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| Idaho Employment |
August 2022 |
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A monthly update of how Idaho's economy is doing in your area
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An analysis of Idaho's home prices
Many economists view the housing market as one of the crucial indicators of the overall health of an economy. When the economy is approaching a recession, the real estate market is usually among the first sectors to slow down and among the first to recover during a boom. If this assessment is accurate, Idaho’s housing market prices during the past three years will be critical for future economic forecasts. The average value of single-family homes in the state has increased by about 173% since the third quarter of 2011, compared with nearly 80% nationally.
Within the state, discussions about potential sources of this growth have been centered primarily around out-of-state migration inflows and inadequate supply of new housing. However, multiple studies have shown the recent rise in home prices across the nation has not been limited to the impact of these two factors alone.
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The COVID-19 pandemic has had widespread and uneven effects on U.S. workers, resulting in changes in employment, schedules and hours worked. That also meant changes in earnings and benefits.
Especially hard-hit were workers in food preparation and serving related occupations and in transportation. As recent studies have shown, lockdowns and other safety measures led to declines in full-time, year-round employment and increased unemployment.
While the impact of COVID-19 on jobs has yet to be fully explored, a recently released Census Bureau report can serve as a pre-pandemic benchmark for changes in job characteristics across occupation groups.
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