STATE ECONOMIC PROFILE
Idaho Economic Overview
$100.1b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
4.2%
2
1,999,989
POPULATION
Growth Rate 2019-24
State Growth Rank
2.3%
1
256,291
BUSINESSES
Growth Rate 2019-24
State Growth Rank
5.1%
1
Overview of the Idaho Economy
In 2024, the state of Idaho has a population of 1,999,989, having grown an annualized 2.3% over the five years to 2024, which ranks it 1st out of all 50 US states by growth rate. Idaho's gross state product (GSP) in 2024 reached $100.1b, with growth of 4.2% over the 5 years to 2024. Businesses in Idaho employed a total of 901,755 people in 2024, with average annual employment growth over the past five years of 2.6%. The top three sectors by total employment are Real Estate and Rental and Leasing, Manufacturing, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 3.9%.
What is Idaho's Gross Domestic Product (GDP)?
In 2024, Idaho's GDP reached $100.1b, representing an increase of 4.2% from 2023. Idaho's GDP has grown at an annualized rate of 5.4% over the five years to 2024. Moreover, Idaho's trailing five-year GDP growth ranks it 2nd out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Idaho's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Idaho Industry Trends
What are Idaho's Largest Industries by Revenue?
The largest industries by revenue in Idaho are New Car Dealers, Hospitals and Health & Medical Insurance, which generated $9.0b, $6.3b and $5.4b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Idaho
Top 10 Companies Headquartered in Idaho by Employment
The largest companies by employment in Idaho are St. Luke's Health, Walmart and Micron Technology, which employed 17,000, 9,000 and 6,000 people in 2024.
STATE ECONOMIC PROFILE
Idaho Sector Statistics
In Idaho, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Idaho's GDP by Sector?
The Real Estate and Rental and Leasing, Manufacturing and Healthcare and Social Assistance sectors contributed the most to Idaho's GDP in 2024, representing a combined 38.6% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Idaho's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Construction sectors contributed the most to employment in Idaho in 2024, representing a combined 38.8% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Idaho Employment Trends
901.8k
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
3.5%
50
3.6%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
4.6%
37
What Employment Trends are Impacting Idaho?
The state of Idaho employs 901,755 people in 2024, which ranks it 37th out of all 50 US states. Employment in Idaho has grown at an annualized rate of 3.5% over the five years to 2024, overperforming the national average of 1.2%. Major sectors by employment in Idaho include Healthcare and Social Assistance, Retail Trade and Construction, which employed 142,152, 119,334 and 88,258 people in 2024, respectively. Idaho's unemployment rate is 3.6% in 2024, which ranks it 26th out of 50 states. Idaho's unemployment rate has trended upwards at a rate of 4.6% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Idaho, and compare them to the US economy, using the chart below.
$210.0k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
12.2
8
What is Idaho's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Idaho's DPI in 2024 was $210.0k, compared to the US average of $128.6k, which places it 8th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Idaho's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Idaho Construction & Building Trends
$2,895.6tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.7%
45
$4.6tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
9.4%
41
18,269
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
2.7%
36
What can construction trends tell you about a state’s economy?
In Idaho, non-residential construction was $2,895.6tn in 2024, which ranks it 45th out of all US states. Residential construction was $4.6tn in 2024, which places Idaho 41st in the United States. The number of building permits issued in Idaho in 2024 was 18,269, representing a 2.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Idaho, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Idaho Population Statistics
Which Counties in Idaho have the Largest Populations?
The counties with the highest populations in Idaho are Ada County, Canyon County and Kootenai County, which had populations of 539,331, 267,918 and 193,635 people in 2024.
STATE ECONOMIC PROFILE
Idaho Demographics
Education Level Idaho
Race in Idaho
Idaho State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 644 Idaho Industry Reports.
