Eye on the Economy: A Look at Maryland and the Regional Economy in June 2024

• The most recent jobs report showed that in June 2024, Maryland gained a total of 5,600 Total Nonfarm jobs.
• The official unemployment rate for Maryland increased to 2.8 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 5,600 Total Nonfarm jobs in June 2024. This was a combination of 3,900 new Total Private jobs and an increase of 1,700 Total Government jobs. Despite this continued growth in new jobs, the unemployment rate increased to 2.8 percent in June.

Montgomery County to increase minimum wage to $17.15 for some employers
The Daily Record, June 28, 2024

Starting on July 1, Montgomery County increased the minimum wage for large and medium-sized businesses to $17.15 and $15.50, respectively. These increases are due to a county law that automatically raises the minimum wage in line with inflation. According to RESI Chief Economist Daraius Irani, the categories most likely to be affected by this new minimum wage include fast-food and restaurant workers, non-tipped workers, and entry level jobs. The increase will make Montgomery County’s minimum wage the highest in the state.

How the Baltimore-set ‘Lady in the Lake’ miniseries made an impact on Maryland
The Daily Record, July 18, 2024

The new Baltimore-centered miniseries “Lady in the Lake” is set to premiere on AppleTV+ today, after spending approximately $100 million on production costs in Maryland. According to the Maryland Department of Commerce, the project created 1,132 jobs in Maryland related to filming and behind-the-scenes production. RESI Chief Economist Daraius Irani noted that when you consider the salaries of the actors and crew along with all the other costs of filming, it’s not unusual to spend such a large amount of money. He also stated that even though the spending is a one-time cost, there can be an additional potential benefit as the show highlights the locations in which it was set.