May Unemployment Rate Unchanged at 3.7%
– Idaho ranks 3rd in the nation in over-the-year growth –
Idaho’s seasonally adjusted unemployment rate held at 3.7 percent in May, unchanged from April.
Over the year, Idaho ranked third highest in the nation with 3.2 percent nonfarm job growth. Five of the 10 industry sectors in Idaho experienced increases of 3 percent or higher with job growth in construction leading the way at 8.9 percent. Natural resources was the only industry to see a decrease in jobs over the year, down 7.5 percent.
Month to month, Idaho’s seasonally-adjusted nonfarm payrolls declined slightly by 0.3 percent, following a national report for May that also found job growth below expectations. Gains in construction, information, financial activities and other services were offset by weaker-than-expected performance in manufacturing, wholesale trade, health care and social services, leisure and hospitality, and professional and business services.
Nationally, unemployment was 4.7 percent in May, falling three tenths of a percent from April’s rate.
Total employment for Idaho grew by more than 1,800 to 779,500 as the number of unemployed Idahoans increased by 50 people to 29,880. This is the first month total unemployment has increased since June of last year. Idaho’s seasonally adjusted labor force increased by 1,900 to 809,400.
Idaho’s labor force participation rate – the percentage of people 16 years and older with jobs or looking for work – was 64.1 percent in May, up slightly from April’s 64 percent.
According to the Conference Board, a Washington, D.C. think tank, there were 25,500 online postings for Idaho jobs in May. Of those listings, 4,400 were classified by department analysts as “hard-to-fill” – jobs continuously posted for 90 days or more. Based on vacancy rates – a high number of openings compared with the total employment for that occupation – health care jobs account for more than 20 percent of all hard-to-fill jobs and include physicians, surgeons, psychiatrists and occupational and physical therapists. By volume, truck drivers and registered nurses hold the first and second spots for the largest number of hard-to-fill jobs.
Annually, Idaho’s unemployment benefit payments were down 10.8 percent – from $1.6 million a year ago to $1.4 million for May 2016. The number of weeks compensated dropped 15 percent over the year.
Among Idaho’s 44 counties, 22 had unemployment rates above the state rate. Madison and Franklin counties experienced the lowest rates in the state at 2.4 percent and 2.8 percent, respectively. Shoshone County had the highest rate at 6.6 percent.
The Idaho Falls metropolitan statistical area (MSA) reported the lowest unemployment rate of all MSAs at 3.1 percent, down from 3.5 percent one year earlier. The Coeur d’Alene MSA experienced the highest unemployment rate among the MSAs at 4.4 percent, down from 4.7 percent the previous April.
Details on Idaho’s unemployment picture can be found at lmi.Idaho.gov.
In today’s market, with homes selling quickly and prices rising, some homeowners might consider trying to sell their home on their own. This is known in the industry as For Sale By Owner, or FSBO for short. There are several reasons why this may not be a good idea for most sellers.
Here are five of the most important reasons Not to FSBO.
1. There are Too Many People to Negotiate With
Here is a list of just some of the people that you must negotiate with, if you decide to FSBO:
The buyer who wants the best deal on their home
The buyer’s real estate agent, who represents the best interest of his or her buyer
The buyer’s lawyer (in some cases)
Home inspection companies
2. Exposure to Prospective Buyers is Limited
Recent studies have shown that 89% of buyers search online for a home. That compares to only 20% who are looking at print advertising, such as newspaper ads. Most Realtors® have an internet marketing strategy in place and ready to promote your home.
3. Results Come from the Internet
Here is a breakdown of where buyers actually find the homes they have purchased
44% on the internet
33% from a Realtor®/Real Estate Agent
9% from a yard sign
1% from print ad in the newspaper
4. FSBOing has Become More and More Difficult
The paperwork involved in the purchase and sale of homes has increased exponentially. Industry required regulations and disclosures are now mandatory. Due to this increase in paperwork and real estate law knowledge the percentage of people doing For Sale By Owner has dropped significantly from 19% to 8% over the last two decades.
