Monday, June 23, 2014

Idaho's Long-Term Job Growth Set to Outpace National Average

Posted By on Mon, Jun 23, 2014 at 2:45 PM

The Idaho Department of Labor is projecting that Idaho's job-growth rate will outstrip the national average between 2012 and 2022.

IDL projections indicate that Idaho's job growth rate—1.5 percent per year—will be more than twice the growth rate between 2002 and 2012, and .5 percent higher than the projected growth rate for the rest of the country as a whole.

The projections forecast an increase of 109,000 jobs by 2022, bringing the total number of jobs in the state to 781,000. The forecast, however, is slightly lower than IDL's projection for 2010-2020, which anticipated a 1.6 percent growth rate. According to IDL, the revised forecast reflects a "fractionally more moderate but sustainable growth rate."

Additionally, IDL's forecast predicts that the state's goods-producing sector—where paychecks average $10,000 more per year than in the service sector—will cease contracting in the wake of the Great Recession, which slashed it share of total jobs from 16.2 percent in 2002 to 13.2 percent in 2012. Goods production is expected to add 18,000 jobs by 2022, accounting for 13.6 percent of all Idaho jobs.

Construction, health care, leisure and hospitality, and retail trade, the fastest-growing sectors of Idaho's economy, will expand by 2 percent or more per year.

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