The Idaho Department of Labor has recently released its March 2023 preliminary report for Madison County and Rexburg, which includes not much news for the region. According to the report, the civilian labor force size in Madison County stands at 23,241, with 22,774 people employed, and only 467 people unemployed, which translates to an unemployment rate of 2.0%. This is a slight decline from the same time last year when the unemployment rate was 1.9%, and the number of unemployed people was 465.
In comparison, the Rexburg micropolitan statistical area, which includes Madison County as well as others, has a civilian labor force size of 31,258, with 30,620 people employed, and 638 people unemployed, resulting in an unemployment rate of 2.0%. At the same time last year, the unemployment rate was 2.0%, and the number of unemployed people was 646.
When comparing the Rexburg micropolitan statistical area’s unemployment rate to other labor market areas in Idaho, it has the lowest rate. The table below, based on the same report, shows the unemployment rates for these market areas:
| Labor Market Area | Unemployment Rate |
|---|---|
| IDAHO-LEWIS LMA | 3.1 |
| COEUR D’ALENE MSA | 3.0 |
| BOISE CITY-NAMPA MSA | 2.7 |
| LEWISTON MSA | 2.7 |
| TWIN FALLS MSA | 2.7 |
| POCATELLO MSA | 2.6 |
| IDAHO FALLS MSA | 2.5 |
| BURLEY MicSA | 2.2 |
| HAILEY MicSA | 2.2 |
| REXBURG MicSA | 2.0 |
The Rexburg micropolitan statistical area’s economy is performing well compared to other regions in Idaho. With an unemployment rate of only 2.0%, people searching for work are generally finding it fast.
Madison County’s economy is heavily reliant on agriculture and education, with Brigham Young University-Idaho being the largest employer in the region. The university employs over 4,000 people (about 12.8% of the entire Rexburg labor force) and has an annual economic impact of approximately $200 million. The agricultural industry is also an essential contributor to the county’s economy, with potato farming being the most prominent agricultural activity in the region.
While the current economic situation in Madison County is stable, there are several factors that could impact its future. One such factor is the ongoing labor shortage, which has been a significant issue across the United States. With a low unemployment rate and a small pool of available workers, employers in the region may face difficulty filling job vacancies. To plug this website, My Rexburg Job offers affordable job ads to alleviate some of the difficulties that come from attracting quality candidates in a tight labor market like this.
Another factor is the potential impact of changes in federal policies and regulations. For example, changes in immigration policies could affect the availability of foreign-born workers, who make up a significant portion of the agricultural labor force in Madison County.
In conclusion, the latest data from the Idaho Department of Labor’s March 2023 preliminary report for Madison County shows that the region’s economy is stable, with a low unemployment rate of 2.0%. The Rexburg micropolitan statistical area, which includes Madison County, also has the lowest unemployment rate among all labor market areas in Idaho. However, there are potential challenges that the region may face in the future, such as the ongoing labor shortage and changes in federal policies and regulations.