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I have
hesitated to update this blog with an economic page due to the downturn in our
national picture as well as local doldrums. In a meeting last fall with Mel
Dick, former CFO of Coldwater Creek, and David Keyes, editor of the Bonner
County Daily Bee, the question was asked of how many restaurants would go under
before the next summer season. We were just firming up the plans for Dine Around
Sandpoint. This one-month long promotion had radio and print advertising, and
strategic internet marketing. It was intended to give a boost to some of our
local eateries during what is normally one of the slowest periods of the year.
By all standards it was a success.
I have
worked for years supporting the arts, local events, and mentoring small
businesses, but this year seemed especially important. So far, it looks as
though Sandpoint is faring well. Few businesses have closed their doors this
winter. Plus, while
unemployment in Bonner County is at a 25-year high, we have some bright
spots. For instance, after losing Harold's Grocery four years ago to the new
Panhandle State Bank building, we have had only one major downtown supermarket.
Super 1 Foods store will be opening in just another couple of months,
providing needed downtown competition. It has been rumored that
Laughing Dog Brewing will be exponentially expanding into half of what used
to be the old Kmart Building. With the kind of expansion reported, this small
beer company could reach out to selling to the entire west coast market. Another
bright spot is Smart Plugs, and a new company that will be building straw bale,
affordable smart homes across the country.
Winter of
2008 was considerably better with several smaller big block and mom-and-pop
stores opening. While that was a marked sign of economic health, many of those
decisions to build were made in the better years of 2006 and 2007. Indeed the
decision for Super 1 to build has been in the works for years.
Double
digit unemployment rates can be frightening; however, these rates are not all
that unusual in Bonner County. In the last twenty years unemployment rates have
been in double digits at least thirty different months. Winters are always hard,
and summer hiring has not started yet. In the past, when more of our workforce
came from timber, we had a natural ebb and flow based on the weather. Current
numbers reflect a non-seasonal downturn. We don't expect to see big numbers
hired this summer in that all businesses are wary and are being careful. See the
historical unemployment rates here.
There have
been other improvements in our economy. A new Holiday Inn Express opened not far
from Schweitzer Mountain Ski Resort, and two other hotels have been renovated
and updated to national chain standards. The NOAA had predicted a warmer, drier
winter season in the Pacific Northwest, and with that forecast, Schweitzer
reevaluated its ski season goals. Schweitzer, which had been very generous with
the new management of Tom Chasse, dropped its sponsorship of Lakedance Film
Festival, and cut back a bit on its charities and events. These were good
business decisions. After all, if Schweitzer is not financially successful, the
company cannot disperse largesse. Luckily, we had sufficient snow on the
mountain to have a decent ski season. In fact, April is a couple of days away
and the mountain is getting dumped on even as these words go to screen.
The very
big snow years of 2008 and 2007 were not so good for our economy either.
Certainly it caused many to leave, and perhaps put off those who were
considering relocating to our area. We are seeing more people move out of rural
regions of Idaho and into urban areas. Much of this can be attributed to jobs,
but simple access is important. Big snow makes it hard to get around. Read this
article in the Bonner Daily Bee:
Idahoans leaving state's rural areas.
Most
familiar with Sandpoint know we are a manufacturing town. One of our star
companies, Quest Aircraft, laid off 25 employees in September 2009, and while
Coldwater Creek had cut staff months previously, they have been on a virtual
hiring freeze for almost a year. Other companies had made similar moves. Lumber
mills closed due to the slow down in construction, and orders for our
manufactured goods had slowed, though recent company figures are encouraging.
With sales
numbers increasing, companies are going to have to start hiring within the next
12-18 months. Things are getting better, albeit slowly.
According
to the January 2010
Idaho Economic Forecast, a publication produced by the Division of
Financial Management, Idaho's economy, which includes housing starts, will grow
only modestly. Personal income, with had grown dramatically since 2002, actually
shrank in 2009 and is predicted to recover to 2008 levels this year.
Housing
starts are a fraction of their highest mark of 23,418 in 2005. By 2009, that
number had fallen to 5,890, but are predicted to improve to 7,756 starts for
2010 and will grow to over 16,000 by 2013.
Taxes are
not going up in Idaho, but the budget has been cut, and state funded schools are
also having to make due with less. Idaho has low taxes. Recently, several
articles have raised the question of
how competitvie Idaho's universities will be with tuition increases and
budget cuts. Another idea being bandied about is to combine the research dollars
and efforts from competing universities. Hard times demand creative solutions.
