Similar to Idaho’s recent wage gains, Idaho’s recent income growth was concentrated in and around the state’s capital in Boise. (Kyle Pfannenstiel/Idaho Capital Sun)
Idaho worker earnings and family incomes are rising faster than most states in the nation.
That’s according to new estimates from the U.S. Census Bureau’s American Community Survey.
Idaho’s median family income rose 2.7% to more than $91,000, from 2022 to 2023 — the fourth highest growth rate of all states, the Idaho Department of Labor announced in a Friday news release.
Idaho’s median worker earnings also rose 3%, ranking seventh in the nation for its rate of growth. But Idaho workers’ fast-growing earnings of $40,098 per year was still the 45th lowest in the nation, the Department of Labor reported.
Idaho Gov. Brad Little touted the earnings growth as another sign of Idaho’s economic strength.
“The news that Idaho worker and family earning growth is outpacing almost every other state is welcome news and not altogether surprising because Idaho is experiencing unprecedented economic prosperity,” Little said in a news release. “Our success comes from the ingenuity of our businesses, our strong families, good government, and an unrelenting focus on keeping taxes low and supporting businesses.”
Idaho’s wage growth concentrated in Boise. But Idaho Falls also saw big gains.
Similar to Idaho’s recent wage gains, Idaho’s recent income growth was concentrated in and around the state’s capital in Boise, according to census estimates analyzed by the Idaho Department of Labor.
The Boise Metropolitan Statistical Area, or MSA, saw median family incomes rise by 4.2%, to around $100,000 per year, the Department of Labor reported. Idaho Falls-area family incomes spiked by 11.3% to over $95,000 per year.
Idaho’s four other metropolitan statistical areas didn’t see significant changes, the Department of Labor reported.
“Idaho in general has a very healthy economy, and in particular the Boise MSA has been very, very healthy,” Idaho Department of Labor Regional Labor Economist Jan Roeser told the Idaho Capital Sun in an interview.
But Idaho’s median household income — 25th in the nation, at almost $75,000 annually — didn’t significantly change, the Department of Labor reported.
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How other states’ incomes grew
Montana was the only other Western state to have the top-10 fastest growing family median incomes. Idaho’s growth rate was just behind the District of Columbia, where family income rose 3.1% to over $157,000 per year — a nearly $5,000 jump from 2022.
While Idaho’s worker median earnings were 45th in the nation, neighboring Utah was at 26th, with nearly $42,400, per year in earnings. Utah’s earnings fell by 0.62%, ranking 30th for growth rate.
“All of our surrounding states, they basically have a different wage structure than Idaho has. But we’re rising. And the fact that we’re rising that fast, I think, is really encouraging,” Roeser said.
While Idaho’s low unemployment rates have slightly risen lately, she said part of that is “absorbing the civilian workforce,” like job searches for new high school graduates and spouses in new couples moving into Idaho.
A closer look at median household income
Unpacking the rise in income is complicated.
From 2022 to 2023, Idaho’s median household income — the typical income barometer — fell by $845 to $74,942. But because the census income data is adjusted for inflation, that mostly means Idaho’s buying power changed, not necessarily that income declined, Roeser said.
Still, the data shows Idaho’s income is rising over time. Idaho ranked 25th in the nation for median household income in 2023, compared to 23rd in 2022, 29th in 2021 and 32nd in 2019.
It isn’t immediately clear how median income changed in Idaho metropolitan areas. Because for all of Idaho’s Metropolitan Statistical Areas, the census reported the median household income data wasn’t statistically significant.
That means the U.S. Census Bureau says its estimates didn’t have at least a 90% confidence interval. The American Community Survey estimates are based on survey data for a sample of residents, which was less than 13,000 Idahoans in 2023. That’s compared to the once-in-a-decade full census headcount.
Only major population centers, called Metropolitan Statistical Areas, were included in the estimates. Those areas, combined, are home to 437,384 Idaho families, the census data estimates.
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Publish date : 2024-09-13 12:01:00
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