Idaho Leads the Nation in Population Growth
And So Are The Neighbors!
Exciting things are happening in the state of Idaho, and it seems like the rest of the country is taking notice. Idaho’s population increased 2.2 percent, up to 1.7 million total, from July 2016 to July 2017, according to the U.S. Census Bureau. Additionally, our neighbors Nevada, Utah, and Washington all sit in the top-5 of states in terms of population growth, showing the strong viability of the Northwest as a whole. Overall, the U.S. population grew less than 1 percent, so this is not simply another baby boom. Nearly two-thirds of Idaho’s growth is due to domestic migration, people relocating from other areas of the country, and NPR reports that the thriving economy and low cost of living are the biggest reasons for this remarkable increase.
It’s Not Just A Flash In The Pan
This does not appear to be just a flash in the pan, either. The Idaho State Department of Labor estimates population will continue to increase at an annual rate of 1.4 percent through at least 2025, which would keep Idaho in the top ten growing states. Our state’s unemployment rate currently sits at 2.9 percent, well below the national rate of 4.1 percent. With reports surfacing about the large number of unfilled, high-paying jobs, especially in the booming technology field, we should continue to see this sizeable influx of new neighbors for many years.
Idaho had the second-fastest growing tech industry behind Utah from 2014-2015, according to a report by non-profit IT industry leader CompTIA. Unsurprisingly, Utah was also in the top-5 states in terms of population growth this year, as well. People seem more willing now than ever to go where the job opportunities are, with our very own Gem State leading the pack in terms of opportunities and retention.
A Flood Of People
With this flood of new people comes a host of economic opportunities for newcomers and longtime citizens alike. Though there has been concern recently in academic circles regarding the negative impacts of population growth on economic development, those issues are mostly based around birthrate and the relative burden children under the age of 18 have on an economy to which they do not actively contribute. Because the main factor in Idaho’s growth is migration for existing jobs in emerging fields, Idaho’s economic future looks even rosier than at first glance.
The Palouse – Perfect Place For Business
As we have stated since we began, the Palouse is the perfect place for businesses to thrive, and it seems as if the rest of the country is catching on. Now more than ever is the time for us to help you capitalize on the remarkable growth in our region. Whether you have a great idea for a new venture, want to expand upon your current venture, or looking to pivot to a different field, we have a diverse team of experts to ensure you are in the best position possible to realize the amazing opportunities afforded by our states’ current economic and population boom. Never has it been better to be a Palouse entrepreneur.