Sandpoint-IDaho.org-Economy and Economic Outlook for Sandpoint, Bonner County, and North Idaho

North Idaho Real Estate and Economy - Summer 2009

By Gary Lirette, Host of North Idaho Business on KSPT and KBFI and Realtor for Tomlinson Sandpoint International Realty.

How are things here in North Idaho? Besides being named to Sunset Magazine’s Top 10 Resort Towns this year, Idaho was just named the nation’s 8th healthiest state. In Sandpoint and Priest River, several new businesses just opened, including a Jack in the Box, Big 5 Sporting Goods, the Priest River Inn, and Zip’s. The new Mountain West Bank building in Sandpoint now graces Highway 2, and the Panhandle State Bank is our new downtown monument. Quest Aircraft is working multiple shifts to meet orders for their top-rated aircraft, and the Sand Creek Byway is fully underway, as anyone crossing (or parked and not moving) the Long Bridge will attest to.

Unemployment in Bonner County matched the national figure in July 2009 of 9.7%, but that is down from the February high of 10.5%. Certainly, our historic unemployment in the last twenty years has been considerably higher, so sub-10% rates, while nothing to be happy about, are par for the area. Normally, because of summer hiring, we see a substantial lowering in the rate during the summer tourist season, but this year, we should consider ourselves lucky that we are virtually maintaining our current levels. Here are the Monthly Unemployment Rates since January 1990.

I very much enjoy the weekly commentaries by Chris Basset of MetLife. His research is impeccable and insight thoughtful.

Here is what he wrote August 7, 2009:

Commentary: The good news from an economic and stock market perspective is that the July headline nonfarm payroll loss was considerably less than expected - which, on the other hand, was definitely bad news as far as the near-term prospects for lower mortgage interest rates is concerned.

The Labor Department reported employers cut 247,000 jobs in July, far less than the 320,000 most economists had projected. The job loss in July represents the slowest pace of job destruction since August of 2008. Last month's fob losses were spread across most sectors of the economy, but the pace of firings appears to have slowed substantially. With fewer workers being laid off, the national unemployment rate eased to 9.4% in July from 9.5% in June - marking the first time the jobless rate has fallen since April of last year. To round out the much improved story from the labor sector - the government revised May and June figures to show 43,000 fewer jobs were lost during those months than had been previously reported.

Those readers that were watching as the July nonfarm payroll data hit the news wire saw mortgage interest rates immediately jump dramatically higher - before improving notably from their worst levels of the day. Following the early "out-of-the-gate" knee-jerk investor reaction -- calmer, cooler traders were quick to pick-up on the fact that the workforce fell by 422,000 workers in July, far exceeding June's decline of 155,000 - an indication that large numbers of unemployed workers have become so disillusioned with current labor market conditions they have simply quit looking for work. My personal opinion is that the full story here is yet to be told.

Boiling all this economic double talk down to its "bare essence", here is the core "so what" factor from today's labor market report. While it is true that employers cut fewer jobs in July than at any other time since last summer, unemployment remains stubbornly high, which means consumers will likely remain very conservative with their spending. Since consumers drive more than 80% of all domestic economic activity the pace of future economic growth will remain extremely anemic - a condition that will significantly limit the velocity of increase for mortgage interest rates over the foreseeable future.

Looking ahead to next week, the members of the Federal Open Market Committee huddle up in a two-day meeting on Tuesday and Wednesday, Uncle Sam will be thrashing around in the credit markets over the middle three-days of the week looking to borrow $75 billion in the form of three- and 10-year notes and a smattering of 30-year bonds. In terms of economic reports Thursday's July Retail Sales numbers and Friday's Consumer Price Index will draw considerable mortgage investor attention.

Be patient . be disciplined . and use the recommendations above as a blueprint as you develop your pipeline risk management strategies during this very volatile period of time in the mortgage market.

Chris Bassett

Relationship Manager
212 N First Ave
Suite 103
Sandpoint, ID 83864

Office: (208)265-8981
Cell: (208)290-0305
Fax: (208)265-8740

NEW E-mail: cbassett@metlife.com
http://www.cjbassett.com

A lot of noise has been made over the unemployment rate going up a couple of points since summer quarter.

