SEPTEMBER 2020

The Idaho economic recovery rolled on in July, with the state’s labor market adding 14,000 jobs month to month. However, Idaho’s employment has not fully recovered and is still 0.7% lower than it was at the same time last year. Idaho’s unemployment rate dropped to 5.0% in July. Idaho lost 5,600 jobs over the past year, with the trade, transportation and utilities (+3,600); financial activities (+1,900); and construction (+1,500) sectors gaining the most jobs. Leisure and hospitality (-7,600); education and health services (-3,200); and other services (-1,800) lost the most jobs year over year. Idaho housing price growth was the highest in the nation at 10.2%.

IDAHO

MOST IDAHO COUNTIES EXPERIENCING JOB GROWTHJuly 2019-July 2020

MOST INDUSTRIES BELOW 2019 LEVELSJuly 2019-July 2020

INDUSTRY12-Month

Total Change12-Month% Change

Natural Resources & Mining 100 2.4%

Construction 1,500 2.7%

Manufacturing -200 -0.3%

Trade, Transportation & Utilities 3,600 2.5%

Information -1000 -11.1%

Financial Activities 1,900 5.1%

Professional & Business Services -100 -0.1%

Education & Health Services -3,200 -2.9%

Leisure & Hospitality -7,600 -8.5%

Other Services -1,800 -6.6%

Government 1,200 1.0%

TOTAL -5,600

Source: Idaho Department of Labor and Bureau of Labor Statistics, Seasonally Adjusted, Total Nonfar

IDAHO EMPLOYMENT CONTINUES BOUNCEBACKJuly 2020

Source: U.S. Bureau of Labor StatisticsNote: Shaded area represents recession

ECONOMY RECORDS LARGEST CONTRACTION EVERChange in U.S. Gross Domestic Product

Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020

2.0% 2.1% 2.1% -5.0% -31.7%

Source: Bureau of Economic Analysis

TOTAL EMPLOYMENT: 751,300EMPLOYMENT LOSS: -0.7%UNEMPLOYMENT: 5.0%

Source: Idaho Department of Labor

EMPLOYMENT QUICK FACTS August 2020

JOBS ADDED:

EMPLOYMENT GROWTH:

UNEMPLOYMENT:

Sources: U.S. Bureau of Labor Statistics

ROBERT SPENDLOVEEconomic and Public Policy Officer

Contact our team for more information or to schedule a speaking engagement.

robert.spendlove@zionsbank.com (801) 560-5394

drew.maggelet@zionsbank.com (801) 844-8244www.zionsbank.com/economy

Sources: Census Bureau, Bureau of Economic Analysis, Bureau of Labor Statistics, National Center for Health Statistics, statista.com

STATE FACTS (VALUE & RANK)

Source: U.S. Bureau of Economic Analysis

As of September 2, 2020

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Source: U.S. Bureau of Economic Analysis.Note: Left axis = total population; Right axis = components of population change

Idaho United States

$307,1351 MEDIAN HOME VALUE(July 2020)

$$253,5271

10.2%1 % CHANGE IN HOME VALUE (July 2019 - July 2020)

4.5%1

0.01%2 FORECLOSURE RATE (July 2020)

0.01%2

INTEREST RATES

3.25% - Prime Interest Rate (Current)

3.12% - 30-Year Fixed Rate Mortgage (As of September 2, 2020)

Sources: Wall Street Journal

PERSONAL INCOME GROWTH STRONG IN IDAHOPersonal Income Growth by State, Q1 2020

• Median Household Income: $58,723 (2018) 36th

• Annual Mean Wages & Salaries: $44,890 (2019) 44th

• Per Capita Personal Income: $43,155 (2018) 43rd

• Personal Income (% Change): 5.4% (2017-2018) 6th

• Population Growth Rate: 2.1% (2019: 1,787,065) 1st

• Total Fertility Rate: 1.90 (2018) 7th

• Median Age: 36.6 (2018) 5th

IDAHO HOME VALUES HIGHER THAN NATIONJuly 2020 Idaho: $307,135 U.S.: $253,527

Source: Zillow Research, Zillow Home Value Index

IDAHO HOUSING PRICE GROWTH HIGHEST IN NATIONHome Prices and Foreclosures

Sources: 1Zillow Research and 2RealtyTrac

IDAHO GDP CONTRACTED AT BELOW AVERAGE RATEGDP Growth by State, Q1 2020 Idaho: -4.1% US: -5.0%Idaho: 3.9% US: 2.3%