idaho economic outlook pacific northwest regional economic conference may 15, 2008 presented by...
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Idaho Economic OutlookIdaho Economic Outlook
Pacific Northwest Regional Economic Pacific Northwest Regional Economic ConferenceConference
May 15, 2008May 15, 2008
Presented ByPresented By
Michael FergusonMichael FergusonIdaho Division of Financial ManagementIdaho Division of Financial Management
www.idaho.gov/dfmwww.idaho.gov/dfm
2004 Total Gross Domestic Product by State by State (Percent Change from Year Ago)
Source: St. Louis FRB, GeoFred
2005 Total Gross Domestic Product by State by State (Percent Change from Year Ago)
Source: St. Louis FRB, GeoFred
2006 Total Gross Domestic Product by State by State (Percent Change from Year Ago)
Source: St. Louis FRB, GeoFred
Idaho Employment Growth Rate2004
Idaho Employment Growth Rate2004
2.1%
4.3%
4.5%
1.0%
3.7%
2.7%
8.2%
-5.7%
2.7%
8.5%
-0.1%
1.8%
2.1%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Idaho Employment Growth Rate2005
Idaho Employment Growth Rate2005
3.2%
4.2%
5.1%
1.8%
6.1%
4.0%
11.4%
-1.9%
3.5%
13.3%
-0.6%
0.7%
4.6%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Idaho Employment Growth Rate2006
Idaho Employment Growth Rate2006
4.0%
3.1%
5.8%
4.9%
-4.3%
7.1%
4.4%
-0.1%
4.3%
15.4%
3.0%
1.6%
3.7%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Idaho Employment Growth Rate2007
Idaho Employment Growth Rate2007
6.1%
5.0%
2.2%
3.3%
2.6%
2.4%
2.7%
1.5%
-4.6%
1.9%
-2.5%
0.7%
3.7%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
656
9.6
16.2
14.9
53.1
111
32.5
10.9
20.9
73.6
83.2
63.3
104
Level (k)
Idaho Employment Growth Rate2008
Idaho Employment Growth Rate2008
3.0%
2.6%
2.8%
-0.3%
0.5%
0.4%
0.7%
-1.3%
-7.9%
-6.3%
-9.8%
1.7%
1.8%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Idaho Employment Growth Rate2009
Idaho Employment Growth Rate2009
2.7%
3.2%
4.2%
0.7%
2.3%
1.9%
1.5%
0.8%
-6.6%
-3.2%
-7.1%
-0.1%
3.3%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Idaho Employment Growth Rate2010
Idaho Employment Growth Rate2010
3.2%
3.5%
4.0%
0.7%
2.7%
1.9%
2.4%
1.7%
8.5%
-1.7%
-2.1%
0.2%
3.6%
-8% -6% -4% -2% 0% 2% 4% 6% 8%
S&L Govt
Leisure & Hospitality
Education & Health
Professional & Business
Trans., Warehouse, Util.
Information
Finance
Trade
Construction
Food Processing
Computer & Electronics
Logging & Wood Products
Total Nonfarm
Source: April 2008 Idaho Economic Forecast
Unemployment Rate
0
2
4
6
8
10
Jan-90 Jan-95 Jan-00 Jan-05 Jan-10
Idaho U.S.
Source: Idaho Dept of Labor and U.S. Bureau of Labor Statistics
November 2007
Source: Philadelphia FRB
December 2007
Source: Philadelphia FRB
January 2008
Source: Philadelphia FRB
February 2008
Source: Philadelphia FRB
March 2008
Source: Philadelphia FRB
Idaho Coincident IndexOne-Month Change
-15%
-10%
-5%
0%
5%
10%
15%
Source: Philadelphia FRB
Idaho Coincident IndexThree-Month Change
-15%
-10%
-5%
0%
5%
10%
15%
Source: Philadelphia FRB
Recent Events & AnnouncementsRecent Events & Announcements
The Good….The Good…. Micron Selects Boise for 300mm ProcessMicron Selects Boise for 300mm Process Areva Selects Idaho Falls for Uranium EnrichmentAreva Selects Idaho Falls for Uranium Enrichment Hoku Scientific Selects Pocatello for Polysilicon PlantHoku Scientific Selects Pocatello for Polysilicon Plant Nordic Windpower Selects Pocatello for Turbine PlantNordic Windpower Selects Pocatello for Turbine Plant
The Not So Good….The Not So Good…. Tamarack Resort Bankrupcy & ForeclosureTamarack Resort Bankrupcy & Foreclosure AMI Semi Sold to ON Semiconductor, Layoffs AnnouncedAMI Semi Sold to ON Semiconductor, Layoffs Announced HP – Will “Rebalance” Imaging & Printing DivisionHP – Will “Rebalance” Imaging & Printing Division St Alphonsus Regional Medical Center Layoffs, EtcSt Alphonsus Regional Medical Center Layoffs, Etc
General Observations…General Observations… Weak DollarWeak Dollar
Largely positive for Idaho producersLargely positive for Idaho producers Canadians Canadians ♥ Coeur d’Alene♥ Coeur d’Alene
High Energy PricesHigh Energy Prices Broadly adverse – farmers, truckers, drivers, government, et al… (is anyone not impacted?)Broadly adverse – farmers, truckers, drivers, government, et al… (is anyone not impacted?) Some positives for related manufacturing (uranium reprocessing, wind turbines, etc)Some positives for related manufacturing (uranium reprocessing, wind turbines, etc)
High Commodity PricesHigh Commodity Prices Farmers benefit (but input inflation worrisome)Farmers benefit (but input inflation worrisome) Mining activity up (north, central, southeast)Mining activity up (north, central, southeast)
House Price & Mortgage CrisisHouse Price & Mortgage Crisis Idaho exposed, but to lesser degree (smaller price run up, fewer foreclosures)Idaho exposed, but to lesser degree (smaller price run up, fewer foreclosures) Nonresidential strength helping offset residential hitsNonresidential strength helping offset residential hits Broader impacts felt nonetheless, e.g. TamarackBroader impacts felt nonetheless, e.g. Tamarack
Snowpack At/Above NormalSnowpack At/Above Normal Farmers relieved (but deeper problems will persist)Farmers relieved (but deeper problems will persist) Big Runoff = Great Boating Season (but could also fuel big fire season)Big Runoff = Great Boating Season (but could also fuel big fire season)
Thank You!For more information, visit:
http://dfm.idaho.gov/Publications/Econ_Publications.html