Looking back on historic figures since 1990, there has not been one year in which the rate did not increase during winter months. The facts are, in that eighteen year period, Bonner County had 47 months of unemployment over ten percent; the highest rate was 15.1% (Thank God for our current low rate); 40 times the rate swung more than two percent; several times the monthly or quarterly change was 4%, 5%, or even up to 8.4%. Why such volatile swings? In a county with under 50,000 full-time residents, seasonal changes because of weather and tourism make great changes the norm. Alarmists sound the bell, but don’t actually look at what our area is all about. Compared to the national rates, we are still ahead, and our future does not look bad. Click here to view the Unemployment Rates 1990-2008

Since 1997, the biggest gain we have had in employment is in manufacturing. With companies such as Quest Aircraft, Airtow, Encoder Products, Litehouse Foods, Coldwater Creek, and Thorne Research, we have better than average big company representation. In ten years over 1,000 new jobs have been created in Bonner County. Many think tourism is king. While important, it is only a fraction of our base.

According to Jeff Bond, owner of Tomlinson Sandpoint Sotheby’s International Realty, the company had its best September ever this year. Plus, we had sales for our office over 23 million for the month of December 2008. Certainly we have seen a decline in prices. Some estimates for our area are declines of 4%, 6%, and 6% for the last three years. However, we saw increases of 30%, 40%, and 40% the previous three. All in all, we are not doing so bad in real estate. Most values are maintaining, and sales, while not robust, are certainly better than other parts of the country.

Across the country the banking issue has been disconcerting to say the least. Home loans are tougher to get. Borrowers need to have sparkling credit, and according to news reports, 20% down payments are also becoming the norm. For those looking for loans in North Idaho though, the best resources appear not to be national companies, but local sources. Mountain West Bank did not take on the kind of bad loans that bigger banks took on, and recently, a story was sent out by Judy Delucchi about a loan that was falling apart right before closing. Jason Hauck of MetLife (that’s right, they make home loans, too!) put together a loan at a decent rate in just one week. The changes with USDA loans are generous. Joseph Cool of USDA in Post Falls says that a family of three can buy a home anywhere in Bonner County, and they can make in excess of $70,000, and even get assistance. There is money out there for loans in the Inland Northwest. Just look down the street rather than around the globe.

Every month I interview new businesses and pour over economic information. Like the rest of the country, we are having difficult times. However, from these interviews, what I garner is optimism and 24/7 commitment to excellence and success. The people here are amazing and friendly, plus hard-working to a fault. We all love the beauty of the area, and are inspired by the lakes and mountains.

So, any way you look at it, whether from the numbers or by the anecdotal conversations with people who work here and run stores, shops, and businesses, we are doing well.

Real Estate Market Conditions for North Idaho – Spring 2009

Business Conditions in North Idaho

Our major employers are not strapped for funds. Luckily, companies such as Coldwater Creek, Thorne Research, and Unicep Packaging are cash-rich, though the stocks for Coldwater have not been this low since 2003. The current economy is troubling for many, but our area is graced by continued good stewardship of its companies, many of which have national and international business: Coldwater Creek, Quest Aircraft Manufacturing, Buck Knives, Airtow, Easy Docks, Encoder Products, Thorne Research, Unicep Packaging, and Litehouse Foods are all companies with low debt and good cash reserves. Even our banks are among the few that did not make the kind of destructive loans that has put our nation at jeopardy.

Finding out about how many businesses are going under and how many are opening is fluid at best. Cathleen Hyde of the Downtown Sandpoint Business Association said that what people see from the street is not a good indicator of occupancy rates. She explained that the visible storefronts might give the appearance of empty buildings, many have simply moved to inner spaces that were significantly more affordable. In fact, we are down about 20 businesses over last year. However, there have been so many new start-ups, including big box stores like Big Five sporting goods opening on Fifth, and other national chains like Jack in the Box and Subway. The new digs for Mountain West Bank and Panhandle State Bank are stunning additions to our town, and with companies like Parsons hiring for the Sand Creek Byway and Quest continuing to hire, our job situation is a mixed bag.

