The value of all goods
and services produced in
Idaho
rebounded in 2010 after posting its first
decline in 2009 since the statistic was
initially compiled in 1963.
Idaho’s
3.3 percent gain in gross state product to a
record $55.4 billion was the fourth best
performance among the 11 western states. Only
Wyoming,
Oregon and
New Mexico posted higher
percentage gains.
The Bureau of Economic
Analysis significantly reduced
Idaho’s gross state
product estimates for 2009 by $344 million to
less than $53.7 billion. Wages and salaries,
which account for over half the gross state
product, fell 3.4 percent during the recession,
marking their first decline since 1963. Business
profits were down 1.9 percent from 2008.
Idaho’s
total gross state product for 2010 is an
estimate subject to later revision. Business
profits and wage and salary payments were not
included.
While the value of
Idaho’s economy rose
last year, there was no similar recovery in
jobs. Job losses, which totaled nearly 60,000
during the recession, abated, but total jobs
remained near the year-earlier levels even as
the labor force continued to expand.
Unemployment hit a record 9.7 percent in
December, staying there until falling a tenth to
9.6 percent in April 2011.
Manufacturing, the second
largest private sector contributor to
Idaho’s gross state
product behind real estate, recovered from two
years of decline to post a 7.1 percent gain in
value in 2010. That offset a 5.3 percent decline
in real estate, which like construction,
continued to be plagued by the recession’s
aftermath.
Construction was off $100
million, or 3.9 percent, from 2009, but that was
only a modest decline compared to the more than
$1.1 billion the sector lost in the previous two
years.
Business management, one of
the smallest contributors to gross state
product, was the third sector to lose ground in
2010, falling 9.7 percent after seeing a 5.6
percent decline in 2009.
Government – federal, state
and local – posted its first decline in gross
state product since 1963, falling two-tenths of
a percent to just over $7.9 billion.
|
Idaho
Gross
State
Product by Sector
(in
millions)
|
|
|
|
|
Industry
|
2007
|
2008
|
2009
|
2010
|
% Change
|
|
|
All industry total
|
$54,344
|
$55,212
|
$53,661
|
$55,435
|
3.3%
|
|
|
Private industries
|
$47,000
|
$47,506
|
$45,733
|
$47,523
|
3.9%
|
|
|
Agriculture, forestry, fishing
and hunting
|
$2,888
|
$3,210
|
$2,363
|
$2,764
|
17.0%
|
|
|
Mining
|
$451
|
$774
|
$646
|
$912
|
41.2%
|
|
|
Utilities
|
$773
|
$852
|
$922
|
$1,257
|
36.3%
|
|
|
Construction
|
$3,770
|
$3,285
|
$2,657
|
$2,554
|
-3.9%
|
|
|
Manufacturing
|
$6,207
|
$5,933
|
$5,615
|
$6,012
|
7.1%
|
|
|
Durable goods
|
$4,473
|
$4,158
|
$3,702
|
$3,996
|
7.9%
|
|
|
Nondurable goods
|
$1,734
|
$1,775
|
$1,913
|
$2,017
|
5.4%
|
|
|
Wholesale trade
|
$2,935
|
$2,945
|
$2,850
|
$2,969
|
4.2%
|
|
|
Retail trade
|
$4,670
|
$4,366
|
$4,237
|
$4,393
|
3.7%
|
|
|
Transportation and warehousing
|
$1,542
|
$1,611
|
$1,523
|
$1,588
|
4.3%
|
|
|
Information
|
$1,130
|
$1,210
|
$1,167
|
$1,200
|
2.8%
|
|
|
Finance and insurance
|
$2,521
|
$2,718
|
$3,081
|
$3,156
|
2.4%
|
|
|
Real estate and rental and
leasing
|
$6,897
|
$7,076
|
$7,046
|
$6,673
|
-5.3%
|
|
|
Professional and technical
services
|
$3,600
|
$3,789
|
$3,832
|
$3,941
|
2.8%
|
|
|
Management of companies and
enterprises
|
$915
|
$789
|
$745
|
$673
|
-9.7%
|
|
|
Administrative and waste services
|
$1,644
|
$1,665
|
$1,579
|
$1,612
|
2.1%
|
|
|
Educational services
|
$323
|
$339
|
$360
|
$392
|
8.9%
|
|
|
Health care and social assistance
|
$3,587
|
$3,870
|
$4,173
|
$4,429
|
6.1%
|
|
|
Arts, entertainment, and
recreation
|
$444
|
$432
|
$402
|
$407
|
1.2%
|
|
|
Accommodation and food services
|
$1,466
|
$1,420
|
$1,337
|
$1,370
|
2.5%
|
|
|
Other services, except government
|
$1,237
|
$1,222
|
$1,199
|
$1,220
|
1.8%
|
|
|
Government
|
$7,344
|
$7,706
|
$7,928
|
$7,912
|
-0.2%
|
|
|
Source:
U.S.