Yes,
compared to most states, and especially Washington and California, Idaho taxes
are low. But if you move here for the low taxes, be prepared for what comes with
it.
Companies
like Buck Knives moved to Post Falls for quality of life, not for tax
incentives; Idaho has few of those. One thing that keeps companies away from our
area is the lack of trained and qualified workers. Labor costs, proximity to
markets, low crime, access to highways, quality health care, red tape and
schools all come before corporate taxes. We have many of the things companies
are looking for, such as low
crime, and we are at the center of several major rail lines. Certainly driving
to work with majestic mountain and gigantic lake views are inspiring, and many
companies have made that move. In a good economy, our advantages have tipped the
scale and attracted great companies to our area. One wonders in a recession are
these advantages enough?
As far as
educated and qualified, there were plans to build a University of Idaho
satellite here. Dennis Pence, founder of Coldwater Creek, had pledged 10
million, and the state had offered matching funds. Then the economy blew a tire,
and Coldwater's stock fell dramatically. Dennis' gift was based on the value of
the stock and the offer was put on hold. We still will probably get the
facility, but it may not happen for ten or twenty more years.
People in
Idaho are willing to work hard and for less money than many other places, but
they are not as well trained or educated. In Idaho, twenty-five percent of
working adults have a college degree, ranking our state in the lower tier.
We spend
less on education in Idaho. In 2007 Idaho's per pupil expenditure ranked 49th
out of 50 states and the District of Columbia.
The
unemployed are also another drain. The January 2010
Idaho Economic Forecast predicts modest gains for the next
three years.
The
Brookings Institution recently reported that Western states' economies aren't
snapping back as fast as the rest of the nation. The institute points out that
Western states relied too heavily on real estate sales as an industry. In this
article on ActiveRain (Sandpoint
& National Housing Data - March 24, 2010) we addressed the housing issues of
North Idaho and Sandpoint, and pointed out sales in our region fell 17% from
last year, and values went down an equal amount.
This is in
direct contrast to a survey proffered by Moody's last summer indicating
five states would lead the US out of recession: Idaho, Oregon, Washington,
Colorado, and Texas.
Sandpoint
is absolutely tied in with the greater Coeur d'Alene and Spokane economy, no
matter how much we like to think we are independent. One national reporter
stated last year that the two worst places to invest in real estate were CdA and
Hawaii.
However,
CdA and Kootenai County just to the south of Sandpoint has lower unemployment.
Sandpoint's rate is 13.1% and Kootenai is 10.4%. Spokane is even lower at 9.3%.
In fact, The Spokane-area economy appears to be strengthening again, according
to the most recent Spokane Leading Economic index compiled by Washington State
University professor Don Epley.
Meanwhile,
in a second index compiled by Epley the purchasing power of Spokane's work force
continues to decline, though the rate of decline has slowed.
The
Spokane Economic Activity Index compiled by Washington State University
professor Don Epley developed two years ago to track Spokane's economy using
methods tailored to the metropolitan area's economic makeup, climbed markedly to
0.37 in his recently released report, from 0.38 in his spring report. The index
can vary between zero and 1.0.
Another
area that is doing better in Spokane is housing. While both unemployment and
housing may be fully in recovery, the numbers aren't great enough to cheer
about. The numbers are encouraging though.
According
to
CBS Money Watch house values for this year will decline just another 1.1% in
Spokane, then start going up to 3.9% next year. Coeur d'Alene fares a bit worse,
declining 7.6% this year, and losing another 0.3% by the third quarter of 2011.
While clear numbers are not available for Sandpoint, our figures normally mirror
these other indicators. Lakefront and luxury will mirror Spokane, the rest will
be more in tune with CdA.
So, as
Spokane recovers, next will follow Coeur d'Alene, then Sandpoint. As previously
mentioned, the NOAA forecast a warmer and drier winter and that played out, but
this also means we will have a hotter, drier summer. With one of the largest
natural bodies of water in the west - Lake Pend Oreille - one area of our
economy that may begin recovering faster than others is tourism. When people
visit the lake, they think of buying homes.
Our
economic outlook is a mixed bag, and some might even call it dismal. But right
now, homes are more affordable than they have been in years, and this is still
considered by several national magazines to be one of the best small towns in
America. The numbers also make it more affordable for companies to be in our
area.