The current rate of occupancy is virtually no different than 2003-04, though does not approach the 94% we saw in ’06-’07. This is probably a good thing though. One of the things that makes Idaho an attractive place to do business are the low costs. We have had a booming economy in some sectors for twenty years. It was not uncommon over the last 3-4 years to see rents in the same high rates as Spokane or even Seattle. With the downturn and closed storefronts, rents have come down to reasonable levels.

Plus, while some businesses have gone under, certainly our rate of bankruptcy is not overt. Idaho ranks 22nd in the nation for bankruptcies, putting it squarely in the middle, and most of the bankruptcies and foreclosures are in areas south of the North Idaho counties of Bonner and Boundary.

Coeur d’Alene is not faring as well as Sandpoint, but predictions are for a fairly rapid recovery even there.

Why do companies, without much of a tax incentive, find Sandpoint and North Idaho so alluring. Check out this video from the Bonner County Economic Development Corporation: http://www.bonnercountyedc.com/business-video.html Basically, one of the biggest draws is quality of life, but there are other reasons.

On their website they explain:

Skilled Employee Pool

Part of the inherent ease of doing business in Bonner County is its bounty of skilled workers. And when you’re located in a beautiful area that happens to have a lower cost of living, it’s particularly easy to find employees who are excited about being part of your growth and productivity. Additionally, Idaho distributes a Workforce Development Training Fund to help Idaho businesses train their workers, so you can have a knowledgeable team up and running in no time.

Low Business Costs

In Bonner County, you’ll also discover some of the lowest workers compensation premiums in the country, thanks to Idaho’s emphasis on working safely and productively. And, having already dropped 36% in the last five years, rates continue to fall steadily, making this an ideal time to relocate your business.

Overall, the costs of doing business in Idaho are much lower when compared with other parts of the country. According to the Regional Financial Associates, Idaho is the seventh best state in the country for total business-related expenditures. For example, many companies find their overall energy costs are half of what they would be in other western regions. And gas prices are just as attractive, as the state is conveniently located on a major north-south natural gas pipeline.

Idaho enjoys a business-friendly government that is committed to helping businesses become successful, profitable assets to its communities. And state and local officials have worked hard to ensure a balanced tax structure that has to date resulted in the third lowest per capita tax burden in the West.

One thing not as easily quantifiable is that employees here have an old-fashioned, show up for your shift, work ethic. Until very recently, Idaho had one of the lowest foreclosure rates in the nation in spite of lower wages than neighboring states. Why? Values that still are important here.

Certainly it has become harder to find work. Once a month for the last few the Bonner County Daily Bee has posted the same story about the rise in the number of unemployed...and, of course, it is true. We enjoyed unprecedented low unemployment for the last few years. Still, since 1997 manufacturing jobs increased in Bonner County by over 1,000, Quest just delivered its first aircraft to missionaries, as another wrote last time, Litehouse is always hiring, and though there are few jobs in the Bee, this is not the bellweather for job postings. For instance, there are dozens of jobs listed in NorthIdahoHelpWanted.com , and Sandpoint Online has similar numbers. Other jobs can be found on Craigslist regionally, and on the job search engines like Monster.

Tourism

There have been several restaurants that have closed in the last year, yet we have seen several new ones also: Jack in the Box, 41 South, Subway, Dish to name a few. We saw a real slowdown in summer tourism, much of which can be attributed to the high cost of gasoline, yet we saw few businesses shut down. In fact, in an interview I had on my radio show with Tom Chasse, CEO of Schweitzer Mountain Ski Resort, he explained that bookings for this season were on a par with last year’s, and that season was a record breaker for the ski resort. If the throngs that turned out for Sandpoint Winter Carnival are any indicator, then this winter will not be as bad for North Idaho as it has been for many other parts of the country.

According to the Journal of Business, the economic outlook for 2009 expects a soft year for tourism:

Jeanne Gustafson reported that Tourism is expected to slow further in Spokane and North Idaho in the coming year, though event bookings remain strong, observers say. The article went on to state that 2009 group hotel room bookings for events such as conventions so far are up by 2.3 percent compared with 2008, and such bookings for 2010 already have surpassed this year's group bookings.

