Economist: Idaho economy hits “zero growth”

POSTED: 09:30 MDT Friday, July 11, 2008

by Brad Carlson

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Tags - Blog, economy, Zions Bank

Idaho’s economy probably will stay weak for the rest of the year, Zions Bank Economic Consultant Jeff Thredgold wrote in his summer Insight economic update for Idaho. The state’s economy has weakened to a “zero-growth pace,” negatively impacted by U.S. economic stagnation, a plunge in home construction, soft home values, high energy prices and consumer caution “tied to constant negativity from national media,” according to the economist.

Idaho total employment in the past year declined slightly – posting the weakest performance since 2002 – as the goods-producing sector lost 8,000 jobs in manufacturing and construction while the service sector accounted for all job additions, Thredgold wrote.

“Over the longer time horizon, however, Idaho’s inherent strengths of low business costs, affordable energy, and solid population growth continue to suggest a solid future,” he wrote.

6 Comments

I just don't understand how this could be....what with CNBC just naming us 4th best, "Top State for Business" and our "Major Industries: Lumber, Mining" [you can't make this stuff up]
link: www.cnbc.com/id/25447621/site/14081545/
What are we paying those people at the Dept of Commerce & BVEP to do?

Comment By Bill
Friday, July 11, 2008 @ 12:12 PM

Idaho's economy and especially the Treasure Valley's economy is a joke. Nothing but service sector, low paying jobs.
Myself, recently laid-off, have a college degree and the only things available are low paying, no skilled required, jobs out there.
Comment By What to do?
Friday, July 11, 2008 @ 1:07 PM

There's a difference between being a "Top State For Business" and a "Top State Doing Business." We're definitely not the latter.
Comment By Martin
Friday, July 11, 2008 @ 1:22 PM

I read Mr. Thredgold's update posted here.
http://www.zionsbancorporation.com/zionsbank/ins/insID2008summer.html
I find it curious that he doesn't support his contention of zero economic growth. I would think there is a statistic somewhere on the Gross State Product for the first half of the year. If his contention is zero growth in jobs he should say so.
His misguided belief that the National Media is the force behind the economic problems impacting the state and nation is equally nonsensical and trite.
The problem with an entertaining economist is that he has play say things that are outlandish or at the level of his audience. Neither of those make for a very good explanation of the facts.
Comment By Dubious
Friday, July 11, 2008 @ 3:46 PM

Idaho better get it straight and soon, or we are heading into hole we won't be able to get out of.
Comment By KH
Sunday, July 13, 2008 @ 7:40 PM

Have no fear! Under George W Bush's and Butch Otter's leadership, we will prevail! Snicker.
Comment By Gary K
Monday, July 14, 2008 @ 12:01 AM

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