Idaho is a state which has seen a lot of growth in the last 10 years and this growth only looks to continue in the coming years.
As businesses in Idaho start to face this huge spike in growth, it is important to take a step back and consider what businesses need to do to prepare for this. Whether working in backup and recovery in Idaho, hospitality, or food services – preparing for a spike in growth is important and could be make or break for many.
Today we want to take a look at how you as a business owner will be able to prepare for and deal with the consequences of this growth in the state.
As a business owner it is likely that the growth in the economy spells only good news to you, and it is likely that you are excited for the continued growth and this will bring better profits and more potential growth to the business. Of course, this can be a brilliant thing for the Idaho economy however it is also important to consider the issues.
So what are the issues you might face in Idaho as a business owner that could impact your growth? Here are some of the different issues that may arise and how you should prepare for them.
Higher Wage Cost
When the population rises in a given area this will do a couple of things. However the main thing it will do is bring a higher demand for work, and because there will be so many people after one job, there will be a labour shortage and many people out of work. You might think this is good for your business as people will always be applying for roles, but this is not always the case.
In fact, sometimes when more people live in an area you might actually suffer the opposite and struggle to fill your job roles altogether. This is because of the rapidly changing supply and demand of jobs, coupled with the fact that the unemployment rate in Idaho is already high. To fill your jobs you will likely have to increase your wage – hence a higher wage cost.
Rising House Prices
Whenever a state becomes overrun with people the supply and demand for housing tips so much toward demand that house prices will spike. For those who want to live in Idaho in the coming years there will be a much higher cost of living in a house and this means some employees can’t afford to live where they work.
Having employees that cannot afford to live within the state will run the risk of losing employees due to the long commutes and this can have a detrimental effect on businesses.
Whenever there is population growth, more pressure is put on services such as the police, fire firefighters, and hospitals and as a result the infrastructure needs more funding to continue. As a result of this, tax will rise as the popular does and this can impact both individuals and the businesses. Idaho has a very urban population and this means issues such as injury and crime are rife – meaning the strain on public services will also be huge.