Idaho Business Opportunities

Autumn in Boise
Autumn in Boise[1]

A Quick Glance at Idaho

Idaho, whose nickname is The Gem State, first obtained its statehood in 1890. With a population of 1,612,136 people, Idaho is the thirty-ninth most populated state in the United States.

If you are considering starting your new business in Idaho, you might want to look into one of Idaho's top three most populous cities - Boise (which is also the state's capital), Nampa or Idaho Falls.

Top Industry

The largest industry in the state of Idaho is computer and electronic products manufacturing.

  • The gross domestic product (GDP), of this industry, is roughly $2.6 billion and accounts for 4% of Idaho's GDP.
  • Computer and electronic products manufacturing also employs 1.4% of Idaho's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 293,893 small businesses, in the state, of Idaho.
  • Small businesses in Idaho, make up 35.8% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of Idaho, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6% 0.03% 6.03% 37 3%
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Idaho, their official state page might be a good place to start. If you are looking to own your own established franchise in Idaho, we have collected a comprehensive list of companies that are actively looking to expand in Idaho, for you to explore.

References

  1. By Lordchadwick79 - Own work, CC BY-SA 3.0
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

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