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SEPTEMBER 2020
The Idaho economic recovery rolled on in July, with the state’s labor market adding 14,000 jobs month to month. However, Idaho’s employment has not fully recovered and is still 0.7% lower than it was at the same time last year. Idaho’s unemployment rate dropped to 5.0% in July. Idaho lost 5,600 jobs over the past year, with the trade, transportation and utilities (+3,600); financial activities (+1,900); and construction (+1,500) sectors gaining the most jobs. Leisure and hospitality (-7,600); education and health services (-3,200); and other services (-1,800) lost the most jobs year over year. Idaho housing price growth was the highest in the nation at 10.2%.
IDAHO
MOST IDAHO COUNTIES EXPERIENCING JOB GROWTHJuly 2019-July 2020
MOST INDUSTRIES BELOW 2019 LEVELSJuly 2019-July 2020
INDUSTRY12-Month
Total Change12-Month% Change
Natural Resources & Mining 100 2.4%
Construction 1,500 2.7%
Manufacturing -200 -0.3%
Trade, Transportation & Utilities 3,600 2.5%
Information -1000 -11.1%
Financial Activities 1,900 5.1%
Professional & Business Services -100 -0.1%
Education & Health Services -3,200 -2.9%
Leisure & Hospitality -7,600 -8.5%
Other Services -1,800 -6.6%
Government 1,200 1.0%
TOTAL -5,600
Source: Idaho Department of Labor and Bureau of Labor Statistics, Seasonally Adjusted, Total Nonfar
IDAHO EMPLOYMENT CONTINUES BOUNCEBACKJuly 2020
Source: U.S. Bureau of Labor StatisticsNote: Shaded area represents recession
ECONOMY RECORDS LARGEST CONTRACTION EVERChange in U.S. Gross Domestic Product
Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020
2.0% 2.1% 2.1% -5.0% -31.7%
Source: Bureau of Economic Analysis
TOTAL EMPLOYMENT: 751,300EMPLOYMENT LOSS: -0.7%UNEMPLOYMENT: 5.0%
Source: Idaho Department of Labor
EMPLOYMENT QUICK FACTS August 2020
JOBS ADDED:
EMPLOYMENT GROWTH:
UNEMPLOYMENT:
Sources: U.S. Bureau of Labor Statistics
ROBERT SPENDLOVEEconomic and Public Policy Officer
Contact our team for more information or to schedule a speaking engagement.
[email protected] (801) 560-5394
[email protected] (801) 844-8244www.zionsbank.com/economy
Sources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com
STATE FACTS (VALUE & RANK)
Source: U.S. Bureau of Economic Analysis
As of September 2, 2020
Content is offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice. Content may contain trademarks or trade names owned by parties who are not affiliated with Zions Bancorporation, N.A. Use of such marks does not imply any sponsorship by or affiliation with third parties,
and Zions Bancorporation, N.A. does not claim any ownership of or make representations about products and services offered under or associated with such marks.
A division of Zions Bancorporation, N.A. Member FDIC
Source: U.S. Bureau of Economic Analysis.Note: Left axis = total population; Right axis = components of population change
Idaho United States
$307,1351 MEDIAN HOME VALUE(July 2020)
$$253,5271
10.2%1 % CHANGE IN HOME VALUE (July 2019 - July 2020)
4.5%1
0.01%2 FORECLOSURE RATE (July 2020)
0.01%2
INTEREST RATES
3.25% - Prime Interest Rate (Current)
3.12% - 30-Year Fixed Rate Mortgage (As of September 2, 2020)
Sources: Wall Street Journal
PERSONAL INCOME GROWTH STRONG IN IDAHOPersonal Income Growth by State, Q1 2020
• Median Household Income: $58,723 (2018) 36th
• Annual Mean Wages & Salaries: $44,890 (2019) 44th
• Per Capita Personal Income: $43,155 (2018) 43rd
• Personal Income (% Change): 5.4% (2017-2018) 6th
• Population Growth Rate: 2.1% (2019: 1,787,065) 1st
• Total Fertility Rate: 1.90 (2018) 7th
• Median Age: 36.6 (2018) 5th
IDAHO HOME VALUES HIGHER THAN NATIONJuly 2020 Idaho: $307,135 U.S.: $253,527
Source: Zillow Research, Zillow Home Value Index
IDAHO HOUSING PRICE GROWTH HIGHEST IN NATIONHome Prices and Foreclosures
Sources: 1Zillow Research and 2RealtyTrac
IDAHO GDP CONTRACTED AT BELOW AVERAGE RATEGDP Growth by State, Q1 2020 Idaho: -4.1% US: -5.0%Idaho: 3.9% US: 2.3%