2024 Idaho Wage Outlook: What to Expect

Wages in Idaho have gone up by 4% last year. This shows a good trend in Idaho’s job market. It suggests wages may keep rising.

Economists say the U.S. might dodge a recession in 2024. Even though growth could slow down at first. Idaho’s job market looks strong. The unemployment rate should stay under 4%. And, job growth should keep going, though slowly.

Workers will be able to unite and ask for better jobs and pay. This is good news for everyone who works.

Idaho Labor Market Outlook

The Idaho Department of Labor says the job market in Idaho looks good for 2024. There will be more jobs with a growth rate of 1.2% each year. By 2025, almost 900,000 people will have jobs in Idaho.

The Role of the Construction Industry

Construction is very important in Idaho. It gives jobs to over 70,200 people. Every year, $6.5 billion is spent on construction. This is 5.7% of the state’s GDP.

Soon, workers in construction will earn more—15-20% more in 2023. Then, 20-25% more in 2024.

Challenges Ahead

Idaho’s job market looks good, but construction has some problems. There are not enough workers and some supply issues. Solving these problems is important.

Still, the future looks bright in Idaho. More jobs and better pay in construction and other areas will help. This will make Idaho a great place for finding a job.

Key Facts	Figures
Total Employment Growth Rate (2024)	1.2%
Total Employment by 2025	Nearly 900,000
Current Construction Industry Employment	Over 70,200
Annual Construction Spending	$6.5 billion
Construction Industry Contribution to Idaho’s GDP	5.7%
Projected Construction Industry Wage Increase (2023)	15-20%
Projected Construction Industry Wage Increase (2024)	20-25%

Conclusion

Idaho’s economic future in 2024 looks good, with growth in many areas. Jobs and pay will likely go up in different fields. The construction sector is especially important, boosting jobs and spending.

Yet, construction faces some big problems like not having enough workers and supply issues. But, these can be fixed with hard work and smart plans. Growing the workforce and finding good solutions are keys.

But there’s more good news beyond construction. Industries like manufacturing, transport, utilities, and more will also grow. This means the state’s economy will get even better overall.

FAQ

What is the outlook for wages in Idaho in 2024?

Wages in Idaho are expected to rise by 4% in 2024. This increase should be more than inflation. It means workers can ask for better jobs and higher pay.

How is the job market in Idaho expected to perform in 2024?

Idaho’s job market looks strong for 2024. The unemployment rate should stay below 4%. Job growth will be steady but slow.

The Idaho Department of Labor thinks employment will grow 1.2% each year. By 2025, nearly 900,000 people will have jobs.

What role does the construction industry play in Idaho’s economy?

Construction is very important in Idaho. Over 70,200 people work in this field. They spend .5 billion every year.

This makes up 5.7% of Idaho’s GDP. Wages in construction are expected to go up a lot. They might increase by 15-20% in 2023 and 20-25% in 2024.

What challenges does the construction industry in Idaho face?

The construction industry in Idaho is doing well, but it faces issues. There are not enough skilled workers. Supply chain problems also exist.

These issues might slow down the number of construction projects. They could also slow the industry’s growth.

What is the overall economic outlook for Idaho in 2024?

Idaho’s economy looks good for 2024. The job market is strong with job growth and wage increases.

Even though construction has its challenges, many areas like manufacturing and retail look promising. They offer chances for growth and prosperity in Idaho.

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