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Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in May 2021

Interactive Look at Maryland and the Regional Economy

• The most recent jobs report showed that for May 2021, Maryland gained a total of 11,500 jobs.

• The state's unemployment rate decreased to 6.1 percent.

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RESI in the News

Jobless Marylanders Brace for End of Federal Unemployment Benefits
Delmarva Now, June 10, 2021 

With Governor Hogan announcing the early end of increased federal unemployment assistance, many Maryland residents are worried about what will happen after their benefits are reduced. Hogan has argued that the move will help businesses who are unable to hire enough staff to reopen. RESI Chief Economist Daraius Irani says that among those people out of work, “the vast majority of individuals are worried about health and safety, are reevaluating their career choices, are having trouble finding child care.” He states that the loss of $300 each week will be an economic hardship for those people who may be unable to return to work for reasons beyond their control.

Businesses stage Memorial Day weekend comeback after lockdown
CBS Baltimore, May 28, 2021

After 15 months of struggling to stay afloat during the COVID-19 pandemic, businesses in Baltimore are looking forward to summer spending and see Memorial Day weekend as the perfect time to start. RESI Chief Economist Daraius Irani predicted that, “people will take advantage of the ability to go out congregate, gather, enjoy all the things that we’ve postponed.” Irani believes that this summer will be a big boost for the economy as individuals will finally have the ability to do the things they have been putting off for over a year.

COVID-19 orders in Baltimore have big impact on city's bottom line
WBAL TV 11, May 28, 2021

Before Memorial Day weekend, face-covering requirements were lifted for most of Maryland. However, Baltimore City remained cautious and kept most COVID-19 safety measures in place. Large events like Artscape and the 4th of July fireworks show were also cancelled in the city to avoid any further spreading of COVID-19. Businesses in the city that have struggled through the pandemic reported that those large events would usually generate a lot of revenue. RESI Chief Economist Daraius Irani estimated that “the economy of the city loses $6 million a day,” due to restrictions and cancelled events.

Economist says Memorial Day weekend could restart economy amid pandemic
WBAL TV 11, May 28, 2021

Sources predicted that more than 37 million people would be traveling in the U.S. over Memorial Day Weekend, a 60.0 percent increase in travel from the holiday weekend last year. "Given the fact that many people are now vaccinated here in Maryland and the restrictions have been lifted for COVID, I think the only hindrance to having an all-out three day weekend is probably the weather," posed RESI Chief Economist Daraius Irani.

Maryland: Getting Back To Work
WYPR, May 26, 2021

The COVID-19 pandemic has had an immense negative impact not only on public health but also on the economy. In Maryland, the unemployment rate spiked as many businesses were forced to close their doors to the public. As the state started to recover, the unemployment rate began to fall and reached 6.2 percent in the winter. Now the figure seems unresponsive to the state’s recovery, remaining at 6.2 percent for three months. RESI Chief Economist Daraius Irani says that there are many reasons for this stalling. Irani explains that some individuals are still fearful of Coronavirus and do not want to risk going back to work while others are unable to find safe and affordable child care in the absence of in-person schooling. Irani concludes that getting people back in the labor force and employed will be, “an ongoing challenge” in the state and nation.

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