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Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in December 2019

Interactive Look at Maryland and the Regional Economy

• The most recent jobs report showed that between November and December, Maryland gained a total of 6,500 Total Nonfarm jobs, consisting entirely of a change in Total Private jobs with no shift in Government positions.

• Job gains for 2019 totaled 31,000 jobs, just managing to exceed overall job growth for 2018.

• The unemployment rate for Maryland decreased to 3.5 percent in December.

From Our Newsroom

Man rock climbing

Is your New Year's resolution doomed?

Now that the revelry and vacation of the holidays are officially over, many people refocus themselves by setting New Year’s resolutions. We take a look at how economics can help you reach your goals.


A couple opening gifts

Jingle all the way to the bank

Since 2008, Americans have consistently spent more with each passing yuletide season. So, when did the holidays become such a cash cow? We decided to trace the origins. 


RESI in the News

Tom Jurkowsky: Maryland should act to attract and retain military retirees (Opinion)
Capital Gazette, 01/18/2020
Retired Navy rear admiral Tom Jurkowsky writes in favor of providing a state income tax exemption on retired military pay. He argues that this exemption will help to fill many of Maryland’s unfilled jobs that require the skills and security clearance often held by retired military personnel. In support of this argument, he cites a recent study by RESI which found that the state’s defense industry faces a shortage of 7,200 qualified workers. The study also found a significant economic benefit from military retirees household spending, assuming that a retiree lives within the state.

Would increased TV and film production be good for Baltimore?
Baltimore Magazine, 01/08/2020
Over the next fiscal year, film and television productions in Maryland will be eligible for up to a total of $11 million in tax credits and incentives. Baltimore Councilman Leon Pinkett is advocating for an increase in this cap in order to compete with neighboring states that dedicate a much more significant budget to these productions. RESI Chief Economist Dr. Daraius Irani supports increasing tax credits for film productions as long as they submit a list of expenses that proves they are using Maryland businesses.

FERC Approves Eastern Shore natural gas company expansion
Yahoo Finance, 01/07/2020
In early January, the Chesapeake Utilities Corporation announced that the proposed Del-Mar Energy Pathway Project has been approved for Kent and Sussex counties in Delaware, as well as Wicomico and Somerset counties in Maryland. This project approval follows a study completed by RESI which laid out the economic benefits of the project, particularly with regards to increased employment associated with the construction.

While recession may happen, economists say state will fare OK
The Daily Record, 12/20/2019
With a recent slowdown in economic growth across the U.S., some economists believe the next recession may occur within the next year. Even if a recession does occur, RESI Chief Economist Dr. Daraius Irani doesn’t expect it to be nearly as damaging as the previous one, “If anything, it will be kind of a slowdown that most people won’t necessarily notice. It won’t be as deep and as long as the 2008 one.” Dr. Irani also stated that Maryland would likely benefit from any economic stimulus package that is created in response to a new recession, saying that “in general, Maryland benefits when federal government spending is elevated.”

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