October 28, 2006 in Business

Idaho GSP gain ranked 9th in U.S.

The Spokesman-Review
 

Idaho’s gross state product grew 8.5 percent in 2005, which ranked ninth in the nation for percentage gain.

The value of goods and services produced in Idaho last year was $47.2 billion. Growth was especially strong in the construction, manufacturing, transportation, and retail and wholesale trade sectors.

The figures reflect the diversity in the state’s economic growth, said Commerce & Labor Director Roger Madsen.

Population growth has led to gains in construction, service industries and retail trade, he said. The state’s manufacturing sector has been rebuilding since the 2001-to-2002 national recession.

Since the national recession, Idaho’s gross state product has increased 29 percent, the sixth fastest growth rate in the nation.

Rathdrum

Ex-manager buys fabricating firm

A Rathdrum firm that produces cooling towers for the utility industry has been fully acquired by its former manager.

Wade Wolcott, 46, completed the purchase of Dynamic Fabricators earlier this month.

Wolcott bought 51 percent of the company back in 2001 from GEA Power Cooling Systems of San Diego, a U.S. subsidiary of German-based GEA. At the time, GEA wanted to phase out of the manufacturing business and concentrate on the design and installation of cooling towers. Company officials asked Wolcott, the plant manager, if he was interested in buying it.

Wolcott’s purchase helped keep Dynamic Fabricators in Rathdrum, earning him recognition as the 2001 “Business of the Year” by Jobs Plus. He was given an option to purchase the remaining 49 percent of the company, which he exercised this fall.

Dynamic Fabricators employs about 45 people, and has annual sales in the $7 million range. Wolcott said he expects sales to grow by 25 percent next year. In addition to cooling towers, the firm also makes fiberglass docks and walkways for homeowners and marinas.

Chicago

United, American hike certain fares

Citing high fuel prices, United Airlines said Friday it has increased fares by $6 per round trip on flights to some cities also served by lower-cost carriers.

American Airlines, a unit AMR Corp., immediately matched the move, spokesman Tim Wagner said.

United, a unit of UAL Corp., said the increase took effect Thursday night.

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