Tag Archives: Matthew Paskash

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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Around Idaho: Economic Activity in March 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

  • Work is nearly complete on a new water tower in Hayden, which will store 2 million gallons of water. This will increase the city’s water pumping capacity 26 times over, not only meeting higher demand from the area’s rapid population growth, but also meeting the next 20 years of projected water demand growth. Source: Coeur d’Alene Press
  • Work is underway on a mixed-use development located on the former Idaho Veneer mill site in Post Falls. The new development will include more than 120 residential units in a mix of multifamily and townhomes, as well as a dual brand hotel. Source: Journal of Business

Openings
Coeur d’Alene

  • Anchored Coffee
  • Align Yoga Studio
  • Lakeside Integrative Headache Center
  • Runway Salon
  • CenterWell Home Health
  • Memory Lane Gems
  • Manna
  • Lakeside Lox
  • European Wax Center
  • Local Market at Atlas
  • Heirloom Bridal

Region

  • Metro Express Car Wash, Post Falls
  • Post Falls RV Campground, Post Falls
  • Heart of Hope Health, Hayden
  • Dollar General, Athol
  • Ultimate Concrete Coatings, Rathdrum

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

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Around Idaho: Economic Activity in February 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 Regional Housing and Growth Issues Partnership completed a multi-month study on housing shortages in northern Idaho and is preparing to present its recommendations for local housing policy. The study, recently published on the organization’s website, concluded that a lack of affordable housing cost over $220 million in gross regional product by reducing the available workforce. Source: Coeur d’Alene Press

 Openings – Coeur d’Alene

  • Sportsman and Ski Haus
  • Garnet Café
  • Good N Baked
  • Lyfe Coffee
  • Schmidty’s Burgers
  • Aunt Stephanie’s Child Care
  • Soda Love

Openings – Hayden

  • Dairy Queen
  • Lone Mountain Farms & Brewery Taphouse


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

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Department of Labor Names New Economist for Southeastern Idaho

NEWS RELEASE

For Immediate Release: Feb. 24, 2022
Media Contact: Craig Shaul, craig.shaul@labor.idaho.gov

Matthew Paskash has been named the new Idaho Department of Labor regional labor economist for southeastern Idaho, covering Bannock, Bear Lake, Bingham, Caribou, Franklin, Oneida and Power counties. He replaces the previous economist, Esther Eke.

Paskash is a recent graduate of the University of Illinois at Urbana-Champaign where he earned a Master of Science in economics and completed some coursework towards a Ph.D. He also holds a Bachelor of Arts degree in economics, minoring in mathematics, philosophy, sociology and Spanish from Indiana University Northwest where he worked as an undergraduate tutor and research assistant.

Originally from northwest Indiana, Paskash suspended studies while attending Valparaiso University, spending several years as a direct support professional for the developmentally disabled, an automotive technician and a barista.

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Feb. 23 Online Seminar Features the Benefits of Labor Market Information for Businesses

NEWS RELEASE

For Immediate Release: Feb. 15, 2021
Media Contact: Clinton.Renn@labor.idaho.gov

Southeastern Idaho employers are invited to a free Zoom seminar Feb. 23 exploring labor market information and what it can mean for employers. The seminar runs from 9-10 a.m.

Discussion will focus on components of the labor market, current trends in the region, state and the U.S., labor market shortages and a tour of the Department’s labor market information website – lmi.idaho.gov.

In addition, employers will meet Matthew Paskash, Idaho Department of Labor’s new labor economist for southeastern Idaho, covering Bannock, Bear Lake, Bingham, Caribou, Franklin, Oneida and Power counties. He replaces the previous economist, Esther Eke.

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Around Idaho: Economic Activity in January 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

  • A mixed-used development including more than120 residential units is being planned for the former site of the Idaho Veneer mill. The development will include a mixture of townhomes and multifamily units, in addition to plans for a hotel and commercial space. Source: Journal of Business
  • Developer Measom Holdings LLC is building a development of luxury townhomes in Coeur d’Alene. The project, named the Nest, will feature five high end townhomes on Lakeside Drive, valued at nearly $5 million. Source: Journal of Business
  • Kootenai Health has begun construction of a $37.3 million expansion to its heart center on the main hospital campus. The expansion will add additional operating rooms and bed space in addition to providing vacant space to accommodate future needs. The hospital is expanding capacity to respond to increased demand for procedures from the county’s growing population. Source: Journal of Business

 Openings – Coeur d’Alene

  • Crossfit CDA
  • Aunt Stephanie’s Child Care
  • Takara, a Japanese restaurant
  • Say Yes Bridal Boutique
  • Thunder Games
  • Lake Coeur d’Alene Inn
  • Inland Kava and Botanicals

Openings – Hayden

  • Kaffee Meister
  • Dairy Queen
  • T-Mobile


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

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