Start Your Own Franchise Business in Idaho

• The civilian labor force comprises around 973,000 people, with an employment figure of 941,700.
• The unemployment rate is low at a figure of 3.3%.
• Idaho’s labor market is expected to remain robust, with projections indicating continued growth. 
• New jobs are expected across various industries, with construction and leisure and hospitality sectors showing the fastest growth. Growth is supported by strong in-migration, increasing demand for services, and a growing demographic base.
• Sectors that are showing increasing growth in the state include construction, education and health services, and information.
• Idaho’s real gross domestic product (GDP) growth rate in the first quarter of 2023 was 3.8% per year.
• Idaho ranked fourth in the 2023 edition of Rich States, Poor States by ALEC, suggesting competitiveness and a positive economic outlook.
• The state’s economy has a balanced mix of traditional and emerging industries. These include advanced manufacturing, technology and innovation, food production, outdoor recreation, back office and shared services, tourism, and energy.
• Low population density but high retail sales figures of $14,500 per capita.
• The state recently recorded two consecutive years of record budget surplus, substantial tax relief, and significant infrastructure investments, contributing to a surging economy.
• Forbes ranked Idaho near the top in growth rates for 2021.

Some of Idaho’s key cities include the state capital Boise and the largest cities such as Meridian, Nampa, Idaho Falls, and Caldwell.

When it comes to Boise, the average household income of $115,656 is considered relatively high and suggests a financially capable demographic. Key businesses making a mark in this city include those in the health and fitness sectors as well as home services such as renovation, remodeling, and home improvement. Other sectors that are thriving include the retail sector, which includes clothing stores and specialty boutiques. The city’s annual growth rate is projected to be 1.3% until 2028. 

On the other hand, Meridian offers potential franchisees strong opportunities in the food and retail sectors, through a thriving consumer market. The retail sector in this city often sees success in niches such as clothing and electronics to specialty stores. The median household income in this city is $105,869, suggesting a strong customer base with disposable income.

Nampa has a projected annual growth rate of 2% until 2028. A strong industry that prospective franchisees could look into is food and beverage, such as cafes, restaurants, or fast food establishments. That’s because this spending on this category totals approximately $435.78 million. 

Key trends to watch in Idaho include:

• Tech and innovation: Growth in tech companies and startups, particularly in software, data analytics, and cybersecurity.
• Outdoor recreation and tourism: Strong sector with potential for further growth, especially sustainable and eco-friendly activities.
• Agriculture and food processing: Expanding focus on local food production and value-added products.
• Foreign trade: Opportunities for exporting Idaho products to growing international markets.
• E-commerce and omnichannel retail: Brick-and-mortar stores need to adapt to online shopping trends.
• Remote work: Growing trend but requires infrastructure and talent development support.
• Sustainability: Businesses are increasingly adopting environmentally friendly practices.
• Workforce development: Addressing skills gaps and attracting young talent is crucial.

Challenges to consider:

• Affordability: Rising housing costs and cost of living could hinder growth.
• Water: Managing water resources sustainably is critical for future development.
• Infrastructure: Investments needed in transportation, broadband, and other infrastructure.

When it comes to Idaho franchises, you won’t find a more detailed directory that showcases franchise opportunities in Idaho than right here at Franchise Fame. Rest assured that with our experienced team at your side, you will be able to look at available franchises for sale and select the opportunity that matches your needs and expectations. Simply get in touch with our team and we’ll be more than happy to help!