2022 Boise Idaho Real Estate Blog

Idaho Has One of the Highest State GDP Increases in the Nation

Main Treasure Valley Life

Considering the state of the country 18 months ago, it is amazing how much the nation’s economy has bounced back from the outset of the COVID-19 pandemic. Idaho has fared especially well, ranking near the top of individual state GDP growth since 2020.

Forbes compiled data from the Bureau of Economic Analysis that showed the percent changes in annual and quarterly GDP growth for each state to determine which states have grown the most since the turn of the century. Overall, Idaho took the bronze medal in GDP growth, while Utah and Washington took the top two spots, respectively. Here is how Idaho has grown by the numbers.

  • Annual GDP in 2020: $74.08 billion
  • Q1 2020 GDP: $75.9 billion
  • % change year-over-year: -1.1% (4th lowest in the nation)
  • Q1 2021 GDP: $77.39 billion
  • 5-year GDP growth (2015-2020): 17.1% (2nd highest growth in the country)
  • 10-year GDP growth (2010-2020): 27.8% (8th highest growth in the country)
  • 20-year GDP growth (2000-2020): 56% (7th highest growth in the country)

Key takeaways

  • Idaho as on stranger to fast population growth before the pandemic encouraged droves of workers from expensive coastal metros to the previously relatively cheaper real estate in Idaho. In fact, 200% more people moved to Idaho than moved out in 2020 thanks primarily to remote work opportunities. 
  • With a population of just 1.85 million, a GDP of $77.39 billion is incredible. Overall, the pandemic outset only lowered Idaho’s real GDP by 1.1%, from which the state has readily bounced back.
  • Idaho’s GDP has only increased since the new millennium began. Even during the worst of the Great Recession and the recovery from it, Idaho grew nearly 28%.
  • Here is how Idaho’s population has grown during these measured time frames based on US Census data
    • 2000: 1.29 million
    • 2010: 1.56 million
    • 2020: 1.83 million
  • If Idaho was a country, its GDP would be the 70th highest in the world, between Guatemala and Oman. 
  • As more people move to Idaho, they bring employers and employees to the state, which turns into more generated products and revenue from the state, furthering its growth.
Posted by AndrewS at 9/9/2021 2:53:00 AM

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