Key Economic Issues in Idaho 2021
Explore the economic landscape of Idaho in 2021 through data on total employment, nonfarm employment, unemployment rates, and worker dynamics. Gain insights into Idaho's position compared to other states and the nation as a whole.
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Presentation Transcript
Economic Economic Issues in 2021 Issues in 2021 Economic Issues in 2021 Economic Issues in 2021 Samuel Wolkenhauer, Economist Idaho Department of Labor September 2021
Total Employment in Idaho Monthly Nonfarm Employment 800 Thousands 750 700 650 600 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Idaho Department of Labor
Total Employment in Northern Idaho Monthly Total Employment 170,000 160,000 150,000 140,000 130,000 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Idaho Department of Labor
Idaho Paces the Nation Total Nonfarm Employment vs Pre-COVID Peak Idaho United States 105% 100% 95% 90% 85% 80% Jan 19 Jul 19 Jan 20 Jul 20 Jan 21 Jul 21 Source: Idaho Department of Labor
Idaho Paces the Nation Total Nonfarm Employment vs Pre-COVID Peak Idaho, 4% Utah, 1% New York, -9% Hawaii, -13% -15% -10% -5% 0% 5% Source: Idaho Department of Labor
All-In Unemployment in Idaho Total, All-Program UI Claims in Idaho 140 Thousands 120 100 80 60 40 20 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: Idaho Department of Labor
All-In Unemployment Change from Q1, 2020, All Program Claimants USA Idaho 1500% 1250% 1000% 750% 500% 250% 0% Jan 20 Apr 20 Jul 20 Oct 20 Jan 21 Apr 21 Source: US Department of Labor, Author Calculations
Workers Hold the Leverage Total number of Worker Quits, Monthly 4 Millions 3 2 1 0 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 Source: Bureau of Labor Statistics
Wage Growth is Accelerating Annual Growth of Average Weekly Wages All Private Retail Leisure & Hospitality 8% 7% 6% 5% 4% 3% 2% 1% 0% -1% 2016 2017 2018 2019 2020 2021 Source: US Bureau of Labor Statistics
Wage Growth for Lower Wage Workers Annual Change in Hourly Wage by Percentile 25th Median 75th 7% 6% 5% 4% 3% 2% 1% 0% -1% '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 Source: Idaho Department of Labor
Demographic Trends Population Growth by Age Group, 2010 - 2020 Idaho United States 60% 55% 50% 38% 40% 30% 20% 16% 9% 10% 4% 4% 1% 0% -1% -10% Under 15 15 to 44 45 to 64 65 and Older Source: US Census Bureau
Demographic Trends Projected Population Growth by Age Group, 2010 - 2030 Idaho United States 40% 33% 35% 29% 30% 25% 20% 15% 12% 9% 10% 7% 5% 5% 2% 0% -5% -3% Under 15 15 to 44 45 to 64 65 and Older Source: Idaho Department of Labor
Home Prices in Idaho Year over Year Price Appreciation by Tercile Top Middle Bottom 30% 25% 20% 15% 10% 5% 0% 2014 2015 2016 2017 2018 2019 2020 2021 Source: Zillow Analytics
Telework Ripple Effects COVID and Migration Patterns High Income Workers Retiree/Worker Mix Urban Cores Suburbs Small Metros
Lagging Home Construction New Homes Built per 100,000 Population 1,000 750 500 250 0 1960 1970 1980 1990 2000 2010 2020 Source: Zillow Analytics
For more information on Idahos workforce, please visit LMI.IDAHO.GOV Questions? Sam Wolkenhauer Samuel.Wolkenhauer@labor.idaho.gov (208) 457-8789 ext. 4451
