Tag Archives: idaho economy

Idaho’s December Unemployment Rate Reaches Historic Low of 2.4%

NEWS RELEASE

For Immediate Release: Jan. 21, 2022
Media Contact: Karen.JarboeSingletary@labor.idaho.gov or Craig.Shaul@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.4% in December, a historic low and one-tenth of a percentage point below the state’s previous record of 2.5% in December 2019.

The number of Idahoans employed or looking for work grew by 806 people (0.1%) to 909,467 – marking the smallest over-the-month labor force gain through the last five months of 2021.

Labor force participation decreased slightly from 62.3% to 62.2% in December. The state’s participation rate dropped below the previous historic low in June 2021 and has continued decreasing in the months since – an indication of a persistently tight labor market. Idaho’s peak participation rate reached 71.4% in September 1998.

Total employment grew by 2,522 to 887,379, up 0.3%, while total unemployment dropped by 1,716 (7.2%) to 22,088. According to The Conference Board’s Help Wanted Online there were 51,765 online job openings in Idaho in December – a ratio of 2.3 openings for every unemployed Idahoan.

Idaho’s nonfarm job growth exceeded seasonal expectations in December, up 2,000 jobs (0.3%) for a total of 790,500 jobs. Industry sectors with the greatest over-the-month gains include natural resources (4.9%); information (3.9%); transportation, warehousing and utilities (2.4%); durable goods manufacturing (1.6%); federal government (0.8%); professional and business services (0.5%); local government (0.4%); accommodation and food services (0.4%); and retail trade (0.3%). Continue reading

Around Idaho: Economic Activity in November and December 2021

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

Regional

  • October’s unemployment rate reported 3,921 unemployed individuals in northern IdahoTable: Number of job postings in northern Idaho by county 2019, 2020, 2021 while the analytics company Burning Glass reported 2,110 online job postings. Although the number of potential job seekers exceeding job postings could be a sign that the labor shortage may be on the way to being resolved, that does not mean the job descriptions align with the qualifications and education of those seeking employment.
  • The region’s civilian labor force grew by 4.4% from pre-pandemic levels and includes those working and those seeking work. A percentage of those migrating to Idaho are bringing their remote jobs with them and potentially a larger paycheck than the same job pays in Idaho. This is good news to those Idaho businesses depending on local consumers, but also can fuel the affordable housing woes. Source: Burning Glass and Idaho Department of Labor

Bonner County

  • Schweitzer opened its ski hill to pass holders with limited runs open the day after Thanksgiving. Source: KHQ

Boundary County

  • The Kootenai tribe announced it will develop a travel center with an 8,660-square-foot convenience store, gas and diesel fuel stations, truck parking and a Sonic restaurant along U.S. Highway 95. Construction will begin in spring 2022. Source: Coeur d’Alene Press

Kootenai County

  • Crisis Standards of Care were ended in the Panhandle Health District after being in effect since early September. The deactivation of crisis standards will allow hospitals around northern Idaho to resume scheduling surgeries and other procedures which were previously postponed to maximize space and staff available for COVID-19 patients. Source: Coeur d’Alene Press
  • Construction is underway on the Ross Point recreation area on the Spokane River. Work, which is expected to be completed in June, will include the construction of docks, parking, pedestrian areas and recreational facilities, and it will greatly increase general access to the Spokane River shoreline. Source: Coeur d’Alene Press
  • The Post Falls Wal-Mart closed its doors for two days to conduct deep cleaning and maintenance. Source: Coeur d’Alene Press

Shoshone County

  • City Limits Brew Pub in Wallace is October’s Idaho Small Business of the Month. U.S. Sen. James Risch highlighted the quality of service, food and beer at City Limits in his announcement. The company also operates an RV park adjacent to the brewpub. Source: Shoshone News Press
  • Silver Mountain opened its bunny and tubing hills the day after Thanksgiving. Source: Facebook page and Coeur d’Alene Press

Openings – Coeur d’Alene

  • Local Market at Atlas
  • Northwest Artists
  • Thermography Northwest
  • Breaking Bread Bistro
  • Black Sheep Sporting Goods
  • Black Lodge Brewing
  • HeatPraxia
  • Faithful K9 Training
  • Linden Coffee
  • Best Life Coeur d’Alene
  • Lavender Sun
  • Malvagio’s Eatery
  • Sherman Waffle House
  • Allergy Free Air
  • Roasted Coffee Co.
  • Golf Island

