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Boise, Idaho ~ Boise, Idaho - The state of Idaho has closed out its fiscal year ending June 30, 2025, with a balanced budget and a surplus of approximately $345 million, according to updated revenue figures released by the Division of Financial Management today.
Governor Brad Little praised the state's responsible budgeting and conservative principles for promoting economic activity and leading to this positive outcome. He also highlighted the historic tax relief and investments in public schools, roads, and infrastructure made by the Legislature and himself. State support for public education has increased by nearly 70% in recent years, with a continued focus on improving teacher pay and classroom resources.
The latest figures show that job and wage growth have contributed to a 5.9% increase in withholding collections compared to last year. Gross sales tax revenues are also up by 3.7%, while online sales tax collections have seen a significant increase of 13.2%.
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Idaho's GDP has experienced exponential growth of 150% over the past five years, with a real GDP increase of more than 21% when adjusted for inflation. This demonstrates the state's resilience and strong economic performance. In addition, Idaho ranks third in the nation for the largest increase in average weekly wages.
Despite some market uncertainty, there are still clear signs of continued growth in Idaho. The construction industry is thriving, job postings remain stable, wages are increasing, and there is continued population growth as well as higher enrollment in post-secondary education.
Fitch Ratings recently reaffirmed Idaho's "AAA" credit rating - the highest possible - citing strong reserves, low debt, and responsible budgeting as key factors. This rating allows state leaders to deliver tax cuts while still making critical investments for Idaho's future.
According to Fitch's report, Idaho's economy is "strong, resilient, and growing rapidly" thanks to smart fiscal management, a robust labor market, and record-setting gains in personal income, jobs, and GDP. The state's economy has diversified in recent years, moving beyond traditional industries like agriculture and mining to fast-growing sectors such as technology, healthcare, and construction.
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All indicators of Idaho's labor market are positive, with more people employed, new jobs being created, and unemployment remaining low at 3.6%. Both the civilian labor force and total employment have seen an increase of over 1% from last year. Job postings and hiring remain stable with no signs of slowing down, while layoffs are at their lowest level in three years - a clear indication of a healthy economy.
Over the past five years alone, personal income has grown by nearly 45%, while wages have increased by more than 45%, resulting in real income growth for Idaho households. Looking ahead, projections show that personal income is expected to grow by 32% and wages by 15% over the next five years.
In conclusion, Idaho's economy has shown significant improvement year over year thanks to responsible budgeting, strong economic performance, and diversification into new industries. With continued growth projected for the future, the state is well-positioned for continued success.
Governor Brad Little praised the state's responsible budgeting and conservative principles for promoting economic activity and leading to this positive outcome. He also highlighted the historic tax relief and investments in public schools, roads, and infrastructure made by the Legislature and himself. State support for public education has increased by nearly 70% in recent years, with a continued focus on improving teacher pay and classroom resources.
The latest figures show that job and wage growth have contributed to a 5.9% increase in withholding collections compared to last year. Gross sales tax revenues are also up by 3.7%, while online sales tax collections have seen a significant increase of 13.2%.
More on idastar.com
- Public invited to review the Idaho Falls Regional Airport Master Plan
- Idaho Falls: What to know before you burn
- Idaho: Gov. Little appoints Amanda Ulrich to Seventh Judicial District
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- Idaho Falls: Improved Cedar Point Boat Launch Allows for Easier River Access
Idaho's GDP has experienced exponential growth of 150% over the past five years, with a real GDP increase of more than 21% when adjusted for inflation. This demonstrates the state's resilience and strong economic performance. In addition, Idaho ranks third in the nation for the largest increase in average weekly wages.
Despite some market uncertainty, there are still clear signs of continued growth in Idaho. The construction industry is thriving, job postings remain stable, wages are increasing, and there is continued population growth as well as higher enrollment in post-secondary education.
Fitch Ratings recently reaffirmed Idaho's "AAA" credit rating - the highest possible - citing strong reserves, low debt, and responsible budgeting as key factors. This rating allows state leaders to deliver tax cuts while still making critical investments for Idaho's future.
According to Fitch's report, Idaho's economy is "strong, resilient, and growing rapidly" thanks to smart fiscal management, a robust labor market, and record-setting gains in personal income, jobs, and GDP. The state's economy has diversified in recent years, moving beyond traditional industries like agriculture and mining to fast-growing sectors such as technology, healthcare, and construction.
More on idastar.com
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All indicators of Idaho's labor market are positive, with more people employed, new jobs being created, and unemployment remaining low at 3.6%. Both the civilian labor force and total employment have seen an increase of over 1% from last year. Job postings and hiring remain stable with no signs of slowing down, while layoffs are at their lowest level in three years - a clear indication of a healthy economy.
Over the past five years alone, personal income has grown by nearly 45%, while wages have increased by more than 45%, resulting in real income growth for Idaho households. Looking ahead, projections show that personal income is expected to grow by 32% and wages by 15% over the next five years.
In conclusion, Idaho's economy has shown significant improvement year over year thanks to responsible budgeting, strong economic performance, and diversification into new industries. With continued growth projected for the future, the state is well-positioned for continued success.
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