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Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in February 2020

Interactive Look at Maryland and the Regional Economy

• The most recent jobs report showed that for the two-month period between December and February, Maryland gained a total of 16,500 Total Nonfarm jobs. All added jobs were a result of growth in the private sector.

• Job gains for 2019 were revised down to 24,500 jobs, from a preliminary estimate of 31,000 jobs.

• The unemployment rate for Maryland decreased to 3.3 percent in January and February.

RESI in the News

Economist: Md. could take $180M hit every day in coronavirus crisis
Baltimore Business Journal, 03/26/2020
According to RESI chief economist Daraius Irani, Maryland could lose $180 million in economic activity for each day that businesses across the state remain closed due to the coronavirus pandemic. This estimate is based on previous work to estimate the economic damage of the “Snowmageddon” event in 2010, which created a similar widespread shutdown of Maryland businesses. The final tally will be dependent on the length of the shutdown, along with the damage caused to income as a result of layoffs and the drop in the stock market.

Md. businesses starting to see early impact of COVID-19
The Daily Record, 03/12/2020
Prior to the shutdown of all non-essential businesses, some were already seeing the impact of the unfolding pandemic. Certain retail stores reported less activity than usual, and many venues were cancelling or postponing events. RESI chief economist Daraius Irani predicted that the pandemic would affect a range of industries, noting that airlines and cruises were already seeing a significant impact at that point in time. He noted that we will not understand the full effects until April, when the jobs report for March will be released.

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