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Idaho Ranks in Top Tier of Strongest State Economy in the U.S.

24/7 Wall Street names Idaho in the top tier - ranking #2 - of strongest state economy in the county in its annual ranking. 

Like many other states that rank well on this list, Idaho’s job market has, so far, weathered the COVID-19 pandemic relatively well. Only 5.6% of Idaho’s labor force was unemployed in June, the third lowest unemployment rate after only Utah and Kentucky. Unlike the U.S. as a whole, where employment fell by 2.7% from June 2015 to June 2020, Idaho has added jobs in the last five years, with overall employment climbing 10.5%.

Idaho’s job growth has helped fuel economic growth. The state’s GDP has climbed by an annual rate of 2.8% every year since 2015, faster than the vast majority of states. As is the case with many of the best ranking states on this list, Idaho’s population has been booming in recent years.  Idaho also has the sixth lowest crime rate of any state.

Idaho's ranking is based on several factors, including:

  • 5 yr. annualized GDP growth rate through Q1 2020: +2.8% (9th highest)
  • 5 yr. annualized employment growth rate through June 2020: +2.0% (2nd highest)
  • June 2020 unemployment rate: 5.6% (3rd lowest - 1/2 the lowest national average of 11.1%)
  • Poverty rate: 11.8% (20th lowest)

Utah takes the lead with Washington in third, Colorado in fourth, and Maryland in fifth.

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