idaho april 2018 - savings | checking...idaho april 2018 majority of idaho’s industries added jobs...
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UNITED STATES EMPLOYMENT FACTS March 2018
JOBS ADDED: 103,000
EMPLOYMENT GROWTH: 1.5%
UNEMPLOYMENT: 4.1%
Sources: Bureau of Labor Statistics
EMPLOYMENT GROWTH IN MANY COUNTIESDecember 2016 - December 2017
Source: Idaho Department of Labor
APRIL 2018IDAHO
MAJORITY OF IDAHO’S INDUSTRIES ADDED JOBSFebruary 2017 - February 2018
INDUSTRY12-Month
Total Change12-Month% Change
Natural Resources & Mining -200 -5.4%
Construction 4,100 9.3%
Manufacturing 3,000 4.6%
Trade, Trans., Utilities 2,400 1.7%
Information 100 1.1%
Financial Activity 1,900 5.5%
Professional & Business Services 1,200 1.3%
Education & Health Services 4,000 3.9%
Leisure & Hospitality 3,000 4.0%
Other Services 900 3.7%
Government 3,600 3.0%
TOTAL +24,000Source: Bureau of Labor Statistics
IDAHO CONTINUES TO EXPERIENCE JOB GROWTHFebruary 2018
Source: Bureau of Labor StatisticsNote: Shaded area represents recession
TOTAL EMPLOYMENT: 732,200EMPLOYMENT GROWTH: 3.4%UNEMPLOYMENT: 3.0%
Idaho’s labor market was one of the best in the country in February. The state’s year-over-year employment growth was the highest in the nation at 3.4 percent, and the unemployment rate remained level at 3.0 percent. Employment gains were wide-spread, with the construction, education and health services, and government sectors adding the most jobs over the past 12 months. In addition to a strong labor market, two of Idaho’s metro areas were ranked in the top 10 in the nation for population growth. From 2016 to 2017, Coeur d’Alene metro was the 5th fastest growing in the nation and Boise City was the 7th fastest. The strong labor market and robust population growth have put upward pressure on Idaho’s home prices. According to the CoreLogic Home Price Index, Idaho’s home prices have risen 11.2 percent over the past year.
ECONOMIC GROWTH REMAINS STRONGChange in U.S. Gross Domestic Product
Q1 2017 Q2 2017 Q3 2017 Q4 2017
1.2% 3.1% 3.2% 2.9%
Source: Bureau of Economic Analysis
ROBERT SPENDLOVEEconomic and Public Policy Officer
Contact our team for more information or to schedule a speaking engagement.
robert.spendlove@zionsbank.com (801) 560-5394
joseph.mayans@zionsbank.com (801) 844-7887www.zionsbank.com/economy
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with third parties, and ZB, 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 ZB, N.A. Member FDIC As of April 6, 2018
STRONG NET MIGRATION IN 2017Idaho Population and Components of Change
• Median Household Income: $51,807 (2016) 37th
• Annual Mean Wages & Salaries: $40,810 (2015) 43rd
• Per Capita Personal Income: $40,507 (2017) 44th
• Personal Income (% Change): 4.7% (2016-2017) 2nd
• Population Growth Rate: 2.2% (2017: 1,716,943) 1st
• Total Fertility Rate: 2.12 (2013) 6th
• Median Age: 36.1 (2016) 6th
• Household Size: 2.72 (2015) 8thSources: Census Bureau, Bureau of Economic Analysis, Bureau
of Labor Statistics, National Center for Health Statistics, statista.com.
STATE FACTS (VALUE & RANK)
Source: U.S. Census BureauNote: Left axis = total population; Right axis = components of population change
Total Population Natural Increase Net Migration
Source: U.S. Census Bureau
MANY COUNTIES SEEING POPULATION GROWTH2016 - 2017
Idaho United States
$201,8001 MEDIAN HOME VALUE(February 2018)
$210,2001
11.2%2 HOME PRICE INDEX (Feb. 2017 - Feb. 2018)
6.7%2
0.02%3 FORECLOSURE RATE (January 2018)
0.05%3
IDAHO HOUSING PRICES ON THE RISEHome Prices and Foreclosures
INTEREST RATES
4.75% - Prime Interest Rate (Current)
4.40% - 30 Year Fixed Rate Mortgage (As of March 29, 2018)
Source: The Wall Street Journal
Sources: 1Zillow Research, 2CoreLogic and 3RealtyTrac
IDAHO HAS THE FASTEST GROWING POPULATIONJuly 2016 -July 2017
Source: Census Bureau
Idaho: 2.2% US: 0.7%
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