Housing prices are outpacing wage growth in one of the fastest growing states in the country.
Betsy Russell reports for Boise Dev on the implications of recent data from the Idaho Department of Labor showing the two sides of Idaho's booming economy. On the one hand, wages in the state have grown between 25% and 32% since 2015. On the other, housing prices have increased 150% during that same time span.
Craig Shaul, research analyst supervisor for the Idaho Department of Labor, is cited for insight in the article. Shaul notes that Idaho’s housing prices are outpacing the national average. "And while Idaho’s economy is booming, Shaul said wage increases are expected to taper off over the next two years, raising questions about how Idaho will house its future workers," writes Russell.
According to the source article, linked below, the state's rising cost of housing is contributing to a labor shortage—some of which mirrors the trends around the country, but also includes a large number of retirees aging out of the labor force.
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