Thursday, June 01 2017
By Idaho Commerce
Idaho continues to receive national and international attention. We regularly appear in the top 10 of several key rankings. We recently captured the #1 ranking for states with the fastest job growth, the most job satisfaction, the largest percentage increase of employment, and in-migration moves of residents. For travelers, Vogue magazine ranked Idaho as one of the best places to travel worldwide as a vacation destination. It is safe to say that Idaho is officially no longer a well-kept secret in the Intermountain West. People and businesses alike have discovered why Idaho is a great state to live, work, play, and do business – because we make it easy.
This ease of business and life is reflected in Idaho’s financial success with real gross domestic product increasing by 2.8 percent in the second quarter of 2016 – the third largest increase nationally – and wage growth of 4.2 percent in the second quarter of 2016 – twice the national average.
Easy Access to Government
Easy West Coast Access
Easy to Do Business
State and local government work with the private sector and economic development partners throughout the state to deliver more opportunities than ever for existing Idaho companies while allowing those new to our state to thrive. Our grant and incentive programs have enabled us to generate signiﬁcant forward momentum by investing in Idaho’s existing and emerging industries, public-private partnerships, commercialization of new technologies, expansion of international trade, and community development.
Idaho has experienced enormous success thanks to the Idaho Tax Reimbursement Incentive (TRI), which went into effect July 1, 2014. The TRI has proven to be instrumental in the state’s efforts to encourage business growth from existing companies wishing to expand their Idaho operations, as well as new companies looking to establish a presence into the Intermountain West.
Since its inception, there have been 36 projects approved for TRI – including companies like Albertsons, Dow Chemical, McCain Foods, and Idaho’s first medical school, the Idaho College of Osteopathic Medicine – resulting in a tremendous economic impact on Idaho:
Awards have been issued to companies representing such industries as food processing, advanced manufacturing, recreation technology, software technology, corporate offices/shared services, education, and aerospace. So far, the estimated return on investment is over 4:1, which is to say that TRI has been nothing short of a game changer for Idaho’s economy.
Easy Supply Chain Connections
Easy to Innovate
Idaho knows the important role that supporting innovation plays in developing new and viable technologies. Innovation support is where the Idaho Global Entrepreneurial Mission (IGEM) grant program helps Idaho businesses with research and development efforts while bolstering the capabilities of Idaho’s three major research universities.
IGEM funds commercialization research where business experts partner with university researchers to bring viable technologies to market. That includes projects like Boise State University scientists testing a new Bionic Hip System™ in partnership with veterinary surgeons at WestVet in Boise and engineers and distributors from MWI in Boise. The innovative canine hip implant works to improve the standard of care for treating hip osteoarthritis while reducing costs, improving canine mobility, and reducing complications.
The agriculture industry traditionally is one of Idaho’s most innovative industries. Together, agriculture and food processing generate 21 percent of Idaho's total economic output in sales and 16 percent of the gross state product. Idaho is investing in the industries’ next generation innovation through a partnership between the University of Idaho and GenZ Technology to develop a new, hooded pesticide application system now being used on strawberry fields and on lettuce crops. The project has raised over $2 million in capital from angel investors and has won national recognition in technology innovation.
Idaho’s unmanned aerial systems (UAS) industry produces promising innovations. Such leading companies as Simplot have partnered with Idaho State University to expand precision agriculture market opportunities with unmanned aircraft system sensors. The project utilizes hyper-spectral imaging via UAS to provide growers advanced insights and analytics about their crops in real time. Idaho State University and Simplot are working together to advance remote sensing applications in the evaluation of multi-platform data collection using UAS.
Idaho takes business very seriously and government officials work together to quickly bring more opportunity to Idaho’s citizens and businesses. The state’s grant and incentive programs are attracting more companies to the state than ever before. Coupled with high-quality of life and endless recreational opportunities, that means that once you arrive in Idaho, you’ll never want to leave.
Visit http://www.expansionsolutionsmagazine.com/idaho_ed for local economic development office directory listings.