Idaho Falls # & Pocatello #2 job markets --- in the U.S.!

The U.S. Bureau of Labor Statistics has released detailed national unemployment statistics for the United States in September.

Idaho has the lowest unemployment rate in the U.S.

More stunning, the top 4 job markets are Idaho Falls, Pocatello, Boise and Couer d'Alene --- out of 369 metro areas including New York, Los Angeles, Chicago, etc.

Idaho Falls had a 1.3% unemployment rate --- Pocatello was right behind at 1.7%.

The unique things is that our job growth is not driven by any one company or sector.
Sure, agriculture is a big deal. So is the massive Idaho National Laboratory run by the U.S. Department of Energy. But, so are a host of local high tech companies and locally-grown entities like Melaleuca, Docu-Tech and a host of others.

Southeast Idaho Real Estate Market Strong in 2006

The media is filled with stories about the slowing national real estate market.

Overall, national sales are expected to be off about 8.9% from 2005. Prices are projected to be up around 1.5%.

But, here in Southeast Idaho, we are doing much better than that.

A compilation of data from both the Snake River MLS and the Pocatello MLS through September 31, 2006 shows that 2006 sales are down only .9% from 2005's record levels.

And, prices are up 6.5% so far this year.

Overall, Southeast Idaho's strong economy and moderate interest rates are bouying our robust real estate market.

Pocatello Real Estate Market Featured in Newsweek

Newsweek magazine recently highlighted the Pocatello real estate market as one of the best places in the country for investors. See the story here.

According to the story, key components of the Pocatello market are:

• Relatively low prices
• Moderate appreciation
• Strong rental market
• Influx of out-of-area investors

The Idaho State Journal has tackled the same topic here and here.

I know my brokerage, CENTURY 21 Advantage, has seen an influx of investors from Utah, California and elsewhere seeking investment properties. Their interest has been throughout Southeast Idaho from Rexburg to Pocatello.

It is clear that increased buyer demand is boosting prices for investment property. Is it sustainable?

My feeling is yes. We've seen less appreciation than much of the country giving us room to move up. Also, our regional economy continues to be strong, a fact often overlooked by locals. And, we are seeing an influx of folks coming for jobs and lifestyle. In my estimation, more people + strong local economy = real estate appreciation.

Thoughts?

Welcome!

Thank you for visiting my blog. As far as I know, this is the first blog in Southeast Idaho dedicated to real estate.

Our area is rapidly changing. Our market is strong. Lots of new construction is being built. And, we are receiving some national press. It's a very exciting time to be involved in the local real estate market.

I hope to make this a lively discussion. I'll post items of interest from time to time. And, if you'd like to pose a question, please e-mail it to me. If appropriate, I'll put it up with my response and let the readers add their two bits.

Please feel free to ask questions about the local market, buying, selling or, even, how to launch a real estate career.

I look forward to the adventure.