Sandpoint,
Idaho is a great place to live.
Sandpoint,
Idaho again will be featured in a national magazine in an upcoming article in
Country Living. Last Friday they asked me for pictures of our area. Pretty cool.
I was very proud of being prominently interviewed in the December issue of
Where to Retire magazine in their five page article on Sandpoint. The
Sandpoint, Idaho real estate market is stronger than other areas, and it makes
sense. Idaho was named the nation's
8th healthiest and
14th happiest state. Schweitzer Mountain Ski Resort was named to Ski
Magazine's Top 25 Ski Resorts, and there is so much to do in Sandpoint. Summer
had the Festival at Sandpoint, Dover Days, and scores of events, and fall and
winter have Lakedance Film Festival and Winter Carnival. Sandpoint has been
called the West's best small town by Sunset Magazine, and one of America's Best
Dream Towns by Outside Magazine, naming Sandpoint the "cool Northwest's hot
property." National Geographic called Sandpoint a Top 10 Adventure Town, plus
features in USA Today, Forbes, MSNBC, and Smart Money Magazine. Perhaps Cabin
Life, Cabin Living said it best calling our community "the quintessential
Western outdoor lover's town." So, now that Sandpoint, North Idaho, Schweitzer
Ski Resort, and Lake Pend Oreille have got your attention, you want the inside
story. More
information about Sandpoint, Idaho
Tourism
Tourism grew rapidly in the
late 1980s and early 1990s. Summer tourism grew, as North Idaho became better
known as a tourist destination, and as more Canadians shopped and played in
Bonner County. Sandpoint's reputation as a haven for the arts also contributed
to the growth of tourism. The 1990 expansion of Schweitzer Mountain Resort
boosted winter tourism. The biggest boost to area tourism were the articles
published in national newspapers and magazines over the last several years.
Our area has been featured in
USA Today and
Smart Money Magazine. Sunset
magazine called us the “West’s
best small town.” National Geographic Adventure
magazine voted Sandpoint one of the 10 best adventure towns in the nation.
Outside magazine featured
Schweitzer & named Sandpoint
the “cool
Northwest’s hot property.”
Schweitzer was in Away.com
and has been in many ski mags such as
Ski Snowboard. Forbes.com loved our
telecommuting,
MSNBC said it again, & Cabin Life,
Cabin Living called Sandpoint “the quintessential Western outdoor
lover’s town.” These are just a few of the dozens of features on the area
since 1990.
Tourism employment normally
reaches its high point of the year in August, falls to its lowest level before
Thanksgiving, rises to its winter peak between Christmas and New Year's, and
then falls to its lowest point in April. For example, tourism employment went
from 1,720 in January 2001 to 1,430 in April, then rose to 1,802 in August, then
fell back to 1,430 in November. These figures have increased by over thirty
percent since then.
With Bonner County Population
growth impressively outpacing the national average, the prospect of growth is
all but assured. In a recent article in Smart Money, according to the magazine,
buying property in Sandpoint, Idaho is one of the ten best ways to create wealth
in the nation. While many areas area seeing their housing values decline, in a
recent article in
CNN/Money, Coeur d'Alene was
forecast to appreciate 12.8% for 2006, and Sandpoint has traditionally
appreciated much higher than our neighbor to the south. Additionally, manufacturing and tourism are creating a population
that has the expendable income consumer that is the typical restaurant diner,
shopper, and dynamic that feeds an economy like ours.
As is
indicated by current economic data, the national, as well as the local economies
have been in recovery for two-three years. However, one of the great areas of growth is in the
direction of at home services and trends. While travel has slowed, local travel
(i.e., under 50 miles from home, in-state, and cross-state) has grown. Sales of
time shares have slowed, but home improvement has exploded. This is clearly
evidenced by the growth of Lowes and Home Depot, as well as the over forty (40)
new television programs geared entirely to home building and remodeling and a
proliferation of cooking and home oriented shows from Martha Stewart to the Food
Network. Dining out continues to be a growth area, and Americans are eating out
more and more, with substantial growth created from the take-out and planned
meal arenas.
With more and
more specialized events such as Art Shows, the Wooden Boat Show, Arts and Crafts
fairs, the Festival at Sandpoint, and many more, the glowing outlook for Tourism
is growing every day.
