May 2017

Latest Jobs Report Analysis

Last Friday, the Bureau of Labor Statistics released its preliminary April 2017 employment numbers for Maryland. Maryland’s unemployment rate increased from 4.2 percent in March to 4.3 percent. However, last month the Bureau of Labor Statistics initially projected Maryland’s unemployment rate at 4.3 percent before revising that estimate back down to 4.2 percent. Hopefully they revise this month’s rate down as well. Despite the increase in the unemployment rate, Maryland added workers to the job rolls, and the increasing unemployment rate is due to more people looking for work as the economy continues to expand. 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

Will Preakness Stakes Remain in Baltimore?, Baltimore Jewish Times, 05/12/2017

The 147-year-old Pimlico Race Course is in need of an estimated $250–$320 million renovation. Currently there is a debate over moving the Preakness from Pimlico Race Course to Laurel Park. Chief Economist for TU's Regional Economic Studies Institute, Daraius Irani, stated that a move to Laurel may attract less investment due to the lack of historical draw that Pimlico has enjoyed.

Maryland Defense Network Highlighted at Event, The Lexington Park Leader, 05/02/2017

While giving a demonstration of the Maryland Defense Network, John Stovall from the Maryland Department of Commerce, called the tool “the crown jewel of the state’s effort to identify the importance of defense” in Maryland. The Maryland Department of Commerce worked with TU's Regional Economics Studies Institute to develop the tool, which allows for mapping of the state’s defense supply chain.

Would-be Competitors Looking Forward to Guinness, WYPR, 04/27/2017

The prospect of Guinness opening a brewery and tap room in southwestern Baltimore County has competing craft breweries optimistic that “Guinness tourists” will increase business for all. Daraius Irani, chief economist at TU's Regional Economic Studies Institute, noted that restaurants cluster together in order to draw patrons to a common location, bolstering sales.