5. You Net More Money when you Use an Agent
Many homeowners believe that by selling their own home, they are saving money by not paying commission. What they may not realize is that buyer’s looking at FSBOs are thinking the same thing. While this may be an enticing idea, the fact is that studies have shown a typical home sold by FSBO sells for $210,000, while the typical home sold by an agent sells for $249,000. While there is no guarantee that an agent will get $39,000 more for your home, it does show that with knowledge of the local area market and a network of contacts to reach out to, selling your own home may not make the best sense.
Before you make the decision to sell your home on your own, sit down with a Realtor® and talk about your options, the process, and their knowledge of your marketplace.
The state of Idaho saw the “largest increase in employment growth in the country between March 2015 and March 2016”, according to a recent news release from the Idaho Business Review. These statistics, provided by U.S. Bureau of Labor Statistics, show an increase across many industries, but find the largest growth in the leisure and hospitality areas, specifically in the food services. Large and fast growth was also seen in the construction and manufacturing industry.
As the hospitality industry is growing in the Mountain Northwest, Idaho is seeing an influx of hotel construction. With this new construction, hotels are beginning to hire, which is bringing these two industries to the forefront of state economic growth.
This employment expansion has proven to be a consistent change for Idaho. As Regional Economist Ethan Mansfield put it, “We are in a period of really expansive growth. This is real growth.” Idaho has seen year over year growth since 2011, rather than just boom expansion that may come to an end. The thriving employment landscape has helped Idaho’s unemployment rate to decrease in the March 2015-March 2016 year. Idaho has seen its unemployment rate drop to 3.8 percent, well below the national average of 5 percent.
What an amazing year Boise had on the national stage! Making headlines as being one of the most popular cities in the U.S. by various entities and publications, Boise has undeniable appeal. The mild four-season climate, picturesque setting amidst the Boise River and the rolling Boise Foothills has captivated generations. Even with a population well exceeding 200,000, Boiseans are maintaining their friendly ways. It’s a place where people choose to begin their careers, raise a family, start a business or simply settle down and relax. With a balance between the local agricultural and technical economies, such diversity has helped Boise stay ahead as a city that continues to grow. With a vibrant arts community, a great university, and a host of recreational opportunities within easy access, Boise offers a unique lifestyle. Here is where Boise is ranked in some of our favorite lists from 2014:
#1 Red-Hot Town | Regions on the Rise, March 17, 2014 | Time Magazine
#1 Best City to Move to in 2014, March 18, 2014 | SML
#1 Best City for Kids, 2014 | Livability.com
#1 America’s Top 5 Under-the-Radar Tech Hubs, May 21, 2014 | The Sparefoot Blog
#4 Fourth-Highest Percentage of Residents Who Bike to Work, 2014 | U.S. Census Bureau
#7 Best Place to Raise a Family, 2014 | Forbes
#9 Best Place to Live, September 2014 | Livability.com
#9 Ten Cities That Earn Their Coffee Bragging Rights, March 28, 2014 | Bustle
#10 Top 10 Best “Big Cities for Active Families,” 2014 | Outside Magazine
#10 Best Place to Invest in Housing in 2014, February 2014 | Forbes
(Our) Honorable Mentions – we love these, too!
#11 The 35 Best U.S. Cities for People 35 and Under, December 12, 2014 | Vocativ
The 25 Best Places to Retire in 2014, January 2014 | Forbes
The Best Under-the-Radar Destinations of 2015, January 1, 2015 | Huffington Post Travel
CoreLogic announced that Idaho is 2nd in the nation for increases in U.S. home prices. From July 2011 to July 2012, the nation’s home prices increased 3.8%, the largest year-over-year increase in the last six years. Idaho posted a whole 10% gain, finishing second only to Arizona, with Utah, South Dakota and Colorado all placing in the top five respectively. Our local MLS, Intermountain Multiple Listing Service, anticipates that we will maintain at or near this 10% mark through the remainder of the year. Yet another sign that we’re recovering! Idaho has a diverse economic base with strong agricultural and tech markets, and incredible recreational opportunities – it’s hard to resist the appeal of our Idaho lifestyle! For more information on relocation possibilities here in the Boise area, please feel free to contact Andrew or Kristi Knowles at 208.794.7480 or visit their personal website at www.boiserelo.com.
To read the online article, click here>>Newsday Article