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Economic Numeric Data |
Government Statistical Data Sites
State of Idaho Economic Forecast
Idaho
SBDC
There are several local organizations actively
promoting economic development in Northern Idaho. They compliment the services
offered by the Coeur d’Alene Chamber of Commerce.
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Jobs Plus, Inc. is a non-profit economic
development corporation providing information and staff support to companies
considering relocation or expansion to Kootenai County, Idaho.
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The Panhandle Area Council Inc. (PAC) is a
non-profit, certified Economic Development Corporation organized to aid in
diversifying and stabilizing the area’s economy. The council serves the five
northern counties of Idaho and assists small businesses in their start-up or
expansion.
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The Idaho Small Business Development Center (ISBDC)
is a small business assistance program serving small business owners and
managers in starting or expanding businesses. It also assists in business
plans, cash flow projections, organizational development,
marketing/advertising plans, loan assistance information and new venture
analysis.
Idaho Economic Outlook
Winter 2010
Written by Jeff Thredgold, President, Thredgold Economic Associates
Economic Consultant to Zions Bank
Better Days
Ahead
The Idaho economy is expected to complete its transition from a painful
recession to modest economic growth during 2010. Such improvement will be
consistent with slow but steady improvement in a majority of the nation’s
states, including most states in the Western U.S.
Every state has recorded an
employment decline during the most recent 12-month period. No surprise:
Washington DC has added a modest number of net new jobs as the expansion of
government continues. Such declines have ranged from 1.5% or lesser declines
in North Dakota, Alaska, and Montana to declines exceeding 6.0% in Nevada,
Michigan, and Arizona.
Idaho’s employment decline
during the most recent 12-month period is estimated at 5.2%, ranking Idaho
in the bottom fifth of the states. The net loss of roughly 34,000 jobs
during this period, while exceedingly painful to those impacted, compares
favorably to even greater job losses just two months earlier. Such
comparisons will continue to “improve” in coming months, with the state
likely to record positive year-over-year job gains by late 2010.
 Lost
Jobs
Idaho job losses have
primarily been concentrated in goods production industries of construction
and manufacturing, with nearly half of all jobs lost tied to these two
sectors. Additional losses have primarily occurred in trade, transportation
& utilities, professional & business services, and leisure & hospitality
sectors.
The Gem State’s 9.0% average
unemployment rate of recent months remains below the 10.0% national average,
but also close to its highest level in nearly 30 years. Recent jobless rates
are twice that of 18 months ago and three times that during 2007.
First Things
First
Two developments must
occur before the Idaho economy can begin to grow again. The first of these
is a return of U.S. economic growth, which has been underway since the
summer of 2009. The second event is a return of global economic growth, a
development now seemingly underway.
Economic
Development
More concrete signs of
renewed economic growth during 2010 will heighten competition between the 50
states to attract jobs. Much of the focus will be on enticing attractive
employers from higher-cost states to lower-cost states, with costly
incentives a key part of the equation.
Western states will focus on
California companies. Smaller states in the Northeast and the Midwest will
focus on employers in New York, Massachusetts, Illinois, and Michigan. While
any successes in enticing out-of-state employers make for good “front page”
news, two other components of economic development too often get the short
ends of the stick.
Economic development is a
three-part process…1) attraction of outside existing or new employers, 2)
retention of existing employers, and 3) expansion by existing employers.
What can Idaho’s political and business leaders do to entice outside
employers to the state at reasonable costs? What can leaders do to keep
Idaho employers in place, even as other states are focusing on Idaho’s most
promising companies? And what can Idaho’s leaders do to entice existing
employers to expand their Idaho operations?
Time to
Refinance
Thousands of Idaho’s
struggling homeowners, like those across the nation, can benefit from the
most attractive 30-year fixed-rate conventional mortgages in 40 years.
National rates have averaged below 5.00% in recent weeks, in part tied to
aggressive buying of mortgage-backed securities by the Federal Reserve.
Such attractive mortgage
rates may not be available later in the year as the Federal Reserve
concludes its purchase program and, sooner rather than later, begins to sell
such securities. Severe job losses and home price weakness in Idaho and
around the nation have reduced the number of people who can refinance a
mortgage or finance a new home. Still, timing is critical to “lock in” such
extremely attractive mortgage interest rates.