Openings – Region

  • Golden Glo Coffee, Rathdrum
  • Valley Roots, Post Falls
  • Prairie Xpress, Hayden

Other Openings

  • Allergy Free Air opened a new office in downtown Coeur d’Alene. The company says it filters out all allergens and pollution of a home through a gallon of water to provide a healthier lifestyle. Source: Coeur d’Alene Press
  • Roasted Coffee Co. opened an espresso, ice cream and bakery shop in Coeur d’Alene. This is the second location, originating in Post Falls. Source: Coeur d’Alene Press
  • HeatPraxia Saunas is opening in Coeur d’Alene. Source: Coeur d’Alene Press

Closings

  • Locked & Loaded Storage of Post Falls is closing after 15 years due to annexation requirements by the city of Post Falls and Kootenai County. Source: Coeur d’Alene Press
  • US Bank announced it will shut down its Wallace location, and most employees will be laid off. It is the only bank in the city. Residents are rallying to dissuade US Bank from closing and/or find a replacement institution. The bank building is centrally located, has the only ATM and has residential living space on its upper floors. Source: Shoshone News Press

Jan.Roeser@labor.idaho.gov, regional economist
(208) 332-3570 ext. 3639 and
Sam.Wolkenhauer@labor.idaho.gov, regional economist
(208) 457-8789 ext. 4451

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Idaho’s Economic Recovery Exceeds Expectations in 2020

Idaho continued to experience rapid population growth, relatively low unemployment and a significant increase in business growth in 2020, even as the coronavirus pandemic caused major interruptions to the national and state economies.

Comparing Idaho’s 2020 economy with neighboring states gives economists a clearer perspective of the state’s economy and creates a roadmap of expectations for a full economic picture in 2021.

Idaho’s 2.1% population growth from 2019 to 2020 was the highest among the states for the fourth consecutive year. The U.S. Census Bureau will release state population estimates for 2021 on Dec. 21, 2021, and will reveal if Idaho’s population growth will continue to lead the nation. Figure f-1: Population growth by state, 2019 to 2020, ranked

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Idaho’s Private Sector Showed Net Job Gains in First Quarter 2021

Idaho private sector job gains exceeded job losses, yielding a net employment gain of 16,217 jobs during the first quarter of 2021.

From December 2020 to March 2021, gross job gains in Idaho totaled 53,979 while gross job losses totaled 37,762.

Figure 1

Graphic of job gains and losses in Idaho 2011-2021 by number

According to the U.S. Business Employment Dynamic (BED) report, both gross job gains and gross job losses declined in Idaho from fourth quarter 2020 (Figure 1).

The BED report, produced by the U.S. Bureau of Labor Statistics, covers job gains and losses at private sector firms and identifies whether the change is due to businesses opening or closing, or increases and decreases in employment at existing firms.

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Around Idaho: Economic Activity in October 2021

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

Shoshone County

  • The state of Idaho has taken ownership of the Central Treatment Plant in Kellogg under the direction of the Idaho Department of Environmental Quality (DEQ). The plant has been responsible for cleaning up mine pollution in the Coeur d’Alene Basin since it began operations 50 years ago. Under new ownership, the plant is expected to overcome the facility’s former water capacity restrictions and lower the amount of heavy metals from the nearby mine before it flows into the South Fork of the Coeur d’Alene River. Source: Shoshone News-Press

Kootenai County

  • Lanzce G. Douglass Inc. has started work on a $73.3 million housing project in the Spokane-Coeur d’Alene area. The River’s Edge Apartments in Coeur d’Alene will account for $45.2 million of the total project. With 12 apartment buildings and 384 residential units, River’s Edge will be one of the largest multifamily complexes in the region. The apartments will be located in the Atlas District, part of Coeur d’Alene’s urban renewal district along the north side of the Spokane River, in west Coeur d’Alene. Source: Spokane Journal of Business

Bonner County

  • The Priest Lake wetland is set to be subdivided for land development and housing construction. Local residents have expressed concerns about the permanent loss of several ecosystem functions and their benefits to humans such as flood control, water filtration and aquifer recharge. Source: Spokesman-Review