Coeur d'Alene and North Idaho hope to maintain their current levels for tourism in the coming year, in contrast to double-digit growth in hotel receipts that those areas experienced last year, says Dani Zibell-Wolfe, vice president of tourism at the Coeur d'Alene Chamber of Commerce. The chamber also administers state grants for the North Idaho Tourism Alliance, which promotes tourism in the five northernmost counties in Idaho, Zibell-Wolfe says.

Last summer, Canadian visitors contributed a lot to the economy, choosing northwest U.S. destinations because of favorable exchange rates. Though gas prices were high in the U.S., they were even higher in Canada, Zibell-Wolfe says.

One trend Zibell-Wolfe says is expected to continue is a rise in tourism from areas within a four-hour drive from Coeur d'Alene.

Idaho Foreclosure Rates

Our local newspapers have regurgitated this misleading info about foreclosures, namely that they are skyrocketing. Only six months ago it was reported that Idaho was the eighth best state in the nation. In other words, one of the lowest rates. Now, less than one year later, we are ranked closer to the bottom. Same thing happened with misleading reporting when our unemployment went up two points this winter. But looking at the data since 1990, this is the absolute normal pattern during winter months. Plus, Schweitzer Ski Resort has not even hired its full staff yet.

Here is what ForeclosureResearch.com wrote in December 2008

Idaho foreclosure rates: Nothing to be alarmed about

From Idaho Business News Thredgold: No Idaho economic upturn soon

Idaho likely will stay in a recession for nine to 12 months, before a modest upturn in the second half of 2010, economist Jeff Thredgold wrote in the summer issue of Zions Bank’s Insight – Economic News of Idaho and the Nation.

Weak global demand for high-technology products has hit the state hard, leading to many job cuts, he wrote. Winter sports spending dropped, particularly at destination resorts.

“The economies of Idaho and its neighbors have been damaged by national and global issues of recession, constrained financial flows, declining home values and highly volatile stock prices,” Thredgold wrote. “However, the sharp rise in American stock prices of the past three months – by some measures the strongest three-month rally in 75 years – reflects an investor view that the worst is behind us. Numerous other signs of economic and financial stabilization are also emerging frequently.”

New home construction in Idaho and neighboring states remains weak as prices for existing homes continue to decline, dragged by foreclosed properties, he wrote. But Idaho home price declines appear relatively modest compared to those seen in Arizona, California and Nevada, he added.

Idaho should benefit from the U.S. economy’s move toward modest growth by the end of this year, and from a return to modest growth globally by the middle of next year, according to Thredgold.

Unemployment averaged 7.3 percent in Idaho in recent months – compared to 3 percent in 2006-07 – and is expected to rise, he wrote. Unemployment rates have been lower recently in Utah, Montana and Wyoming, and higher in Nevada, Oregon and Washington.

Idaho lost about 32,000 net jobs in the past 12 months, down 4.9 percent.

Jobs lost included about 15,000 in the goods-producing sector, down 13.2 percent; high-tech job cuts have had a major impact, and total manufacturing employment in Idaho is at its lowest in 17 years, Thredgold wrote.

http://www.zionsbancorporation.com/zionsbank/ins/insID2009summer.html

From Zions Bank Idaho Economic Outlook Summer 2009

Written by Jeff Thredgold, President, Thredgold Economic Associates Economic Consultant to Zions Bank

Under Pressure - The Idaho economy has remained under severe downward pressure in recent months, in line with similar economic pain among many of the state’s neighbors. Idaho’s recession is expected to continue during the next 9-12 months before a modest upturn during 2010’s second half.

Idaho’s recessionary performance since early last year is matched by the majority of states, including every Western state but Alaska. Roughly 47 of 50 states have experienced anywhere from slight to severe declines in total employment during the most recent 12-month period.

Many residents of the Gem State had perhaps developed a mindset that the state’s economy was largely immune from what happens across the nation or around the globe. Such views were dashed during the past 18 months as Idaho slipped into its most serious economic decline in a generation.

Western Weakness - Idaho’s unemployment rate has more than doubled, averaging 7.3% in recent months, versus the state’s 3.0% annual average during 2006-2007. The state’s estimated 7.8% jobless rate for May was the highest in 22 years.