Idaho…2010
More signs of Idaho and
regional economic rebound from the painful recession will be seen as 2010
matures. The Idaho economy will perform better!
Renewed U.S. and global
economic growth provides the framework for a resumption of Idaho economic
growth later in 2010 and especially during 2011. The state’s longer-term
economic potential, tied to the moderate cost of doing business, a young and
growing workforce, a business-friendly public sector, and a high quality of
life, will continue to rank with the best in the nation.
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Northern
Idaho Area Labor Market Information
Northern Idaho is comprised of the five northern most counties of Idaho:
Benewah, Bonner, Boundary, Kootenai, and Shoshone. The beauty and lifestyle of
this area has attracted thousands of new residents in recent years, making it
Idaho’s second most populous region. The region’s largest city, Coeur d’Alene,
is just 33 miles from Spokane, Washington, where many Northern Idaho residents
work. Industries playing major economic roles include the lumber industry, a
wide variety of other manufacturing industries, tourism, retail, agriculture,
call centers and the Coeur d’Alene and Kootenai Tribes.
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- Local Office Labor Market Information
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Bonners Ferry Coeur
d'Alene
N. IDAHO CHAMBERS OF COMMERCE
Business Climate & New Economy
From the
Bonner County Economic Development Corporation
Skilled employee pool
Part of
the inherent ease of doing business in Bonner County is its bounty of
skilled workers. And when you’re located in a beautiful area that happens to
have a lower cost of living, it’s particularly easy to find employees who
are excited about being part of your growth and productivity. Additionally,
Idaho distributes a Workforce Development Training Fund to help Idaho
businesses train their workers, so you can have a knowledgeable team up and
running in no time.
Low business costs
In Bonner
County, you’ll also discover some of the lowest workers compensation
premiums in the country, thanks to Idaho’s emphasis on working safely and
productively. And, having already dropped 36% in the last five years, rates
continue to fall steadily, making this an ideal time to relocate your
business.
Overall, the costs of doing business in Idaho are much lower when compared
with other parts of the country. According to the Regional Financial
Associates, Idaho is the seventh best state in the country for total
business-related expenditures. For example, many companies find their
overall energy costs are half of what they would be in other western
regions. And gas prices are just as attractive, as the state is conveniently
located on a major north-south natural gas pipeline.
Idaho enjoys a business-friendly government that is committed to helping
businesses become successful, profitable assets to its communities. And
state and local officials have worked hard to ensure a balanced tax
structure that has to date resulted in the third lowest per capita tax
burden in the West.
Click here to go to the
BCEDC Website
Sandpoint Community Profile PDF
Bonner County Profile PDF
Bonner County Workforce Trends
Bonner Labor Market Profile PDF
Living and Working in Idaho
Idaho Labor Laws
Idaho.gov Economic Climate
Idaho
Tourism data
Bonner County Economic Development Corp.
Boundary County Economic Development Council
Largest Employers in Bonner
US Census Economic Fact Sheet: Sandpoint
US Census Economic Fact Sheet: Bonner County
Bonner County Quick Facts
Inland Northwest Alliance
Wikipedia Idaho Facts
Macneil-Lehrer.com:
Background Information: The Changing Idaho
Economy
New Study Finds Tourism an
Increasing Economic Factor in Idaho
Idaho's
Incredible Business Incentives
Starting a Business in Idaho
Workforce Development Training Fund Application
Priest River Development
Corporation
Bonner County Economic Development
Corporation
Idaho Mining Association
Idaho Forrest Products
Commission
Group gives Idaho B in job creation
State Tax Forms
Idaho State Veteran's Affairs
BuyIdaho.org - Newsletter
Idaho Game & Fishery Economic
Facts
Help wanted to fill 300 jobs
Bonner County Profile
Inland Northwest Economic Developments, Spring 2010
www.inlandnorthwestregion.com
The following are projects, initiatives and economic developments that are
making news in eastern Washington and northern Idaho. This email is distributed
by the Inland Northwest Economic Alliance (INEA) on behalf of its regional
partners.
Colfax, Wash. – Northwest Open Access Network (NoaNet) was recently awarded an
$84 million grant from the National Telecommunications and Information
Administration (NTIA)’s Broadband Technology Opportunities Program (BTOP).