Bureau of Economic Analysis
|
|
|
Gross State Product by State
(in millions)
|
|
|
|
|
|
2008
|
2009
|
2010
|
% Change
|
|
|
U.S.
|
$14,270,462
|
$14,014,849
|
$14,551,782
|
3.8%
|
|
|
Alabama
|
$169,694
|
$166,819
|
$172,567
|
3.4%
|
|
|
Arizona
|
$260,454
|
$249,711
|
$253,609
|
1.6%
|
|
|
Arkansas
|
$99,497
|
$98,795
|
$102,566
|
3.8%
|
|
|
California
|
$1,911,741
|
$1,847,048
|
$1,901,088
|
2.9%
|
|
|
Colorado
|
$254,218
|
$250,664
|
$257,641
|
2.8%
|
|
|
Connecticut
|
$225,958
|
$227,550
|
$237,261
|
4.3%
|
|
|
Delaware
|
$58,674
|
$60,660
|
$62,280
|
2.7%
|
|
|
DC
|
$97,361
|
$98,892
|
$103,288
|
4.4%
|
|
|
Florida
|
$747,770
|
$732,782
|
$747,735
|
2.0%
|
|
|
Georgia
|
$405,269
|
$394,117
|
$403,070
|
2.3%
|
|
|
Hawaii
|
$66,119
|
$65,428
|
$66,760
|
2.0%
|
|
|
Idaho
|
$55,212
|
$53,661
|
$55,435
|
3.3%
|
|
|
Illinois
|
$637,037
|
$631,970
|
$651,518
|
3.1%
|
|
|
Kansas
|
$125,333
|
$122,544
|
$127,170
|
3.8%
|
|
|
Maine
|
$49,972
|
$50,039
|
$51,643
|
3.2%
|
|
|
Maryland
|
$281,659
|
$285,116
|
$295,304
|
3.6%
|
|
|
Michigan
|
$375,436
|
$369,671
|
$384,171
|
3.9%
|
|
|
Minnesota
|
$262,758
|
$258,499
|
$270,039
|
4.5%
|
|
|
Mississippi
|
$96,713
|
$94,406
|
$97,461
|
3.2%
|
|
|
Missouri
|
$241,344
|
$237,955
|
$244,016
|
2.5%
|
|
|
Montana
|
$35,838
|
$34,999
|
$36,067
|
3.1%
|
|
|
Nebraska
|
$84,884
|
$86,411
|
$89,786
|
3.9%
|
|
|
Nevada
|
$132,270
|
$125,037
|
$125,650
|
0.5%
|
|
|
New Hampshire
|
$58,780
|
$59,086
|
$60,283
|
2.0%
|
|
|
New Jersey
|
$483,560
|
$471,946
|
$487,335
|
3.3%
|
|
|
New Mexico
|
$77,168
|
$76,871
|
$79,678
|
3.7%
|
|
|
North Carolina
|
$403,927
|
$407,032
|
$424,935
|
4.4%
|
|
|
Ohio
|
$470,640
|
$462,015
|
$477,699
|
3.4%
|
|
|
Oklahoma
|
$151,850
|
$142,388
|
$147,543
|
3.6%
|
|
|
Oregon
|
$174,454
|
$167,481
|
$174,151
|
4.0%
|
|
|
Pennsylvania
|
$545,198
|
$546,538
|
$569,679
|
4.2%
|
|
|
Rhode Island
|
$47,378
|
$47,470
|
$49,234
|
3.7%
|
|
|
South Carolina
|
$159,500
|
$158,786
|
$164,445
|
3.6%
|
|
|
South Dakota
|
$38,293
|
$38,255
|
$39,893
|
4.3%
|
|
|
Tennessee
|
$247,796
|
$243,849
|
$254,806
|
4.5%
|
|
|
Utah
|
$112,353
|
$111,301
|
$114,538
|
2.9%
|
|
|
Vermont
|
$24,636
|
$24,625
|
$25,620
|
4.0%
|
|
|
Virginia
|
$402,853
|
$409,732
|
$423,860
|
3.4%
|
|
|
Washington
|
$334,477
|
$331,639
|
$340,460
|
2.7%
|
|
|
Wisconsin
|
$239,150
|
$239,613
|
$248,265
|
3.6%
|
|
|
Source:
U.S.
Bureau of Economic Analysis
|
|
|
