Tribune
Idaho officials think the economy will do slightly better over the next three years than anticipated just three months ago, largely due to better than expected employment growth.
The state Division of Financial Management had projected a 1.1 percent increase in nonfarm employment during the first quarter of this year. However, the actual growth rate was 3.6 percent. That was about 4,500 more jobs than expected, primarily due to a strong housing and construction market, as well as improvements in the manufacturing sector.
Based on those figures, the division issued an updated economic forecast Monday that projects 2.7 percent employment growth for the year, followed by 2.7 percent in 2014 and 3.4 percent in 2015.
At that pace, the state will surpass pre-recession employment levels by next year.
Real personal income is expected to increase 1.3 percent in 2013, according to the agency, followed by 3.4 percent in 2014 and 3.8 percent in 2015. Altogether, that's about $385 million higher than anticipated in the last forecast, which was issued in April.