Approximately $9.8 million of the funds will go to the Port of Whitman for the
expansion of middle-mile fiber optic infrastructure to the unserved and
underserved rural citizens in the areas of Whitman County.
www.ntia.doc.gov
Spokane, Wash. – Spokane-based Hollister-Stier Laboratories LLC has added 70
employees over the last year, bringing the total count to 620. The contract drug
manufacturer has also experienced double-digit revenue growth in its fiscal year
that ends March 31, according to an article in the Spokane Journal of Business.
Hollister-Stier is also working on a series of plant expansions and upgrades
that collectively have cost in the tens of millions of dollars. Current
expansion projects include the installation of two freeze-drier suites, each
costing about $3.5 million, and the expansion of a unit that produces drugs for
clinical trials. Read the full article at
http://www.spokanejournal.com/article.php?id=5648.
Bonners Ferry, ID – Alan Flory Logging Co. is generating clean energy for the
region through an innovative process of economically removing slash, a byproduct
of tree thinning, by turning it into hog fuel which is used by wood burning
biomass plants to create power. In the past slash was burned at the site,
polluting the air. As a result of their success, the logging company has grown
to employ 12 people. The company expects to add another 8 employees by the
summer.
Clarkston Wash. – The Port of Clarkston received $1 million in loans and grants
from the Washington State Community Economic Revitalization Board (CERB) for
infrastructure for Phase I of an industrial park. As a result of this project,
55 jobs are expected to be created. The project will allow the port to provide
shovel-ready parcels in the industrial park.
www.commerce.wa.gov/cerb
The City of Clarkston has received grant money from the Small Communities Rural
Counties Grant program in the amount of $334,610 to benefit the Downtown
Clarkston 6th Street Lighting Project. Out of 212 applications requesting
$156,047,037, the City of Clarkston was awarded this money as part of the
downtown revitalization efforts being led by the Heart of Clarkston Action
Group.
www.palouse.org
Farmers Insurance recently ranked Clarkston, Wash. and Lewiston, Idaho as the
two most secure small towns (population less than 150,000). The area's access to
the Pacific Ocean through a network of river, rail and highway transportation
facilities provides an excellent business climate for what is regarded as the
most inland seaport in the Western U.S. It scored high in the study due to
excellent job growth, low crime and minimal housing depreciation.
www.farmers.com
Lewiston, Idaho – Lewis-Clark State College (LCSC) reached record enrollment
this fall with 4,200 students. This is the first time in the college’s history
that enrollment has been above 4,000. It is also the fifth straight semester
LCSC has set an all-time attendance record. LCSC’s enrollment is a 6.6 percent
increase over last year’s total of 3,940 students and marks an increase of 806
students over the last three years, a 19.2 percent increase.
Airway Heights, Wash. – Northern Quest Resort & Casino's new 250-room hotel and
spa opened its doors on December 31. The Resort and related infrastructure
represent an investment exceeding $200 million of which approximately 80 percent
is with local businesses. The hotel's opening created 325 new jobs, bringing
Northern Quest Resort & Casino's employment to approximately 1,675. The Resort
spends over $800,000 monthly in goods and services. With a total of over 2,000
jobs across its government and business enterprises, the Kalispel Tribe is one
of the top employers in the region.
www.northernquest.com
Mullan, Idaho – Despite the current economic climate and below normal snowfall,
Lookout Pass Ski Resort announced a 38 percent increase in actual lift tickets
sold to date versus the corresponding time period last season, according to an
article in the Shoshone News Press. The ski resort has also seen a 7.7 percent
increase in revenues and a 6.5 percent increase in skier visits this January
over last January. Read the article at
www.shoshonenewspress.com.
Coeur d’Alene, Idaho – Membership has sky-rocketed at the Ray & Joan Kroc Center
in Coeur d’Alene. Since its grand opening in May 2009, the Kroc Center’s
membership has grown to 20,000 people. The Kroc Center also employs 215 people.
The $60 million state-of-the-art facility houses an array of education, sports,
faith, arts and supportive programs never before assembled in the Inland
Northwest.
www.kroccda.org
Hecla Mining Company reported a net income of $54.2 million, the third highest
in Hecla's 119-year history, and a record operating cash flow of $115 million in
2009. The mining company also saw record silver production of 10.9 million
ounces, a 26% increase compared to the prior year period and the third
consecutive year of increased silver production.
www.hecla-mining.com
Wallace, Idaho – U.S. Silver announced record production in Q4 2009 and for the
entire year. Q4 2009 was the best quarterly silver and lead production from the
Galena Mine since its acquisition by the Company in June 2006.
www.us-silver.com
Regional Spotlight
Highlighting the region’s strengths and burgeoning
industries in smart grid technology, aerospace and entrepreneurism
Spotlight on Smart Grid
A
$178 million federally designated smart grid demonstration project is underway
in Eastern Washington. The study will involve more than 60,000 metered customers
in Idaho, Montana, Oregon, Washington and Wyoming and make Pullman, Wash. the
region’s first “Smart City.”
