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April Idaho & Boise Area Unemployment Continue to Improve . . . Incomes, Not So Much

Below is an unemployment and income update that I received from Jack Harty at Harty Mortgage Advisors.

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Tony Drost, President
First Rate Property Management
Boise, Idaho
Contact me for more information about the Investment Real Estate and Property Rental markets in Boise and Idaho.


Glass Half-FullPhoto: Glass half (insert your preferred word here)

When looking at economic data, the glass is always half full (or the other alternative, if you prefer).

Area unemployment numbers are enviable compared to the nation, but not so much regarding Idaho average personal income.

 

Unemployment Rate

Unemployment rates in Boise and the State of Idaho continue to be among the most favorable in the nation, with Idaho unemployment at 5.0% and Boise Unemployment at 4.4%. Idaho ranks 16th among 50 states and D.C. in lowest unemployment rates.

April 2014

Unemployment Rate April 2014 Month/Month Year/Year
National 6.3% -0.4 -1.2
Idaho 5.0% -0.2 -1.4

In the Boise MSA, April unemployment breaks down as follows:

Boise Meridian Nampa Caldwell Ada Co Canyon Co
4.4% 4.1% 5.6% 6.4% 4.4% 5.8%

Recovery of Lost Jobs

Idaho has recovered most of the jobs lost from The Crash. See Idaho Dept. of Labor 5/16/14 Labor Market Report excerpt following:

Idaho, on an annual average basis, had recovered about 70 percent of its recession job losses in 2013. The strong growth in the first four months of 2014 put total non-farm jobs in April just below their pre-recession peak, and it is possible average jobs for 2014 will exceed the pre-recession high. Population growth since the recession hit has been less than half the rate of the previous decade, slipping to the national growth rate in 2012 for the first time in decades, before returning to 1 percent growth in 2013.

Personal Income

This good news is generated against a headwind of lower Per Capita Personal Income. Per the University of Idaho analysis that adjusts for inflation as of 2013 and uses income figures for 2012 (Figures for 2013 are not yet available) Idaho ranks 49th in mean average Personal Income, 21% lower than the national average. However, it is important to recognize and be proud of the fact that Idaho ranks ahead of Mississippi, the lowest personal income state. Low wages contribute to lower cost of living and low cost of doing business. Nonetheless, being grouped with Mississippi does not confer bragging rights to Idaho.

personal income
Source: University of Idaho

Blaine County - Sun Valley ($62,451) exceeds the national average Personal Income ($44,376), but Ada County lags at $41,338. Canyon County at $25,000 is lower than the lowest state of Mississippi (statewide average of $34,150).


SOURCE:
Jack Harty, Harty Mortgage Advisors
121 N. 9th Street - Ste 402
Boise ID 83702
Direct: (208) 514-4766
Main: (208) 344-4141
Email: jharty@harty.biz

05-28-2014
Tony Drost
Boise Area Rental Market
08-29-2016

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