Lasting Economic Growth for Idaho
The state of Idaho saw the “largest increase in employment growth in the country between March 2015 and March 2016”, according to a recent news release from the Idaho Business Review. These statistics, provided by U.S. Bureau of Labor Statistics, show an increase across many industries, but find the largest growth in the leisure and hospitality areas, specifically in the food services. Large and fast growth was also seen in the construction and manufacturing industry.
As the hospitality industry is growing in the Mountain Northwest, Idaho is seeing an influx of hotel construction. With this new construction, hotels are beginning to hire, which is bringing these two industries to the forefront of state economic growth.
This employment expansion has proven to be a consistent change for Idaho. As Regional Economist Ethan Mansfield put it, “We are in a period of really expansive growth. This is real growth.” Idaho has seen year over year growth since 2011, rather than just boom expansion that may come to an end. The thriving employment landscape has helped Idaho’s unemployment rate to decrease in the March 2015-March 2016 year. Idaho has seen its unemployment rate drop to 3.8 percent, well below the national average of 5 percent.