Much of the technology was developed within a 100-mile area that has now stepped
to the forefront of energy efficiency expertise for smart grid application.
Schweitzer Engineering Laboratories, which grew into a worldwide business in
Pullman, and Itron, a globally known company headquartered an hour away in
Liberty Lake, Wash., are key partners in the Pacific Northwest Smart Grid
Demonstration Project. Their solutions will be a big part of the devices,
software and advanced analytical tools tested by the project. Other partners
include Avista Utilities, the City of Pullman, Washington State University,
Hewlett Packard and Spirae.
Spotlight on Aerospace
Spokane and the Inland Northwest are home to
more than 60 manufacturers, suppliers, distributors, and organizations – 8,100
workers and a $324.8 million payroll – that serve and support the aerospace
industry. Aircraft parts and auxiliary equipment manufacturers represent the
greatest industry presence in the Inland Northwest, which is also home to
companies involved in aircraft manufacturing, maintenance, repair and overhaul.
The companies represent a mix of locally founded entities, recruited firms and
expanding businesses that are tapping the area’s competitive business climate to
grow. For example, Titan Spring Company, formerly of North Hollywood, Calif.,
has grown its operation since moving to Hayden Lake, Idaho two years ago. It is
a certified manufacturer of precision wire-formed aircraft and aerospace parts
and works exclusively with certified vendors. Absolute Aviation Services is a
low-cost, quick-turnaround, reliable aircraft parts repair business that works
for the likes of Delta, American, United and Allegiant airlines. The company,
headquartered at Spokane International Airport, received the Governor’s
Excellence in Aerospace Award 2008.
Spotlight on Entrepreneurism
The Inland Northwest is a great place to
start a business. Regional resources provide exceptional support for
entrepreneurs, and solid success stories showcase how the region helps build
thriving businesses – even in tough economic times. The region’s positive
business climate, compelling quality oflife and innovation culture reward
boot-strap entrepreneurs making this the perfect place to expand or start new
operations.
Companies like Spokane, Wash.-based Pacinian are thriving here. Founded in 2007,
Pacinian's HapticTouch technology enables digital devices to provide natural
tactile feedback. With the help local incubator Sirti, Pacinian has been able to
successfully grow its business. The company just signed on with two major
companies and has nine patents pending.
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I host
the radio show North Idaho Business. In that capacity I am often asked
the questions, “Is it a good time to start a business in the area?” As a Realtor
for Windermere Real Estate/Resort Lifestyles, I am asked the similar question,
“Is it a good time to buy a home here?” There is often the codicil, “…or should
I wait ‘til the fall/winter/summer/spring?” In fact, last May 14, 2007, on a
forum hosted by CityData.com, a couple asked that very question. Looking back,
was it a good decision to wait until the fall to buy? Here is the easy answer:
prices are now lower on many properties. Also, if you overpaid in May of 2007,
then you would be upside down now. There are other considerations. Did you plan
on selling in under one year? Two? Five? Truth is, the real answer is if you
don’t find the ‘right’ property and you overpaid, then you would need several
years to absolutely know the answer. However, last year in the month of May,
there were some seriously good bargains available. I should know. I bought a
bank repo on 10 acres in Priest River. We gutted the home, fixed it pretty, and
just closed on it at a profit. Big profit? No. Worth it? You betcha. If you are
going to open a business or buy a home in North Idaho, the time is always ‘now!’
Why? Because, if you run your business well, do so with the bottom line always
the constant goal, and treat your customers with kindness, professionalism, and
offer a good product, then the chances of success are good. If you buy a home
today with a good negotiated price, then even if it suffers some depreciation
next year, over the course of two, three, or five years, you will see increases
in value. This is historically accurate. However, it is more important to
understand the dynamics of Sandpoint, Schweitzer Mountain, and Lake Pend
Oreille.
