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Economic Update Idaho Workforce Development Council Meeting March 8, 2012

Economic Update Idaho Workforce Development Council Meeting March 8, 2012. Bob Uhlenkott Chief Research Officer Idaho Department of Labor. Idaho Gross Domestic Product. 2013. $60 Billion. 2016. Job Creation With Health Benefits.

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Economic Update Idaho Workforce Development Council Meeting March 8, 2012

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  1. Economic UpdateIdaho Workforce Development Council MeetingMarch 8, 2012 Bob Uhlenkott Chief Research Officer Idaho Department of Labor

  2. Idaho Gross Domestic Product 2013 $60 Billion 2016

  3. Job Creation With Health Benefits Measure - “Create 40,000 jobs with at least two-thirds with $12.00 or better wage rates with health benefits by 2015.” To reach the 40,000 job creation metric Idaho needs annualized job growth rates of around 1.5 percent. And to reach the health insurance metric around 1.2 percent annualized growth rates over four years. Idaho’s Fringe Benefits Survey found that around 78 percent of employees that were making at least $12.00 per hour were offered medical insurance in 2011.

  4. Idaho Seasonally Adjusted Unemployment Rate (9.6%) Previous Record Dec-1982 to Feb-1983 8.2% 7.9 % March 2012 (2.7%) Nov-2006 to Mar-2007

  5. Alternative Unemployment Measures

  6. Conference Board Data (October 2011) October Mtg.

  7. Conference Board Data (March 2012)

  8. Idaho New Hire Counts by Month

  9. National Employment Performance 1st Qtr. 2011 October Mtg.

  10. National Employment Y-o-Y 2nd Qtr. 2011

  11. National Employment Y-o-Y 3rd Qtr. 2011

  12. Construction Employment Y-o-Y 1st Qtr. 2011 -9.1%

  13. Construction Employment Y-o-Y 3rd Qtr. 2011 -5.6%

  14. Location Quotient for Construction 3rd Qtr. 2011

  15. Employment Outlook October Mtg.

  16. When will Idaho recover to pre-recession levels?

  17. Workforce Information Planning 2012/2013 • Formula Grant - $338,014. • 2012/2013 Workforce Information Plan is due June 15, 2012. • This is your plan and needs to be endorsed by the Workforce Development Council. • Core Deliverables: • Populate the WIDb database • Produce industry and occupational employment projections • Develop and maintain web delivery of Labor Market Information • Publish auxiliary LMI research and consult with the Workforce Development Council

  18. Education and Training Pay!

  19. Thank You! Bob Uhlenkott Bob.uhlenkott@labor.idaho.gov 208.332.3570 ext. 3217

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