Posts tagged: Idaho personal income
Total personal income in Idaho in 2012 was up 3.9 percent from 2011, a third of a percentage point below the national average, according to new estimates out today. Rising business profits were a major driver of the growth in personal income, with business profits up 6.6 percent statewide; wages rose only 2.5 percent, compared to 4.3 percent nationally.
One surprise in the numbers was that rural Idaho saw more of a boost than the state’s urban counties, the Idaho Department of Labor reports. Total personal income in Idaho’s 33 rural counties was up 4.4 percent from 2011, two-tenths of a percentage point higher than the national increase. In the state’s 11 urban counties, it was up 3.7 percent, which, was half a percentage point below the national increase.
The difference is even more pronounced for per-capita personal income, which rose 4.6 percent in rural Idaho to $33,649, compared to 2.5 percent in the urban counties to $34,654. But most of the state’s population is concentrated in the urban counties, and they’re gaining residents. Bob Fick of the Idaho Department of Labor reports that just one Idaho county, Custer County, showed a decrease from 2011 to 2012; molybdenum mining there has been soft. You can see Fick’s full report here, including a breakdown by county. (Note: The department issued a corrected report on Friday, slightly modifying the urban vs. rural figures; this link is to the corrected version.)
Idaho’s total personal income for the first quarter of 2013 was down from the previous quarter, even though business profits and farm income both were up. The Idaho Department of Labor says the 0.9 percent drop from the fourth quarter of 2012 came because of a decline in investment earnings, which were down 4.2 percent. Meanwhile, wage and salary disbursements were up 0.3 percent from the previous quarter, business profits were up 1.7 percent, and farm income was up 0.8 percent.
Idaho Department of Labor spokesman Bob Fick said even though Idaho saw a decline in personal income for the quarter, it fared better than most states. National personal income fell 1.2 percent for the quarter. Idaho’s small decrease was the sixth-best performance in the nation; 27 states saw total wages decline. You can read more here, including breakdowns by economic sector.
Here are some signs of economic recovery, courtesy of the Idaho Department of Labor: Thirty-seven of Idaho's 44 counties saw total personal income rise in 2010, vs. just five in 2009, according to new estimates from the U.S. Bureau of Economic Analysis. Meanwhile, business profits rose more than wages, jumping 13 percent statewide, vs. 2.1 percent for worker paychecks.
Some examples: In Boundary County, total income was up 6.8 percent from the previous year, even though the average wage, at $31,114, fell 1.1 percent, and the number of jobs, 3,636, was down 2.5 percent. Kootenai County saw a 1.5 percent drop in the number of jobs, but a 2.2 percent rise in the average wage to $33,071; total income was up 3.3 percent. In Shoshone County, total income was up 6.4 percent, while the average wage was up 8.3 percent to $35,214, even as the number of jobs fell 3.3 percent. You can read Labor's full announcement here, including county-by-county data.