November 2017

Latest Jobs Report Analysis

Maryland’s economy had a rough October, as total employment declined by 5,500 jobs. While employment declined, the unemployment rate remained constant at 3.8 percent. Maryland continues to have a lower unemployment rate than the Mid-Atlantic Region as a whole; 4.2 percent of the region’s labor force was unemployed in October.

This month we are introducing the Mid-Atlantic Regional Employment Workbook to our monthly report. This interactive dashboard allows you to view how the regional economy is changing for 29 different industries.

Take a closer look at the numbers and our interactive dashboard.

RESI in the News

Loss of ‘House of Cards’ Could be Economic Hit to Maryland
Baltimore Business Journal, 10/31/2017

Netflix announced that “House of Cards” would suspend filming following sexual harassment allegations against lead actor Kevin Spacey. The show has had an estimated $577 million economic impact in the state over the five-seasons of shooting. RESI Chief Economist Daraius Irani, PhD stated, "There's a fairly big hole to fill with the loss of 'House of Cards.'"

Depending on Plan, Tax Overhaul could Hurt Marylanders
WBALTV, 11/10/2017

The removal of deductions for state and local taxes, student loan interest, health care costs, adoption expenses, and charitable giving, as well as changes to alternative minimum tax rules and mortgage interest deductions will impact Maryland tax payers. RESI Chief Economist Daraius Irani, PhD noted, “I don’t think it’s beneficial to Maryland. I think the challenge with any tax reform is there are winners and losers. It’s a painful process.”

Report: Region’s Strong Economy Expected to Continue
Frederick News Post, 11/4/2017

The Washington region’s economy has been growing and is expected to remain strong. However, shifts in employment away from the professional and business services sector could become problematic. While these impacts would likely be felt more in D.C.’s Virginia suburbs than in the district or suburban Maryland, RESI Chief Economist Daraius Irani, PhD notes that Maryland’s economy could feel a pinch if federal workers decreased discretionary spending or if the federal workforce contracts.