The Major Economic Events of 2021: Montana Bounces Back.

• Author: Barkey, Patrick M.
• Position: MONTANA ECONOMIC REPORT

As extraordinary as the economic downturn was in 2020, the ride up for the state economy in 2021 has been almost as robust. Some of the major events that occurred in the past year include:

* The state economy kicked off the year with a growth in personal income of more than 17% in the first quarter of the year, compared to year-ago levels. The American Rescue Plan spending passed by Congress was part, but not all of the story, as wages and salaries also grew robustly.

* The Montana unemployment rate fell to the extremely low level of just 1.9%, not seasonally adjusted, in October as very tight labor markets spread across the state.

* Gov. Greg Gianforte ended supplemental unemployment payments in June that were not scheduled to expire until September, in an attempt to address declines in the labor force that continue to impact Montana businesses throughout the state. At the same time, he launched a program offering bonus payments for the unemployed who returned to work.

* The Bozeman Yellowstone International Airport was ranked second in the country, only behind Sarasota, Florida, in percentage growth in enplanements. Montana's biggest airport saw 89.6% more emplanements in the third quarter of 2021, compared to the pre-COVTD-19 third quarter levels of 2019.

* For the first time in this century, the University of Nebraska's drought monitor showed 100% of Montana's land area to be severely dry or worse. Poorly performing pasture land necessitated the early sale of calves and the sell off of cows, with potentially adverse impacts on ranching revenues going forward.

* The Idaho Forest Group announced it would wind down operations at its St. Regis mill by the end of 2021. Despite lower...