While demand for rental units in eastern Idaho has steadily increased since the 2008 recession, supply has not kept pace.
Leading into 2008, rental vacancies were at an all-time high peaking at roughly 10.5 percent across the nation (Figure 1). Although more vacancies frustrate landlords who are unable to fill rentals, it creates a preferable – or buyer’s – market for consumers. Before the recession there were abundant rental options, competitive prices and space for populations to expand.
Whenever the economy takes an economic downturn, especially a severe instance like 2008, there is a stagnation in construction. Rental property construction took a huge hit during this time and almost stopped completely. At the same time many people were losing their homes and being forced into rental units. Within the first few months of 2008, rental units became a hot commodity and, as shown in Figure 1, rental vacancies drastically declined.
Only a few weeks into 2017 and it is already looking like big change for eastern Idaho. As 2016 came to a close a hefty number of building plans were solidified and in 2017 they will come to life. As the construction industry and housing markets are still recovering from the 2008 recession, eastern Idaho is seeing an unfamiliar jump in infrastructure expected in the next few years. While home building permit approvals are sky rocketing around the region, regional expansion is not stopping at residential building. Public and private entities alike are bringing big changes to the area. More than $22 million in commercial building permits were approved for eastern Idaho in 2016. Continue reading
The education people receive and the skills they attain greatly influence their economic well-being, but successfully navigating the labor market is no simple task, and understanding the history of eastern Idaho’s labor market, its current growth and the specific industries that are growing can make it easier.
After several years of slow growth, the U.S. labor market appears to be picking up. The U.S. Bureau of Labor Statistics reported a 295,000 increase in February’s nonfarm payroll employment, marking the 12th straight month payrolls grew by more than 200,000 – the first time since a 19-month run in 1993 to 1995. Continue reading
August and early September were the wettest since 1953 in eastern and southern Idaho, and the heavy rain caused flash floods and other problems in several communities. Agriculture was hit hard.
An economist from the University of Idaho Extension Service estimated damage to crops at over $230 million.
Much of the barley and wheat in eastern Idaho was ruined or damaged by the heavy, sudden rains. Downpours caused sprouting and added moisture to the kernels, making it unsuitable for anything other than livestock feed.