Tag Archives: idaho economy

Around Idaho: Economic Activity, August 2022

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
Eastern Idaho

 

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

Kootenai County

  • The city of Coeur d’Alene is evaluating proposals to strengthen laws against short-term rentals, including civil penalties and dedicated enforcement. The city’s general services and public works committee cites the city’s well established housing crisis and severe shortage of available for-rent and for-sale homes as the need for these proposals. The committee seeks to curb the conversion of long-term rental properties to short-term rentals to combat the housing shortage. Source: Coeur d’Alene Press
  • Work has begun on a major Idaho Transportation Department (ITD) project to replace and upgrade the interchange between Interstate 90 and State Highway 41 in Post Falls. The current interchange, which includes three different traffic signals and intersections, has become a major traffic bottleneck as Post Falls has grown. The interchange will be replaced by a single intersection, which ITD believes will dramatically increase efficiency. Construction will be underway in phases until the summer of 2025. Source: Idaho Transportation Department
  • Kootenai Health has begun work on a $40 million expansion to its Heart Center, operating rooms and Kootenai Outpatient Surgery facilities. The expansion will add 37,000 square feet to the heart center, new laboratories and more patient rooms, which will allow the hospital to provide more same-day surgeries. The project is scheduled for completion in fall 2023. Source: Coeur d’Alene Press

Openings
Coeur d’Alene

  • Sebastian’s Coffee and Pastries
  • The Burger Dock
  • Vantage Point Brewing
  • Bare Root Skin Essentials

Region

  • Burke’s Restoration, Post Falls
  • Club Pilates, Hayden
  • Gracie Barra Jiu-Jitsu Studio, Hayden

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

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How wage and productivity growth related to inflation in Idaho

Labor productivity is an important indicator for not just the labor market but Idaho’s overall economy. Wages are closely linked to labor’s marginal product, or the last unit of revenue produced from the last unit of labor employed. When markets are competitive and lack any frictions that impede price adjustments, wage and productivity growth will be equal.

Photo: construction workerIf productivity increases at a high growth rate and appears to continue for the foreseeable future (for example, continued investments in research and development, improved education and workforce training), it might be inferred that wages will grow at a similar pace; if productivity is expected to grow at a negligible rate or decline, however, wages can be expected to move similarly.

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Idaho’s July unemployment rate shows slight increase to 2.6%

NEWS RELEASE

For Immediate Release: Aug. 19, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.6% in July, up 0.1 percentage points from June.

Map: Idaho counties and July 2022 unemployment rateThe number of Idahoans employed or looking for work grew by 3,938 people (0.4%) to 952,500. Labor force participation increased by 0.1 percentage points between June and July to 62.6%. Idaho’s peak participation rate reached 71.4% in September 1998.

July’s labor force growth was caused by increases in both employed and unemployed persons. Total employment grew by 3,364 (0.4%) to 927,974 while total unemployment increased by 574 (2.4%) to 24,526.

According to Help Wanted Online, there were 63,010 online job postings in Idaho during July, equating to 2.6 job openings for every unemployed Idahoan looking for work.

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An analysis of Idaho’s home prices

The following is an executive summary from an analysis of why Idaho’s home prices have risen faster than the rest of the nation. Read the full report online.

Many economists view the housing market as one of the crucial indicators of the overall health of an economy. When the economy is approaching a recession, the real estate market is usually among the first sectors to slow down and among the first to recover during a boom. If this assessment is accurate, Idaho’s housing market prices during the past three years will be critical for future economic forecasts. The average value of single-family homes in the state has increased by about 173% since the third quarter of 2011, compared with nearly 80% nationally. Continue reading

Idaho’s June unemployment rate remains at 2.5%

NEWS RELEASE

For Immediate Release: July 22, 2022
Media Contact: Craig.Shaul@labor.idaho.gov or Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.5% in June, unchanged from May and remaining at a historic low.Idaho map-unemployment rates by county

The number of Idahoans employed or looking for work grew by 5,190 people (0.6%) to 948,576. Labor force participation increased by 0.1 percentage points between May and June to 62.5%. Idaho’s peak participation rate reached 71.4% in September 1998.

June’s labor force growth was caused by increases in both employed and unemployed persons. Total employment grew by 4,807 (0.5%) to 924,605 while total unemployment increased by 383 (1.6%) to 23,971.

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Idaho’s May Unemployment Rate Falls to Historic Low of 2.5%

NEWS RELEASE

For Immediate Release: June 17, 2022
Media Contacts: Karen.JarboeSingletary@labor.idaho.gov or Salvador.Vazquez@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.5% in May, down from April’s rate of 2.6%. May’s rate marks the fourth consecutive month of historic lows since record keeping began in 1976.

Idaho map-county unemployment rates May 20223=The number of Idahoans employed or looking for work grew by 6,373 people (0.7%) to 943,390. Labor force participation increased by 0.3 percentage points between April and May to 62.4%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from April by 6,823 (0.7%) to 919,785 while total unemployment dropped by 450 (-1.9%) to 23,605.

