Business in brief: Unemployment hits low

Kootenai County’s unemployment rate sank to an all-time low of 2.6 percent in May, though quirks in the economic models used to calculate the rate might have produced an artificially low figure, state officials said.

“We definitely do know that the unemployment rate in the area has fallen, especially in Kootenai and Bonner counties. But below 3 percent? We’ll have to wait a few months to see,” said Kathryn Tacke, a regional economist for Idaho Commerce and Labor Department in Coeur d’Alene.

Bonner County also reported 2.6 percent unemployment in May. Other counties also hit record lows. Benewah County had 3.5 percent unemployment last month; Boundary County was at 4.7 percent; and Shoshone County was 4.2 percent.

Statewide, Idaho’s unemployment hit a record low of 2.3 percent in May, which may also be a statistical aberration.

The fastest-growing industries in the state included tourism, construction, retail trade, agriculture and administrative and support services.

Lewiston, Idaho

Real estate firm opens office

Century 21 Beutler & Associates has opened an office in Lewiston – the sixth location for the Coeur d’Alene-based real estate firm.

“Opening the Lewiston office is a bit of a homecoming,” said John Beutler, the firm’s owner, who grew up in the Lewiston-Clarkston Valley. “This area is attracting a lot of attention from retirees and empty nesters who want a mild climate, lots of recreational opportunities, and affordable home prices.”

The firm purchased Realty Associates, an existing real estate business whose owners wanted to affiliate with a franchise.

Century 21 Beutler & Associates’ Lewiston office is located at 920 Main St.

Wallace

Silver reports loss for quarter

U.S. Silver Corp. reported a $1.2 million loss during the first quarter from operations at its Galena Mine near Silverton, Idaho.

Given the work that has gone into executing a turnaround at the mine, the loss was in line with company expectations, said Bruce Reid, U.S. Silver’s chief executive officer.

The company purchased the money-losing mine last year from Coeur d’Alene Mines. Reid said the Galena should achieve profitability later this year.

The company produced nearly 329,000 ounces of silver during the first quarter at an average cash cost of $10.16 per ounce.

Cash costs are the cost of extracting an ounce of silver from the mine.

The Galena’s production rates and cash costs have improved every quarter under U.S. Silver’s ownership, Reid said.