Idaho’s economy is ACCELERATING. Over the last few years, the state has delivered more opportunities than ever for existing Idaho companies and those new to our state to thrive. Idaho has long been home to a host of national and international companies, spanning manufacturing, recreation technology, food production, aerospace and high-tech. Among the most well-known are JR Simplot Co, URS, Micron Technology Inc. and Chobani. Idaho is also home to a large research facility for Hewlett Packard together with a research arm for Microsoft.
On 1st July 2014, the Idaho Tax Reimbursement Incentive (TRI) went into effect. This performance-based incentive features a tax credit of up to 30% for up to 15 years on new state tax revenues generated by companies seeking to expand in or relocate to the state of Idaho. During the first year, the Idaho Economic Advisory Council approved 16 TRI projects with a total of 3,177 new jobs projected to be created throughout the state. Companies like SkyWest, Amy’s Kitchen, Glanbia and Fabri-Kal have taken advantage of the incentive.
Idaho consistently receives national and international attention as we continued to land in the top 10 of several key rankings for business friendliness, economic strength, and job growth. Some recent rankings include third in Top 10 States Seeing the Fastest Job Growth in 2015 by Kiplinger, sixth for Best States to Start a Small Business by Entrepreneur Magazine, and sixth in Best Economic Outlook in 2015 by the American Legislative Council.
BUSINESS FRIENDLY ENVIRONMENT
The state has a business friendly environment and has a stable economic climate. Idaho is required to have a balanced budget and did not encumber debt loads like many other states during economic recession. This allows Idaho to offer a stable tax environment, which moves efficiently to meet your business needs. Programmes are in place to help new and existing businesses expand or relocate. The state also offers incentives for buying machinery and equipment, hiring employees and building facilities.
Idaho also has a long history of international trade activities. With overseas trade offices in Taiwan and Mexico, we are able to help Idaho-based companies break into further international markets, as well as connect with overseas companies to encourage investment and growth in Idaho.
Idaho is well versed in innovation and is seeing consistent growth in both the high-tech and software industries around the state. Philo Farnsworth of Rigby is credited with the first electronic television set, and J.R. Simplot is well-known in America as the man behind frozen French fries. Idaho’s inventors have been able to harness brilliant ideas to change the world.
That still holds true today. Idaho is home to the only US-based memory chip maker, Micron Technology, and is the centre of Hewlett-Packard’s highly profitable Imaging and Printing Group, which introduced the HP LaserJet printer. Idaho’s research universities positioned around the state feed into the technology and innovation industry, in which nearly 50,000 people work. The companies continue to push technology boundaries, launch start-ups and fuel further growth and discovery. Technology and innovation are strong drivers of Idaho’s economy. Perhaps that is why the number of high-tech companies in the state grew 61% over the past decade.
Many companies cite Idaho’s loyal, educated and skilled workforce as one of the reasons they locate here. Idahoans have a strong work ethic that comes from loving where they live and understanding the value of working hard. Companies are able to recruit skilled workers from inside and outside the state because of the quality of life in Idaho. Partnership between Idaho’s Universities and its industry leaders continue to help create a highly skilled workforce.
QUALITY OF LIFE
Idaho’s beauty, recreational opportunities and family-friendly environment provide a quality of life that draws and keeps people in the state. The state is the north west’s best-kept secret for recreation, culture and adventure, without heavy traffic or budget-breaking prices. Did you know that Idaho has more whitewater river miles than any other state in the lower 48? Living and working in Idaho is a one-of-a-kind experience. It boasts the lowest cost of living in the western states and, with an average commute time of just under 21 minutes, Idahoans get to work, home and the outdoors faster than anyone in other western metro areas. Residents are able to easily enjoy both city and country life – from fl y fishing and skiing to the Idaho Shakespeare Festival and numerous symphonies.
Idaho has made site selection easier with an interactive programme called Gem State Prospector. The programme enables users to search for appropriate land or buildings for purchase or lease, together with demographic and marketing information about locations (www.gemstateprospector.com).