Eastern Idaho: A Prime Location for Businesses

Idaho Falls Regional Airport

Both established brands and startups understand location impacts success. But businesses in Idaho Falls and Eastern Idaho know choosing where to put down roots is about more than infrastructure and incentives. 

That’s why Regional Economic Development for Eastern Idaho (REDI) works to strengthen and diversify the area’s dynamic business climate. 

“Eastern Idaho, which covers southeast and east Idaho, is Idaho’s Research Corridor and the country’s premier region for science, technology and research,” says REDI CEO Teresa McKnight. “Eastern Idaho is a prime location for businesses requiring a large and diverse base of educated and trained talent.” 

REDI has three areas of focus for developing the region’s business ecosystem: business retention, expansion and recruitment; workforce development, education, training and recruitment; and enhancement of research and innovation. All of these value propositions culminate to create a place where employers and people thrive. 

Retention, Expansion and Recruitment 

The landscape for businesses in Idaho Falls and Eastern Idaho includes seven top industries: advanced manufacturing, agriculture, energy, health care, IT and cybersecurity, outdoor products and recreation, and banking and finance. 

Idaho Central Credit Union (ICCU) is a standout in that last category. As a leading credit union in Idaho and Washington state, ICCU offers comprehensive services to help members achieve financial success, says Laura Smith, vice president of community development. 

“Since 1940, ICCU has grown with an individualized approach to banking, member by member,” Smith says. “Over the last 80 years, ICCU has grown to have 55 branches with over $11 billion in assets and 630,000-plus members.” 

The region has a competitive edge when it comes to attracting expanding or relocating businesses that want to grow somewhere that’s known for innovation and collaboration between the private and public sectors. Eastern Idaho is home to five federal programs: the Department of Defense, Department of Energy, Navy, Federal Bureau of Investigation and Homeland Security. 

“The work conducted under these programs has positioned our region as the top leader in nuclear energy and cyber control systems,” McKnight says. “These activities have also enabled the formation of dynamic partnerships between federal agencies, private industry and university partners.” 

Workforce Development 

While some markets face a sparse talent pool, Eastern Idaho has a constant stream of educated professionals flowing into its workforce pipeline. 

There are 75,000 students registered each semester between four major universities and colleges within the region: Idaho State University, Brigham Young University-Idaho, College of Eastern Idaho and a satellite campus of University of Idaho. 

Headquartered in Chubbuck, Idaho, ICCU sees this as a major advantage. 

“We employ over 900 team members in Eastern Idaho. It’s been beneficial to be located so close to Idaho State University. We hire many of their students and graduates,” Smith says. 

Idaho National Laboratory

Research and Innovation 

Along with local universities, Idaho National Laboratory produces critical research in Idaho Falls. The entrepreneurial spirit is also very much alive. Instances of this range from giant manufacturers of food processing equipment and farm machinery to the member-based wellness company, Melaleuca, and beyond. 

“The region produces more malt for beer than any other region in North America. Frankly, to put it in context, enough for a billion beers every month,” McKnight says. 

A key to retaining these businesses as they scale is infrastructure. Eastern Idaho offers transportation via interstates, railways and two regional airports. 

Commercial real estate is ample. REDI works with TOK Commercial Real Estate. TOK provides commercial real estate services to a wide range of owners and businesses and represents tenants, landlords, owners, buyers and investors. TOK manages nearly 15 million square feet and lists over 300 properties across Idaho. 

In addition, Idaho Power, Rocky Mountain Power and Idaho Falls Power provide some of the lowest utility rates in the nation. “Eastern Idaho also has a diverse economy and has presented us with an opportunity to serve a wide range of members,” Smith says. 

These advantages add up, making Eastern Idaho a competitive, dynamic market in which businesses can grow and thrive. 

“Eastern Idaho has a strong banking and finance sector. In addition to ICCU, one of the region’s fastest growing credit unions, we have large banking institutions that include Bank of Commerce, DL Evans, Zions Bank and Citizens Community Bank. All these institutions not only provide innovative banking and loan services, but they work hard to give back to the region through community service projects,” McKnight says. “Working together is what makes Eastern Idaho a great place to work and to live.”