the former Wild Waters waterpark. The park has been closed since 2010, but the demolition of the park and the leveling of the lot will finally allow the property to be placed on the market. Source: Coeur d’Alene Press
  • Prairie West Crossing developers formally unveiled their proposal for a technology park in north Post Falls. The Planning and Zoning Commission held a public hearing on the proposal, which includes multiple zoning and annexation actions on the part of the city. The technology park is designed to attract technology and aerospace manufacturers to Post Falls. Source: Coeur d’Alene Press

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

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