Idaho’s economy has been growing at a steady pace over the past few years. According to the U.S. Bureau of Labor Statistics, Idaho’s nonfarm wage and salary employment grew by 2.7% over the past 12 months, as of August 20231. The state’s real GDP grew by 22.39% over the past five years, at a compound annual growth rate of 4.12% per year 2.
Idaho’s economy is primarily driven by agriculture, manufacturing, and tourism. The state is known for its production of potatoes, wheat, and sugar beets. In addition, Idaho is home to several large manufacturing companies such as Micron Technology and ON Semiconductor3. The state’s tourism industry has also been growing in recent years, with visitors coming to enjoy the state’s natural beauty and outdoor recreational activities.
Idaho’s economic growth has been fueled by several factors such as low taxes, business-friendly policies, and a skilled workforce. The state has one of the lowest tax burdens in the country, which has attracted many businesses to set up shop in Idaho4. In addition, Idaho has implemented several policies to encourage business growth such as tax incentives for new businesses and streamlined regulations5.
However, Idaho’s economic growth has not been without its challenges. One of the biggest challenges facing the state is a shortage of skilled workers. Many businesses have reported difficulty finding workers with the necessary skills to fill open positions6. In addition, Idaho’s rural areas have struggled to keep up with the economic growth seen in urban areas such as Boise7.
In conclusion, Idaho’s economy has been growing steadily over the past few years thanks to factors such as low taxes, business-friendly policies, and a skilled workforce. However, challenges such as a shortage of skilled workers and disparities between rural and urban areas remain.