Personal Income In Idaho Climbs 5%
Twin Falls, Idaho (KMVT-TV) We've told you about more people going back to work as unemployment rates continue dropping. And there are more good economic signs on the horizon.
Between 2010 and 2011, personal income in Idaho went up 5.4%. That's even better than the increase in the national average, which was 4.3%. Farm profits are up substantially, 41% from 2010.
Jan Roeser, Regional Economist from the Idaho Department of Labor, says, "We had a great year. Almost across the board, every crop had great prices, great yields. And although we all know the inputs have gone up, they still had enough of a profit margin in there to have a tremendous year."
Roeser says business profits are the largest part of the $2.7 million growth – which is up 15 percent from the year before. She says it could take a while, but those profits should eventually translate to higher wages for workers.
Roeser says, "We're excited about Idaho have 5.4% growth. But quite frankly, over the last 50 years, the average is 7.5%. Idaho has had considerable growth, certainly. In the 1970s, we had double digit growth."
Roeser says in half of the last ten years, Idaho's economy grew by more than six percent each year. Construction dropped by five percent from 2010 to 2011. But she says that more people are buying building permits now.
Roeser says, "Right now things look pretty good. We're seeing more jobs, we're seeing less unemployment. Things are looking rosier, absolutely."
Roeser says she expects Idaho's economy to improve for the rest of the year.
Apr. 3, 2012.