Idaho’s labor market continues to expand, but there are signs that the low unemployment rate is making it difficult for employers to find the workers they need, according to Robert Spendlove, economic and public policy officer for Zions Bank.
The monthly Zions Bank Economic Snapshot noted that in December, Idaho’s year-over-year employment growth remained at 2.0 percent - the 16th highest rate in the nation, but the lowest level in the state since 2013. This slowdown in job creation comes at a time when Idaho’s unemployment rate remains at an all-time low of 2.6 percent.
Idaho added 14,400 jobs over the past year, with the professional and business services (+5,000), government (+2,700), and manufacturing (+2,100) sectors experiencing the largest employment gains. Only the information (-600) sector experienced job losses. The state’s strong labor market and robust population growth continue to push up home values. Idaho’s median home value rose 16.6 percent from the year before, versus a 7.6 percent rise nationwide.
Strong net migration continues in Idaho, and Idaho tied for the nation’s fastest population growth from July 2017 to July 2018. Idaho grew 2.1 percent, while the U.S. grew only 0.6 percent.
Idaho facts (value & rank)
- Median Household Income: $52,225 (2017) 41st
- Annual Mean Wages & Salaries: $40,810 (2015) 43rd
- Per Capita Personal Income: $40,507 (2017) 44th
- Personal Income (% Change): 4.7% (2016-2017) 2nd
- Population Growth Rate: 2.1% (2018: 1,754,208) 1st
- Total Fertility Rate: 2.12 (2013) 6th
- Median Age: 36.1 (2016) 6th
- Household Size: 2.72 (2015) 8th
Sources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com.