The effectiveness of tax credits and incentives is something StateImpact Idaho has been looking at since we launched back in September. We wanted to better understand how the state views tax incentives and what the return is on that (sometimes risky) investment.
But in Idaho, there is very little public information available when it comes to tax credits. That makes it tough to measure if a particular credit is doing what it was intended to do.
Early on a weekday morning, single mom Kelly Barker settles in at her computer. Ahead are hours of searching and applying for jobs.
Idaho’s economic picture has begun to brighten, but the state has yet to make up the jobs it lost in the downturn. Many in Idaho have watched their months of unemployment add up. Single mom Kelly Barker is one of them. She just reached an anniversary she’d rather not observe. It has now been a full year since she lost her job. After several months of temp work, Barker is back to the full-time job search, and back to unemployment benefits. This is the latest report in our “Jobless In Idaho” series.
Thirty-seven Idaho counties posted personal income gains in 2010. (Click to enlarge)
The Idaho Department of Labor reports personal income grew in most counties in 2010.
As StateImpactrecently reported, Idaho’s personal income grew 5.4 percent from 2010 to 2011. Now, county-level data from the U.S. Bureau of Economic Analysis shows 37 of Idaho’s 44 counties posted personal income gains in 2010. That’s positive news considering just five counties posted personal income growth back in 2009.
“Most counties continued to lose jobs in 2010 although the average annual wage in all but nine rose as employers began restoring hours cut during the recession and rewarding employees they kept on for handling a heavier workload. Overall, however, business profits rose more than wages, jumping 13 percent statewide compared to a 2.1 percent rise in worker paychecks. Worker wages outperformed business profits in only eight counties – Butte, Camas, Caribou, Custer, Fremont, Latah, Minidoka and Power – and in the case of Camas, Caribou and Power, wages merely declined less than business profits.” – Idaho Department of Labor
As we reported last month, those gains in personal income are due in large part to increases in farm earnings. The health care and professional services industries also contributed to personal income growth. The construction industry posted the biggest earnings losses.
This map shows the proposed sites for Caldwell's pending foreign trade zone.
For the last year, the Caldwell Economic Development Council has been working to establish a foreign trade zone to service Ada and Canyon Counties.
About 50 business people, realtors, local officials and others gathered at the Caldwell Airport today to learn about the potential benefits.
First they had to learn the basics. Just what is a foreign trade zone, and how does it work? The answer to that question can get complicated, and fast. But the basic description is this: a foreign trade zone allows a company in the U.S. to avoid or defer paying customs duties when it imports parts, materials, or even finished goods. That allows U.S. companies to be more competitive in the global economy. Continue Reading →
Did you miss anything at StateImpact Idaho this week? Don’t worry, we bundled the five most-read posts in one place. Check them out, and let us know what you think.
Job seekers attended a career fair in New York this week.
Thirty states including Idaho saw their unemployment rates fall in March, according to the Bureau of Labor Statistics.
Idaho’s rate dipped below 8 percent for the first time in more than two years, landing at 7.9 percent. Furthermore, just three states still have unemployment rates in the double digits, a striking improvement from two years ago. “In early 2010, 18 states and D.C. had double digit unemployment rates,” the Calculated Risk blog notes.
Despite that improvement, lead economic stories in today’s news focus on dimmed hopes that a recovery is underway. Continue Reading →
Job seekers mingle at a career fair in Meridian, Idaho.
Idaho’s seasonally adjusted unemployment rate for March dropped below 8 percent to 7.9 percent. The Idaho Department of Labor reports that’s the first time the state’s jobless rate has dipped below 8 percent in more than two years. Still, almost 62,000 Idahoans are out of work.
This foreclosed home in the Boise suburbs was put up for sale in September.
Idaho Business Reviewreports the number of bank-owned homes for sale in southwest Idaho dropped almost 20 percent from February through the end of March.
The publication cites a recent report from Idaho Data Providers, which says the number of bank owned homes (REOs) dropped from 1,176 to 973 during that time period.
“This fact is worth mentioning since foreclosure sales are still occurring, and the vast majority of properties are going back to the lender, but there haven’t been that many REO sales to account for the decline,” Idaho Data Providers President Charlie Nate said in the report. Continue Reading →
The going home bill for the Idaho Legislature this year was a measure that cuts the state’s corporate tax rate and the income tax rate paid by the state’s top earners. The individual income tax cut at times was pitched as a way to help small businesses, since many pay taxes through an individual — not corporate — return.
As the U.S. House prepares to vote on a small-business tax cut, NPR’s Tamara Keith offers up this piece about small businesses’ political sway. In a nutshell, Keith’s point is this: “[The] intense focus on small businesses may overstate the economic case. Big businesses actually employ far more people than small ones and, according to government data, the overwhelming majority of small businesses don’t employ anyone at all.” Continue Reading →
The non-partisan Idaho Center for Fiscal Policy released a report questioning the constitutionality of Idaho’s school funding plan late last week.
Education funding is complicated. It gets even more complex when you throw in jargon. The center’s report uses Idaho-specific funding terms, and we found ourselves often looking for the definitions of those. So, we complied a list of the frequently used phrases and added some explanation.
The definitions come from the Idaho Center for Fiscal Policy, the Idaho Department of Education and the Legislative Services office.
Maintenance and operation funding (M&O): Maintenance and operation expenses include teacher salaries, support staff salaries, utilities, building and equipment repair, grounds keeping, and security. Continue Reading →
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