August 2017

Latest Jobs Report Analysis

On Friday, the Bureau of Labor Statistics released its preliminary employment estimates for Maryland in July 2017. For the third straight month, Maryland’s unemployment rate fell by a tenth of a percent where it now sits at 4.0 percent. What’s most instructive with this sector is that it seems to be looking at long term trends, rather than month-to-month swings. This is great news, considering unemployment in the rest of the Mid-Atlantic region remained constant at 4.6 percent. What industries in Maryland are gaining or losing jobs? How are these industries doing in our neighboring states? Find out in this month’s discussion on the newly released data.

RESI in the News

Sagamore: Port Covington Pushing Ahead Despite Under Armour Slowdown, Baltimore Sun, 08/12/2017

Two consecutive quarters of losses for Under Armour after years of positive gains have raised concerns about the implications this may have on the $5.5 billion Port Covington project. Some have attributed the decline in sales and growth to “corporate growing pains.” Dr. Daraius Irani of TU’s Regional Economic Studies Institute stated, “There have been some challenges for Under Armour as they figure out who they are in the market."

Union Pacific to Cut 750 Jobs Companywide, No Word on Arkansas Operations, Talk Business & Politics, 08/16/2017

Union Pacific Corporation has announced that they will be eliminating up to 750 positions as part of “ongoing efforts to increase efficiency and more effectively align company resources.” Union Pacific has a significant presence in Arkansas, with the article noting that the company supported approximately 2,654 employees in the state during 2016. The article cites a study completed by TU’s Regional Economic Studies Institute, which found that nationally in 2014, Class I Railroads supported 1.5 million jobs, $88.4 billion in wages, and $273.6 billion in output.