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Idaho Unemployment Statistics & News
Idaho Unemployment Stats
Current and Historical Idaho Stats Analysis
Idaho historically has an unemployment rate lower than the national average. The current state is consistent with previous performance as the state’s unemployment rate in August was measured at 3.8 percent compared to the national average of 4.9 percent. Idaho has seen the largest job growth in the entire nation throughout most of 2016. In August alone, the state was able to add 22,000 jobs to the economy, specifically in the construction and financial sector.
Over the years, Idaho has been following the statistical trend of the nation. In 2007, the state experienced a historic low of less than 3 percent unemployment immediately followed by a sharp increase over a two-year period to 9 percent. Since 2010 though, a steady decline occurred month after month as the economy stabilizes. Idaho’s economy has seen significant growth, but the state anticipates there will soon be a gap in the number of jobs available compared to the number of workers available. Because the population of available workers is not increasing at the same rate as jobs available, the state will need to begin to soon recruiting employees to relocate to their state.
Why Unemployment Stats Are Valuable
Idaho Unemployment Stats Resources
Idaho Department of Labor has multiple resources available to find statistics on unemployment and the economy of the state.
- Occupational Employment and Wages Survey - Data is gathered from businesses in Idaho on salary ranges from 750 occupations
- Quarterly Census of Employment and Wages - Displays data on employment rates and salaries for various industries in the state
- Current Employment Statistics - Employers voluntarily share data on employment rates, numbers of hours worked and pay rates (excluding farm data elements)
- Occupational & Industry Projections - Provides 10-year projections for employment rates in particular occupations
- Job Gains & Losses - By utilizing the Business Employment Dynamics data, the number of jobs gained and lost in availability for Idaho workers can be seen
- Farm Employment - Allows employment data elements unique for the agricultural industry in Idaho to be viewed
- Unemployment Insurance Reports - Displays data on funds contributed to the Unemployment Insurance Fund and benefits distributed
- Local Area Unemployment Statistics
- Consumer Price Index - Allows insight to inflation and cost of living
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Idaho Unemployment News
Idaho Unemployment in the News
While Idaho is a largely agricultural state, it has been able to maintain a consistently low unemployment levels because of their ability to shift focus and stay relevant. For example, the state’s fastest growing industry is technology focused and makes up 25 percent of the state’s revenue. The technology revenue is mostly driven by Micron Technology, Hewlett-Packard, ON Semiconductor, and Sun Microsystems, all of which have offices or manufacturing plants in Idaho.
Another contributing factor to Idaho’s low unemployment rate is the large Baby Boomer population coupled with the small population increase. In fact, since 2001, there has been significant increases in age demographic of over 65. Concurrently, there has been a decline in the population numbers under 54-years-old. As a result, many retirement-elderly individuals are staying in the labor force longer and those that are eligible to work can fill the needed positions.
In addition to the impact on the economy, the Baby Boomer population will be driving future needs in healthcare. Currently, 23 percent of the open positions available in Idaho are in the healthcare industry, according to a study completed by the Conference Board. Many of these positions remain open for three months or longer waiting for qualified applicants. This number will only increase as the population continues to age and needs access to medical services. In fact, this industry is expected to grow about 22 percent over the next decade.
Idaho has also been named one of the top five states in which to start a small business in 2012 - 2014. The small business ranking was based on factors like state regulations, tax code, zoning, taxes, and the networking opportunities available. Idaho received top marks for their tax code and regulations in place by the state government and support offered for networking.