By comparison, Wyoming’s jobless rate in April was 4.5%, while Utah’s rate during April was 5.2%. Montana’s jobless rate in April was 6.0%. Washington’s jobless rate was 9.1%, while Nevada’s rate was a painful 10.6%, with Oregon at 12.0%. Idaho’s jobless rate is expected to rise.

Ups and Downs - The Idaho economy has lost roughly 32,000 net jobs during the past 12 months, a painful 4.9% decline. Total goods-producing employment has fallen by roughly 15,000 jobs (down 13.2%) during the past year. The state’s high technology sector has been reducing job totals in a major way, tied to weak global demand. Total manufacturing employment within Idaho is now at its lowest overall level in 17 years.

Service-providing sectors lost nearly 17,000 jobs (down 3.2%), with trade, transportation & utilities; professional & business services; and leisure & hospitality recording the greatest numerical declines. Government, information, and education & health services added 6,500 jobs collectively.

Declining Values - New home construction within Idaho and among its neighbors remains extremely weak, with prices for existing homes continuing to decline. Foreclosed properties remain a drag on existing home values in all markets.

However, Idaho home price declines appear relatively modest when viewed against much greater declines in Arizona, California, and Nevada, where prices in major cities within those states have fallen an average of 47% versus their highs in 2006 or 2007, according to the S&P/Case-Shiller 20-city index.

Not Immune - A widely held view was that the winter sports industry was largely immune from economic weakness—that people would still ski despite recessionary periods. That view was shattered during the past year, with a sharp decline in winter sports spending across the West, especially for destination resorts. Visitation to Sun Valley and other Idaho ski areas was down sharply.

Outside Forces - The economies of Idaho and its neighbors have been damaged by national and global issues of recession, constrained financial flows, declining home values, and highly volatile stock prices. One could also add to the mix high anxiety about massive levels of government spending and associated record budget deficits, as well as low levels of consumer and corporate confidence.

However, the sharp rise in American stock prices of the past three months—by some measures the strongest three-month rally in 75 years—reflects an investor view that the worst is behind us. Numerous other signs of economic and financial stabilization are also emerging frequently.

Idaho Outlook - The most severe economic and financial turbulence since the Great Depression has hammered the Idaho economy, like that of nearly all 50 states. Weak global demand for high tech products produced in Idaho has led to thousands of job cuts.

However, with widely held expectations that the U.S. economy can move toward modest growth by the end of the year, Idaho’s outlook improves. A return to modest global growth by mid-2010 is also currently expected. Idaho’s economy will benefit from the expected stronger outside performance, with a likely return to positive growth in 2010’s second half, and more traditional solid performance in following years.

According to the Bureau of Labor Statistics, Idaho ranks 20^th in the nation in unemployment, putting the Gem State continues to be in the top tier of states, although current rates place unemployment up to 8.4% from the 7.8% in that report.

Business Growth - In 2008, 24,296 new businesses filed with the Secretary of State, down over 15 percent from 2008 and the second straight annual decline. The previous decline was in 2001 during that national recession. Source: Idaho Secretary of State

Job Growth - Job losses in the Idaho economy escalated to over 37,400 between May 2008 and May 2009, dropping nonfarm jobs to 618,200. That was down 5.7 percent from a year earlier and below both 2007 and 2006. For all of 2008, jobs were off 1 percent, the first annual decline in payrolls since 1986. Nationally, nonfarm jobs fell 4 percent in May compared to a year earlier. Construction, which has been hemorrhaging jobs since mid-2007 as the housing bubble burst, and manufacturing, primarily in the high technology sector, accounted for 40 percent of Idaho’s losses. Trade, professional and business services and restaurants and bars accounted for the bulk of the rest. Only health care and information were in the black.

High-tech employment, which averaged 56,700 in 2007 and appeared to be gaining, declined again in 2008 and early 2009 following major layoffs at Micron Technology in the second half of 2007, in 2008 and early 2009 along with others in the industry including MPC and Hewlett-Packard. The sector hit bottom in 2003 at 52,127 after peaking two years earlier at 58,159. Employment in 2008 averaged 55,559.

