A monthly update of how Idaho's economy is doing in your area - May 2016
In-Migration Boosts Economy on Many Levels
Out-migration had a negative impact on population growth in all but one county in south central Idaho from 2010 to 2015.
That one county — Twin Falls — has seen substantial in-migration over the past five years and is likely taking in residents who are leaving other south central Idaho counties, in addition to other parts of the state, the nation and even internationally. This is a boon for the area labor force as both domestic and international in-migration provides a source of diversely skilled workers for businesses.
In a competitive labor market, wages are determined by the
supply and demand of labor. Over time, a worker’s wages should increase as he
or she gains proficiency in the job and obtains more valuable skill sets, or
because of changes in the macro economy that influence the demand for those
particular skill sets.
Although wages are only a portion of an
individual’s income, they are a primary source of income for many Idahoans and
an important indicator of their economic wellbeing