Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in October 2022

• The most recent jobs report showed that in October 2022, Maryland lost a total of 10,500 Total Nonfarm jobs.
• The official unemployment rate for Maryland increased to 4.5 percent.

Five key takeaways not to miss

From inflation and rising interest rates to international conflicts, natural disasters and the continued impact of COVID-19, it’s been a tumultuous year for the economy. Here's what to expect from inflation and more takeaways from the 2022 Economic Outlook Forum.

• Read TU Newsroom story recap
• Watch the full presentation
• Access the presentation slides (PDF)

We might be headed for a rail strike by Thanksgiving that could cripple US supply chains and push the economy ‘over the edge’
Yahoo Finance / Fortune, November 5, 2022

Even though a rail strike was avoided only months ago, not every rail union has voted to ratify the resulting agreement. As a result, it is still possible for a strike to begin as soon as November 19 is no deal is reached. According to RESI Chief Economist Daraius Irani, such a strike could contribute to the expected recession in our near future. “We’re already facing a supply chain crisis, and now with this on top of it, it could just be a fast accelerant towards a recession,” said Irani. This would be particularly bad timing, disrupting U.S. logistics right before the heaviest shopping days of the year.

Housing Committee Reviews Rent Increase Protection Bill
Montgomery Community Media, October 28, 2022

In late October, the Montgomery County Planning, Housing and Economic Development (PHED) Committee considered a bill to cap rent increases, preventing more than a 4.4% increase for the six months following passage of the bill. Since May of 2022, following a previous rent-protection period, the county received numerous complaints about rent increases as high as 90%. However, opponents of the bill expressed concern that the bill would discourage housing development in the county and lower property tax revenues. They cited a RESI study, completed in 2015, which concluded that “implementing rent control would result in reductions in property values of existing multifamily properties and would significantly decrease county property tax revenue.”