Source: Idaho Department of Labor

Number of People Working - Only 692,000 people were working in Idaho in May 2009, – 27,000 fewer than a year earlier and the third straight month under 700,000 since September 2005. It was the 16th straight month that employment has been below year-ago levels. Total unemployment hit a record 58,300 as the jobless rate spiked to 7.8 percent, the highest rate since April 1987. Idaho’s 3.7 percent employment decline matched the decline nationally as the jobless rate across the country climbed to 9.4 percent.

Source: Idaho Department of Labor

http://labor.idaho.gov/lmi/pubs/idempnews/iecur.pdf

According to the Idaho Department of Labor, Bonner County’s unemployment rate is up a tick to 8.9% from 8.8% from May to June. The normal pattern of lower unemployment with the summer tourist season has not come to pass as in previous years. June hiring is just not what it has historically been.

Weak June Hiring Sends Jobless Rate to 25-Year High

Idaho businesses hired fewer people last month than they have during June for the last decade, pushing the forecasted seasonally adjusted unemployment rate up another half percentage point to 8.3 percent.

June’s rate was the highest jobless rate since October 1983 when the state was pulling out of the double-dip recession that ushered in a major economic shift from natural resources to services augmented by some expanded advanced manufacturing – particularly in the high technology sector. Read more... 7/2/2009

However, we have not gone up either relatively. This is good news. Many businesses are hanging on by a thread. Belwood’s has sold furniture for decades in Sandpoint, but will be closing its doors this month. While this is only one business, we can expect to see at least a few more businesses quit operations sometime during the fall and winter slowdown.

While the local economy in Sandpoint and Bonner County is not dismal, it is also a reflection of the slower economic times reflecting national realities. One sparkling sign are the tourists that flooded the area for July 4^th and the following weekend of the events that peppered the county: Jerry Fest, the Wooden Boat Show, and Dover Bay Days. The summer of 2008 saw fewer boats on Lake Pend Oreille, much because of the higher gas prices that year suffered from. 2009 had a slow boating start, but once again there are numerous boats on the lake.

Tourism - Despite decent snow, winter tourism revenues were off 5.6 percent for the 2008-2009 November-March season from 2007-2008, a reflection of the recession and decisions against vacation travel. Higher travel costs and increasing economic uncertainty did not keep hotel, motel and private campground receipts from hitting a new record of $407.6 million in 2008, up from $388.9 million in 2007. Receipts for January-May 2009, however, were off more than 15 percent – $22.2 million – from the first five months of 2008. Tourism has been estimated to account for about 5 percent of Idaho’s gross state product. Sources: Idaho Travel Council; Global Insights’ Economic Impact of Tourism on Idaho’s

From the State of Idaho Department of Commerce

Idaho ranks 14^th in Economic Outlook

Washington, D.C.: In the midst of economic turmoil, federal bailouts, and budget deficits in more than 40 states, a new report from the American Legislative Exchange Council ranks Idaho's economic outlook 14th in the nation, based on performance trends from states in the last 10 years.

The second edition of "Rich States, Poor States: ALEC-Laffer State Economic Competitive Index" shows how the federal bailout of the states may encourage out-of-control spending by states, which is up 124 percent over the last 10 years, without requiring them to make the tough decisions needed to bring about financial stability.

"States were quick to increase spending and add programs during the good times," Idaho Rep. Jim Clark, ALEC's Idaho state chairman, said. "We need to make tough choices to live within our means. The best solution to our budget woes is to control state spending and promote policies that foster economic growth and job creation."

The report presents rankings of the 50 states based on the relationship between policies and performance - revealing which states are best positioned to make a recovery, and which are not.

States ranking in the top five in the report are Utah, Colorado, Arizona, Virginia and South Dakota.

http://www.ecodevdirectory.com/idaho.htm

http://dfm.idaho.gov/Publications/EAB/Forecast/ForecastIndex.html

Northern Idaho Area Labor Market Information

Northern Idaho is comprised of the five northern most counties of Idaho: Benewah, Bonner, Boundary, Kootenai, and Shoshone. The beauty and lifestyle of this area has attracted thousands of new residents in recent years, making it Idaho’s second most populous region. The region’s largest city, Coeur d’Alene, is just 33 miles from Spokane, Washington, where many Northern Idaho residents work. Industries playing major economic roles include the lumber industry, a wide variety of other manufacturing industries, tourism, retail, agriculture, call centers and the Coeur d’Alene and Kootenai Tribes.


