Idaho Department of Labor expects growth in job market through 2024

Twenty percent more jobs. That’s the expected growth in the job market in the next eight years.

That’s according to a recent report from the Idaho Department of Labor.

Dan Cravens, an economist and business expert at Idaho State University, said right now the economy is doing pretty well.

And the Department of Labor predicts it will continue to do well. Idaho is expected to see a 1.8 percent increase in the job market each year through 2024.

The STEM jobs – science, technology, engineering and math – are expected to be one of the highest growth rates at 2.1 percent.

But Cravens expects to see another industry increase significantly too.

“A good amount of that growth is related, I’m sure, to healthcare as well,” he said. “We have a good healthy senior citizen population in the sense that it’s growing and people are choosing to come to Idaho and retire and that’s been driving our healthcare industry.”

Cravens said he believes the increase in the job market will also up education.

Because 61% of the new jobs in the state will require a higher level of education, Cravens said he expects to see enrollment numbers go up.

“You look at those career fields that are going to experience significant job growth,” he said. “They’re areas that are going to require folks to have a post-secondary education. This is just another reason if you want to stay here in Idaho and you want to have a lucrative career, education is going to be the key to your success.”

He also thinks it could help Idahoans living in the state.

“Here in the university setting we work with a lot of young people, folks in their 20s who are finishing their education and a lot of them are from Idaho or they’re from the region and would be interested in staying, living and working in Idaho,” Cravens said. “So when you look at these numbers, you see that there’s greater opportunities for them to stay in the state. That’s a very positive takeaway.”

But Cravens does have a few concerns with the latest predictions.

“I think my main concern is making sure that we have enough Idahoans qualified to pursue some of these opportunities,” Cravens said.

He said while a strong need in the workforce can help drive wages, it can also do the opposite too. If companies have too hard of a time filling their work force, other businesses are less likely to come to Idaho because they can’t find enough qualified workers.

Cravens said he’s also cautious because the department’s predictions don’t take into account the possibility that a recession could occur.

But overall, Cravens said it’s a very good outlook for Idaho.

For a detailed breakdown of the Department of Labor’s report, go here.