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New terrain at Sun Valley Resort shown in November 2020. Photo courtesy of Sun Valley Resort
Region in Idaho facing economic slowdown, department says
Marc Lutz//July 31, 2024//
Sun Valley has recently seen a slowdown in one aspect of its economy, the region’s economic development agency reported.
As it works on its 2023 Economic Profiles, Sun Valley Economic Development stated it found “a distinct slowdown in key parts of our overall economy” as compared to 2022.
The SVED in a recent email reported that total reported sales declined for the last three quarters of 2023, though an increase in sales in the South Valley region offset decreases in the North Valley region.
“This downward trend continued in the first quarter of 2024, with an overall Blaine County decline in reported sales of an additional 3.6%” versus the fourth quarter of 2023, the agency reported.
Though sales were down, employment has gone up in line with an increased number of businesses for the third year in a row. The SVED said most of the uptick came from the construction and trade industries, though financial and professional industries saw growth as well.
The agency plans to release a city-by-city breakdown of the overall economy later this summer.
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