For Immediate Release:March 22, 2019
Information Contact: Craig Shaul (208) 332-3570 ext. 3201 or Karen Jarboe Singletary (208) 332-3570 ext. 3215
Fastest in the Nation for Over-the-Month Job Growth
Idaho’s seasonally adjusted unemployment rate for February increased slightly from January to 2.9 percent, the 15th consecutive month at or below 3 percent.
Idaho nonfarm jobs increased by 3,600 (up 0.5 percent) for a monthly total of 750,600. February’s increase was the fastest job growth rate in the nation and the second-largest statistically significant job increase added by any state.
The largest month-to-month industry job gains were in professional and business services (+2.3 percent), manufacturing (+1.3 percent) and education and health services (+0.7 percent). Construction, information and leisure and hospitality were the only three sectors that experienced job declines, shedding a total of 1,400 jobs. Continue reading
Idaho’s economy has generated about 16,000 nonfarm jobs in 2013. Health care, manufacturing, leisure and hospitality and construction were the most expansive sectors, accounting for 64 percent of the growth. The majority of jobs in every case were in southwestern Idaho, the state’s population center.
The biggest share was in manufacturing, which generated 16.5 percent of the new jobs, with durable manufacturing carrying the load. Since wages are typically higher in durable manufacturing than nondurable, those new jobs accounted for two-thirds of the $300 million in new wages that sector provided. The opening of the Chobani Greek yogurt plant in Twin Falls boosted nondurable manufacturing.
Idaho’s economy has been producing jobs faster than the nation and most states over the past two years.
Between October 2011 and October 2013, the number of nonfarm jobs in Idaho increased 4.2 percent, seven-tenths of a percentage point higher than the national increase, according to the U.S. Bureau of Labor Statistics. Only nine other states posted higher increases.
From October 2011 through March 2013 – the most recent period figures are available for – Idaho’s average wage on an annualized basis increased from $35,832 to $36,186, or by 1 percent according to federal estimates.
Nationally, the average wage rose 2.3 percent over the same period to $49,368.