Every two years, the Idaho Department of Labor releases 10-year-projections of what Idaho’s economy may look like. After years of sluggish economic growth the department’s most recent projections indicate that Idaho’s economy may finally be heating up. From 2012 to 2022 Idaho payroll jobs are projected to grow 16.3 percent – 1.5 percent annually – and add more than 109,000 jobs to the economy. While 16 percent growth would be excellent news for the state’s economy, Idaho’s economy appears to be well ahead of schedule and on track to significantly outpace the national economy.
Another positive sign in Idaho’s current expansion is that the growth has been distributed throughout several sectors of the economy. With two years removed from the latest projections, 12 industries in Idaho have posted higher-than-expected growth rates. Health care and social assistance reported the largest net growth adding 6,764 jobs – 2,800 more than projected growth – followed by leisure and hospitality adding 4,749 – 2,060 more than projected growth – and construction at 4,332 – 2,100 more than projected growth. Eight industries performed below expectations, four of which experienced losses.
Source: Idaho Department of Labor, QCEW