IDAHO COMMERCE & LABOR LINKS

Bonners Ferry Coeur d'Alene

Bonners Ferry Coeur d'Alene

Sandpoint Silver Valley St. Maries

Statewide - Idaho Employment Newsletter

IdahoWorks Job Search

N. IDAHO CHAMBERS OF COMMERCE

Bonners Ferry Coeur d'Alene Hayden

Post Falls Priest Lake Priest River

Sandpoint Spirit Lake Wallace

Wikipedia Idaho Facts

Macneil-Lehrer.com: Background Information: The Changing Idaho Economy

New Study Finds Tourism an Increasing Economic Factor in Idaho

Idaho's Incredible Business Incentives

Starting a Business in Idaho

Priest River Development Corporation

Bonner County Economic Development Corporation

BuyIdaho.org - Newsletter

Idaho Game & Fishery Economic Facts

Inland Northwest Economic Developments, Winter 2008

The following are projects, initiatives and economic developments that are making news in eastern Washington and northern Idaho. This email is distributed by the Inland Northwest

Lewiston, Idaho – Munitions and rocket motor manufacturer, ATK, has completed - ahead of schedule - the training of more than 100 workers at its Lewiston plant using a $272,000 grant from the Idaho Department of Labor grant. In January 2007, the company was awarded a five-year federal contract worth up to $90 million to supply ammunition to the Department of Homeland Security. Much of the work is being done at the Lewiston plant, which has over 900 workers. To learn more, read the press release at http://labor.idaho.gov.

Lewis-Clark State College broke ground this spring on a $16 million Nursing and Health Sciences building at its Lewiston, Idaho campus. The new addition will contain labs for Natural Sciences in addition to classrooms. Expected completion is fall 2009. Visit www.lcsc.edu to learn more.

Boundary County, Idaho – An Idaho Community Gem Grant, engineered by the Panhandle Area Council, has been awarded to the Inland Pacific Hub project to embark on a $300,000, year-long study to develop strategies to create the regional transportation system hub. The Inland Pacific Hub is an inland transportation corridor with vital routes between the Columbia River and north into the Canadian provinces of British Columbia and Alberta as well as east-west routes. To learn more, view this PowerPoint presentation: http://www.inwp.org/pdf/InlandNorthwestCrossroads.pdf

Spokane County has seen the greatest gains in retail sales of all 58 counties in Washington State, according to the Washington State Retail Survey. Spokane retail sales have grown at a rate that is 176 percent higher than the statewide norm over the past five years. The Washington State Retail Survey ranks each county based on a number of factors to determine the "relative strength index.” Learn more at http://washingtonstateretailsurvey.com.

Rathdrum, Idaho – The Rathdrum Prairie will soon be home to a trade-technical high school where students can prepare for a technical career. Students interested careers such as diesel mechanic, machinist or welder will have the opportunity to attend a school that offers courses in those and other trades in addition to traditional high school courses. On the same 100-acree parcel of land, North Idaho College will establish a campus geared toward professional and technical education, allowing students to move seamlessly into college programs. These schools will focus on the 80-plus percent of local young people who don’t pursue a four-year college degree. To learn more, read the following Spokesman-Review article http://www.spokesmanreview.com/breaking/story.asp?ID=17510.

Spotlight on Inland Ports

Lewiston, Idaho – The Port of Lewiston, Idaho’s only water access point to the Pacific Ocean, plays the traditional port role, off-loading the region’s significant exports in timber, grain and other agricultural products, as well as containerized cargo, including plastics, jet boats, log homes and more. It also handles select imports, including heavy equipment destined for the Tar Sands in Alberta, Canada. Innovatively, the Port offers business incubator services to help young companies lay a strategic foundation for growth. Recently, the Port began development of an off-water, 42-acre business and technology park, presenting a campus setting, fiber optics and infrastructure for light manufacturing, professional services and R&D operations.

Tomlinson
Sandpoint
Sotheby's International Realty

200 Main Street
Sandpoint, Idaho
208-610-1384
800-282-6880

Gary Lirette, REALTOR® & host

of the radio shows
North Idaho Business
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