April 2017

Latest Jobs Report Analysis

On Friday, the Bureau of Labor Statistics released its preliminary March 2017 employment numbers for Maryland. For the first time since February 2010, Maryland’s unemployment rate rose, albeit by 0.1 percent to a new level of 4.3 percent. This bump was largely the result of an increase in the labor force, as people who weren’t previously looking for work began to do so. However, total nonfarm employment in the state also fell. Last month Maryland lost 7,200 jobs, a decline of 0.3 percent. Although other states in the Mid-Atlantic Region experienced a decline in employment, Maryland’s decrease was higher than the regional average of a 0.2 percent decline. RESI Chief Economist Daraius Irani, Ph.D., examines which industries grew and shrunk in Maryland over the past month and how Maryland compares to its neighbors.

RESI in the News

Maryland Launches Online Tool to Map State’s Defense Spending, MD Biz News, 03/29/2017

The Maryland Department of Commerce has announced that an interactive tool for mapping defense spending, the Maryland Defense Network, is now available online. The project was developed through a partnership between the Department of Commerce and Towson University’s Regional Economic Studies Institute. The tool aims to help “companies expand and diversify their customer base, identify opportunities to partner with prime contractors, and gain information on expiring Department of Defense (DoD) contracts.”

Hogan Signs Bill Granting Tax Breaks for Creating New Maryland Manufacturing Jobs, The Baltimore Sun, 04/11/2017

Governor Hogan recently signed a bill into law aimed at easing sales, property, and income taxes for manufacturing firms. According to Governor Hogan, the bill will "incentivize and encourage manufacturers to create thousands of jobs in the areas of the state that need them the most." RESI Chief Economist Dr. Daraius Irani commented on the legislation that, "This is just one more step in many steps going forward that will sort of cement Maryland's manufacturing promise."

Komen Race for the Cure Moving to Baltimore City for 2017, The Baltimore Sun, 04/20/2017

Approximately 8,000 to 10,000 runners are expected to participate in the Susan G. Komen Race for the Cure, set to be held in Baltimore City this fall. According to RESI Chief Economist Dr. Daraius Irani, the race could generate approximately $11.6 million in economic impacts for the region. The race is returning to Baltimore City after being held in Hunt Valley for the past ten years.