Business updates

  • Amazon Air has launched daily flights from a 30,750-square-foot cargo facility at the Spokane Airport. The $5.4 million facility will transport packages from the airport to the Amazon Fulfillment Center, located a few miles southwest of the new Amazon Air station at 10010 W. Geiger Blvd. Source: Spokane Journal of Business
  • Corwin Automotive Group purchased Gus Johnson Ford in Spokane Valley and plans to work with Mike White Ford of Coeur d’Alene to grow its presence in the area. Corwin Auto is based in North Dakota. Source: The Spokesman-Review

Rajshri Suresh@labor.idaho.gov, regional economist
Idaho Department of Labor
(208) 332-3570 ext. 3201

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Idaho’s October Unemployment Rate Drops to 2.8%

NEWS RELEASE

For Immediate Release: Nov. 19, 2021
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate was 2.8% in October, down 0.1 percentage points from September.

The state’s labor force grew by 1,470 (0.2%) people to 907,622 – the second largest over-the-month increase this year. The labor force participation rate remained at 62.4%.

Total employment grew by 2,270 to 882,543, up 0.3%, while total unemployment dropped 3.2% (-800) to 25,079.

Idaho’s nonfarm payroll jobs were 1,300 below seasonal expectations at 785,700 in October, down 0.2% from 787,000 in September. Industries with fewer jobs than expected included information (-3.8%); accommodation and food services (-2.5%); transportation, warehouse and utilities (-1.1%); federal government (-0.8%); professional and business services (-0.4%); retail trade (-0.2%); and financial activities (-0.2%). Continue reading

Idaho Average Wage Rises as Employment Composition Changed

Idaho recorded a sharp increase in the statewide average wage in 2020. Nominal wages grew by 7.7% and real wages grew by 6.4%, outpacing wage growth over the past decade. Annual average wages for the state are shown in Figure 2-1.

Wages are expressed in both nominal terms and real wages, with real wages adjusted for inflation using the consumer price index. Following a precipitous drop in 2008, Idaho’s average real wage remained largely flat with an average growth rate of about 0.1%. Growth picked up in 2014 and remained steady, keeping up with inflation through 2020. Continue reading

Idaho’s September Unemployment Rate Stays at 2.9%

NEWS RELEASE

For Immediate Release: Oct. 22, 2021
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, Karen.JarboeSingletary@labor.idaho.gov

Idaho map - unemployment rate by county September 2021Idaho’s seasonally adjusted unemployment rate was 2.9% in September, unchanged from August.

The state’s labor force grew by 1,270 (0.1%) people to 906,191. This is the second largest over-the-month increase this year. Despite this increase, the labor force participation rate decreased by 0.1 percentage points to 62.4%.

Total employment grew to 880,283, up 0.2% (1,917), while total unemployment dropped 2.4% (-647) to 25,908.

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Around Idaho: Economic Activity in September 2021

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

  • A large mixed-use project is planned for the 33-acre Landing at Post Falls development on the banks of the Spokane River. According to the Post Falls Urban Renewal Agency, at least three separate developers are planning to build on the site, which includes plans for at least 548 residential units and substantial office and commercial space. Source: Journal of Business
  • A public charter school, Elevate Academy North, is being developed in Post Falls with plans to open in time for the 2022-23 school year. The school will specialize in career technical skills and will initially serve around 310 students. Source: Journal of Business

Openings – Coeur d’Alene

  • GEICO Insurance
  • McCormick’s Flooring
  • Simply Being Bazaar
  • Golf Island

Post Falls

  • DNA Electric & Fabrication

Hayden

  • Kaffee Meister

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

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Idaho’s Unemployment Rate Drops to 2.9% for August

NEWS RELEASE

For Immediate Release: Sept. 17, 2021
Media Contact: Craig Shaul, Craig.Shaul@labor.idaho.gov or Karen Jarboe Singletary, Karen.JarboeSingletary@labor.idaho.gov

Idaho’s seasonally adjusted unemployment rate decreased by one-tenth of a percent from July to 2.9%.

August was the first time Idaho’s unemployment rate dropped below 3% since March of 2020. The state’s previous streak of unemployment rates under 3% lasted for 26 months – from February 2018 to March 2020.

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