Idaho’s Economic Rebound One Of The Best In US
Idaho's Department of Labor recently release a new report showing that Idaho’s economy is rebounding faster than almost anywhere in the country. This is super encouraging after all of the struggles the past year have brought so many. The climb back up is strong for Idaho's economy and the climb down for unemployment is steady. All good things.
The data used from this recent Idaho Department of Labor report is from December, so about 6 weeks behind where we sit now. According to the numbers we are headed in the right direction so most likely the number for Jan and even part of Feb are even better than this. These December numbers show that the US unemployment rate is at 6.7%. Here in the great state of Idaho it is only 4.4%.
The report shows that Idaho continued to move forward and in turn has become one of the fastest economic recoveries in the country since spring 2020 rocked all of our worlds. During that time, Idaho hit historic unemployment levels. The good news, its bouncing back.
However if you are an Idahoan who is avidly against people moving here, well that seems to be a decent part as to why the economy is doing better here than in other states. Utah is neck and neck with Idaho as far as economy rebounding back. Interestingly enough it is also two states that have some of the most rapidly growing populations according to Sam Wolkenhaur, a regional economist with the Idaho Department of Labor. “The fact we’re a net growth state from a population perspective, that people want to be here they want to move here, gave us a shot in the arm to bounce back faster than other states.”
The report states, “With nonfarm employment rebounding completely to reattain 2019 levels, and the state’s labor force spiking throughout the autumn months, Idaho appears well situated to continue its recovery from the COVID crisis throughout 2021 and beyond.”