Economy
Twin Falls, the state's 7th largest city, is the fastest growing city in South-Central Idaho. As of April 2011 unemployment in Twin Falls county stood at 9.5%, below Idaho's average of 9.6%. From 1998 to 2007 the unemployment rate was steadily decreasing to a low of just under 2%. Then, in tandem with the national economy, the unemployment rate increased to nearly 9.5% as of April 2011.
Most growth seen today has taken place over the last 20 years, with an acceleration of growth just between 2006-2011. However, there are businesses that have been a mainstay for many decades.
Twin Falls is the home of award-winning cheese producer Glanbia Foods, a major American division of the Irish food company Glanbia plc. The corporation selected Twin Falls due to its being one of the world's premier farming regions and as such Twin Falls's economy is based on agriculture. Falls Brand, another award-winning food company, is located in the southern part of Twin Falls. In early 2011, Falls Brands' Old Fashioned Basque Chorizo sausage won the "Hold The Mustard" award presented by the National Meat Association (NMA) every year during their annual, "NMA Annual Gourmet Sausagefest." Another mainstay is The College of Southern Idaho(CSI). Boasting a student-population of 3,433 students, this Junior College is a popular alternative to students not yet ready to attend a four-year university. Many students are from out of state living in CSI's residential halls. These entities are examples of nationally successful, long-standing job opportunities for residents of Twin Falls.
Other large employers include Amalgamated Sugar Company, makers of White Satin sugar and Lamb Weston which has a food processing plant located in west Twin Falls. It employs no less than 500 residents and its annual revenue is about $100 million per annum.
In spite of a troubled national economy Twin Falls has seen rapid development. Many major retail outlets have opened stores in Twin Falls between 2006-2011.
In November 2009 a new Walmart Supercenter opened bringing to the region an estimated 100 additional jobs. Less than a year later, in October 2010, C3, a customer call center, opened in the former Dell facility. It was a large boost to an already busy economy providing close to 1,000 jobs., and in July 2011 C3 announced that an additional 300 C3 jobs would be created in Twin Falls due to brisk business.
In November 2011 Agro-Farma announced that they will construct a state of the art processing facility in Twin Falls which will produce the company's Chobani brand Greek style yogurt. With the announcement came the prospect of 400 initial jobs and at least $100 million for constructing the processing facility and the possibility of close to $300 million in additional revenue for Southern Idaho dairymen on an annual basis. Creating 40-50 new jobs, Magic Valley 14 Cinemas will construct a new theater equipped with IMAX screens and D-Box seating. Magic Valley Cinema's plans to open their new complex in December 2011. The new entertainment center comes in the wake of unprecedented growth in the magic valley.
In response to a growing population base, Twin Falls County voters voted to construct a new hospital in the northwest section of Twin Falls to replace the city's existing hospital. In spring 2011 the new 700,000 sq/ft. facility, St. Luke's Magic Valley, was opened. One of the feature of the new hospital is that all 186 rooms are private with family accommodations.
Other businesses which have recently opened locations in Twin Falls include Five Guys Burgers and Fries, Buffalo Wild Wings, and Coldwater Creek. Wanting to catch some momentum a movement has begun to rebuild downtown in hopes of moving some business back to where it originated.
Twin Falls will host the 2012 Idaho Republican Party convention, which is expected to create more positive economic activity.
China Mountain Wind, LLC. has proposed and may construct a 300,000 acres (1,200 km2) wind farm after the Environmental Impacts are weighed. Twin Falls County can expect to generate $33.4 million in tax revenues. Local schools and services will receive a portion of the tax revenue. The construction of the wind farm will bring to the area 396-749 full and part-time jobs during construction and 24-46 new jobs to maintain the facility.
Read more about this topic: Twin Falls, Idaho
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)