A national slump that’s soured the economic atmosphere in Idaho is eating into the list of potential companies looking to relocate to the Gem State according state commerce leaders.
Don Dietrich, the Idaho Department of Commerce director says he usually has a list of 50 new companies that are considering a move. But that began to change in January when Dietrich says the pipeline started to dry up. He says many businesses haven’t given up on Idaho, but will wait until the economy picks up again.
The subprime mortgage bust that’s paralyzed the residential housing industry and high oil prices that are eating into consumer’s fuel budgets are all contributing to a shaky Idaho economy that could lose jobs for the first time in two decades.
The unemployment rate was 4.1 percent in July after a string of 37 months below 4 percent. Idaho businesses have laid off 14,100 workers over the last 12 months. (AP)