Idaho is doing well.
The U.S. economy expanded at a faster rate than expected in the third quarter of 2022, with real gross domestic product growing at an annualized rate of 3.2%, rebounding from a 0.6% contraction in the previous quarter. The strong third quarter growth came as welcome news in a period of rising pessimism as a December 2022 Bloomberg poll of economists put the odds of a recession in 2023 at 70%, up from 50% in September.
The industries adding the most value to the U.S. economy in the third quarter of 2022 were information, which contributed 0.88 percentage points to real GDP growth; professional, scientific, and technical services, which contributed 0.59 points to growth; and mining – including oil and gas extraction – which contributed 0.5 points.
Not all states reported third quarter GDP growth, however, and among those that did, growth rates varied considerably.
Idaho’s economy grew from $83.4 billion in the second quarter of 2022 to $84.1 billion in the third quarter. The 3.3% annualized expansion rate was the 17th largest of the 47 states to report economic growth.
Over the same time period, unemployment in Idaho climbed from 2.5% at the end of the second quarter to 2.8% at the end of the third.