According to Help Wanted Online, there were 63,998 online job postings in Idaho during May, or 2.7 job openings for every unemployed Idahoan looking for work.

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Idaho’s wage growth driven by lower income earners

While average wage gains seem to fit in an orderly pattern over the past 10 years, large differences exist in how these gains have been distributed among lower and higher wage earners.

Average wage increases provide one view of an economy’s current situation but looking at wages by percentiles shows where hourly income growth and declines are occurring.

Each percentile represents 1% of the labor force with hourly wages arranged in order from least to greatest. For example, the 10th percentile represents wages paid to the lowest 10% of the labor population. Wages in the 90th percentile are those paid to 90% of the working population. Any wages above the 90th percentile represent the top 10% of total wage earners.

The 50th percentile, also called the median, represents the midpoint value in a data series where half of the values (wages in this case) are below and half are above. The median differs from the average, which is calculated by adding up all the individual values and dividing the total by the number of values. The average wage may be a great tool for gauging overall change trends, but this figure can also be skewed by significant outliers on either extreme of wage distribution.

This analysis focuses on Idaho’s median wages for each of the percentiles reported by the U.S. Bureau of Labor Statistics: 10%, 25%, 50%, 75% and 90%.

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Around Idaho: Economic Activity in May 2022

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
Eastern Idaho

 

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

Kootenai County

  • The nonprofit urban planning and community development organization, CDA 2030, published a new “Vision and Implementation Plan” for the greater Coeur d’Alene community. The plan outlines 134 actions and recommendations related to housing, park space, conservation and other quality-of-life items for the area. Source: Coeur d’Alene Press
  • North Idaho College received a $524,000 grant from the Idaho Workforce Development Training Fund to support its Workforce Training Center. The grant will fund apprenticeship programs for tradespeople and heavy equipment operators in the construction industry. The goal is to help meet the region’s enormous need for construction labor. Source: Coeur d’Alene Press

Openings – Coeur d’Alene

  • Capriotti’s Sandwich Shop
  • CDA Pet Market
  • Stylus Wine & Vinyl Bar
  • Integrity Mental Health
  • CaterCDA
  • Lake City Deluxe Barbershop
  • Brandon Cope Massage
  • Patriot Hangout
  • Sarah Hamilton FACE

Post Falls

  • Auto Paint Plus
  • North Idaho Urology
  • St Joseph’s Ear, Nose, Throat & Allergy Clinic

Hayden

  • Open Arms

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

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Idaho’s April Unemployment Rate Falls to Historic Low of 2.6%

NEWS RELEASE

For Immediate Release: May 20, 2022
Media ContactKaren.JarboeSingletary@labor.idaho.gov or Salvador.Vazquez@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.6% in April, down from March’s rate of 2.7%. April’s rate marks the third consecutive month of historic lows since record keeping began in 1976.

Idaho map with county unemployment ratesThe number of Idahoans employed or looking for work grew by 4,770 people (0.5%) to 937,023. Labor force participation increased by 0.1 percentage points between March and April to 62.1%. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew from March by 5,409 (0.6%) to 912,953 while total unemployment dropped by 639 (-2.6%) to 24,070.

According to Help Wanted Online, there were 49,443 online job postings in Idaho during April, or 2.1 job openings for every unemployed Idahoan looking for work.

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Vacancy rates provide insight to hiring challenges

The exceptionally tight labor market in Idaho has left many employers hard-pressed to fill job openings. The monthly vacancy yield rate – the number of hires each month relative to the number of job openings at the end of the previous month – provides a barometer for employers’ ability to fill openings while its inverse provides an implied number of months to fill an opening.

An unprecedentedly tight labor market

Well before the COVID-19 pandemic and the economic disruptions it brought, the Idaho labor market would have been characterized as “tight,” but once businesses and the economy at-large reopened, the excess demand for workers relative to their supply only intensified.

One key barometer of a labor market is the ratio of job openings, or vacancies, to the unemployed, which is how macroeconomists typically define a labor market’s “tightness.” The larger the number, the more job openings are chasing after a fixed number of idle workers. For high ratios, we would typically expect to see wages rise as employers are forced to compete for limited talent; conversely, for small ratios, we would expect wages to fall as workers are forced to compete for a limited number of jobs.

Figure 1 plots the monthly job openings-to-unemployed ratio for Idaho as well as the United States for 2001-2021, adjusted for seasonality effects. For the entire sample, the average labor market tightness was about 0.81 openings for every unemployed Idahoan. Throughout 2021 the ratio hovered between 1.5 and 2, and by year’s end it reached a record 2.18.

Figure: labor market tightness

Note: Job openings are for total nonfarm jobs.
Source: Idaho Department of Labor, U.S. Bureau of Labor Statistics.

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