SANDPOINT — Power rates in Idaho are competitive, the cost of living is lower and cost of doing business is lower than in other states, but wages are also lower, said Jeff Sayer, former director of the Idaho Department of Commerce and Labor.

Sayer was in Sandpoint Wednesday as one of two speakers at the annual economic forum hosted by the Greater Sandpoint Chamber of Commerce and sponsored by D.A. Davidson Companies in Sandpoint. The forum was held at the Columbia Bank building, attended by more than 60 community members.

“D.A. Davidson wanted to bring in knowledgeable and dynamic speakers that could offer insight on the current state of the economy on a local, national and global scale," said Candice Nelson, senior registered associate for D.A. Davidson. "What we learned was through the challenges and times of insecurity an election year can bring, opportunities can also present themselves."

Sayer, who said economics is a passion of his because it is "imperative" to the future of Idaho, focused his talk on the current state of Idaho's economy. He discussed the challenges the state faces regarding workforce readiness for companies in Idaho and companies that might relocate to Idaho.

"The prize, in the future, is going to go to those communities, regions or states who invest in infrastructure and talent," Sayer said.

Diminishing talent and an aging workforce are areas where he said companies face challenges. Not only is the current Idaho workforce aging, he said, but people moving into Idaho are 65 or older and it is projected that by the year 2020, Idaho will be 45,000 workers short. To build talent, he said the solution is to build talent pipelines designed to train specific skills that meet economic needs. He said some work is being done on the community level, such at Idaho's Pathways in Technology Early College High School network, which is developing accelerated pathways for young people seeking high-paying jobs in industries. 

John Mitchell, former economics professor at Boise State University and chief economist of U.S. Bancorp, gave a broader perspective of economics, discussing the country's economy and where it may be headed.

Mitchell presented data that shows an eight-year economic expansion, which he said should continue, but it is uncertain whether something drastic may happen to disrupt economic expansion. Risks include possible implementation of policies that could stimulate slow growth, and also a possibility of a "shock," such as an oil shock.   

He discussed the labor market, presenting data that shows a somewhat steady unemployment rate at about 5 percent this year and the job count up 6.32 million from the previous peak in 2008. He presented data that breaks up year-over-year job growth by state, and Idaho is ranked second in the country for year over year job growth — up 44 states from a year ago.

"Our corner of the world is doing amazingly well from an employment standpoint," Mitchell said.

Mitchell also addressed the need to strengthen the workforce and "tightening" the labor market in order for citizens to meet employment needs of the future.

"A bright spot discussed today was the strength of Idaho in regards to employment opportunities, alternative education and job training initiatives, and commercial development," Nelson said. "The conundrum lies in finding talented, capable workers to fill these positions and feed this growth. ”