Eye on the Economy: A Look at Maryland and the Regional Economy in March 2024

• The most recent jobs report showed that in March 2024, Maryland lost a total of 100 Total Nonfarm jobs.
• The official unemployment rate for Maryland increased to 2.5 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland lost a total of 100 Total Nonfarm jobs in March 2024. This was the result of a loss of 1,800 Total Private jobs, offset by a gain of 1,700 Total Government jobs. Along with this small loss in jobs, the unemployment rate increased to 2.5 percent in March.

Baltimore bridge collapse and port closure ‘devastating,’ residents say
The Washington Post, March 26, 2024

When a cargo ship collided with the Francis Scott Key Bridge, causing the structure to collapse into the river below, the repercussions were felt both economically and by residents in the area. Travel times for commuters were prolonged to three or four hours, and until a new bridge is built—which may take years—regional traffic delays are anticipated. Although there are options for deliveries rerouting and freight transfers, significant revenue streams are at risks due to the halt in coal exports from Baltimore, the importation of cars, and the existence of significant Amazon and Home Depot fulfillment centers at the port's perimeter. RESI Chief Economist Daraius Irani estimated that the port brings in generates approximately $15 million a day, which includes roughly $1.5 million in municipal and state taxes, all of which will be impacted. Additionally, the closure falls during the busiest cruise season, costing waterfront businesses money from visitors.