Tag Archives: idaho economy

Idaho Income Trends Show Post-Recession Rise

Idaho’s population has grown since the last recession, rising to 1.65 million people in 2015, a 5.3 percent increase since 2010, according to the U.S. Census Bureau. The number of households increased by 3.6 percent from 2010 to close to 590,000 in 2015 according to American Community Survey one-year estimates. Much of the growth has been concentrated in southwestern Idaho due to the expanding Boise metropolitan area. How has income fared in the same time period?

The U.S. Bureau of Economic analysis estimates that with the exception of a period of decline during the recession of 2007-09, per capita personal income has grown steadily over the past decade. When adjusted for inflation, the real per capita income grew by 9.2 percent from 2010 to 2014. The Inflation-adjusted median household income likewise grew by 11 percent between 2010 and 2015.

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Around Idaho: January 2017 Economic Activity

Information provided in this article 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 city of Rathdrum has announced plans to form an urban renewal agency. The goal of the agency will be the development of Rathdrum’s large vacant areas which are currently zoned for light industrial. Rathdrum is home to two technical schools, and city officials expressed hope that development of the industrial areas will help keep graduates from these schools working in the city. Source: Coeur d’Alene Press
  • Empire Unmanned – a northern Idaho manufacturer of unmanned aerial vehicles – has announced that it will offer a certification course for commercial drone pilots. The company’s sales tripled in 2016 as commercial uses for drones have proliferated. The certification course, which will be offered at North Idaho College, will reflect the evolving regulatory requirements promulgated by the Federal Aviation Administration. Source: Coeur d’Alene Press
  • The Coeur d’Alene school board voted in favor of a $35.5 million bond measure and a $32 million operating levy, both of which will be put before votes in March. The measures come amid rapid enrollment growth which has left Coeur d’Alene schools significantly overcrowded. Due to rising assessed property values, tax rates would not increase even if both the bond and the levy are approved. Source: Spokesman Review

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Around Idaho: December 2016 Economic Activity

Information provided in this article 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

  • STCU credit union opened a new branch in downtown Coeur d’Alene after remodeling a former Bank of America Location. The new location, which offers business services and consumer and commercial lending, is STCU’s 20th branch overall and its third in northern Idaho. Source: Coeur d’Alene Press
  • The Coeur d’Alene Planning Commission approved a permit for Lake Drive Apartments to build a 30-unit, five-story apartment complex in the underdeveloped East Sherman neighborhood. Lake Drive expressed hopes that construction could be completed in the summer of 2017. Source: Coeur d’Alene Press
  • The city of Coeur d’Alene relaxed its rules governing child care business licenses and will now grant licenses to applicants with marijuana charges more than five years old. The change was made to address a serious local shortage of child care providers. The city expressed optimism that the relaxed rules will help address the shortage. Source: Coeur d’Alene Press

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Rural Idaho: Population Decline to Reduce Available Labor Source in Next Decade

This is the third of a three-part series about Idaho’s rural economy. This part projects how rural Idaho’s population by age group and labor force participation will look in 10 years based on the previous 10-year trends.

Part one examines elements impacting Idaho’s rural economy today, including population, educational attainment, industries, occupations and wages.

Part two evaluates which dynamics influence rural Idaho’s dwindling labor force.

The population divide between urban and rural Idaho is expected to widen over the next decade, following a national trend that favors urban areas. This will create continued challenges to the economic success of Idaho’s rural areas by limiting the human capital available to employers.

The state’s population is expected to increase by over a quarter of a million people to 1.9 million by 2025.

fig-1Source: Communications and Research Division, Idaho Department of Labor, 2016; Bureau of Labor Statistics, 2016

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Rural Idaho: An Analysis of Today’s Dwindling Labor Force

This is the second of a three-part series about Idaho’s rural economy. This part evaluates which dynamics influence rural Idaho’s dwindling labor force.

Part one examines elements impacting Idaho’s rural economy today, including population, educational attainment, industries, occupations and wages.

Part three projects how rural Idaho’s population by age group and labor force participation will look in 10 years based on the previous 10-year trends.

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A lack of skilled labor is an ongoing struggle for Idaho’s rural economy. Idaho’s rural labor force has not grown since 2010; during the same period, the state’s urban labor force grew by more than 7 percent. The question of labor force is therefore critical to evaluating rural economies. Specifically, it is important to understand what caused stagnation in rural labor forces. In this analysis, we evaluate demographic and economic factors to determine whether rural labor force issues are caused by the usual suspects – aging and economic conditions – or whether there are other, undiagnosed problems. This analysis suggests that rural Idaho’s labor forces have declined for demographic and economic reasons, and not due to cultural or structural factors which are unique to rural economies.

Idaho’s unemployment rate – the ratio of the number of unemployed persons to the total number of participants in a labor market – is often viewed as the go-to measurement of economic health. Yet it can be misleading as the unemployment rate can decline both due to employment growth – unemployed persons finding work – and a decrease in the total labor force – unemployed persons stop looking for work altogether. The former case represents an increase in economic activity, while the latter does not. Continue reading

Rural Idaho Today: An Overview of Components Impacting its Economy

This is the first of a three-part series about Idaho’s rural economy. This part examines elements impacting Idaho’s rural economy today, including population, educational attainment, industries, occupations and wages.

Part two evaluates which dynamics influence rural Idaho’s dwindling labor force.

Part three projects how rural Idaho’s population by age group and labor force participation will look in 10 years based on the previous 10-year trends.

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Labor force is a key ingredient for economic success, and labor force statistics help measure how successfully the economy is performing. The demographics of Idaho’s labor force differ in fundamental ways between its seven urban counties — Ada, Bannock, Bonneville, Canyon, Kootenai, Nez Perce and Twin Falls – and 37 rural counties. These differences spell out the challenge of economic growth and development in rural areas

Older Population

The labor force in Idaho’s rural counties reflect the intensity of their aging population. The change of baby boomers from their 40s and 50s in 1995 to their 50s and 60s has resulted in a decrease in the workforce 35 to 44 years of age and a big increase in the number of people 55 and over, as the chart of workers on payrolls shows in Fig. 1. In addition, labor force participation rates for people 55 and older have risen over the past 30 years as more have enjoyed longer lifespans and better health.

In the U.S., the average retirement age rose from age 62 in 1995 to 65 in 2015.

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Automation’s Role in Idaho’s Future Workforce

It seems there is almost a daily story on the effect robots and automation will have on the current labor force. Autonomous, self-driving cars and trucks, robot mops and automated pizza delivery vans are at the horizon’s edge of a future economy that promises to redefine the interplay between humans and machines in the production of work.

Estimates indicate 47 percent of current employment in the United States has the potential to be automated in the next 10 to 20 years based on current technology trends. However, potential risk is not the same thing as inevitable replacement, and research shows that while some jobs will likely be fully automated, most will be redefined as automated systems and robots are introduced into the economy. Continue reading