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Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in January–February 2023

Interactive Look at Maryland and the Regional Economy
  • In January and February of 2023, Maryland gained a total of 3.100 Total Nonfarm jobs.
  • The state's official unemployment rate decreased to 2.9 percent.

Join RESI at Tap Into TU

Interactive Look at Maryland and the Regional Economy

Thursday, May 11, 3–4 p.m.
StarTUp at the Armory

Join RESI and colleagues from across campus at Tap Into TU. Enjoy light hors d’oeuvres and networking with business and TU leaders to explore way you and your organization can better engage with TU.

RESI in the News

Black businesses enjoy unexpected bump from Wes Moore’s historic inauguration
The Baltimore Banner, March 7, 2023

Following Wes Moore’s inauguration as Maryland’s first Black governor, Black-owned businesses in the state have reported an increase in business, not just during the week of the inauguration but also in the following weeks. An economic impact report from the Regional Economic Studies Institute stated that the inauguration supported 61 jobs and more than $7 million in state GDP, with more than half of this value going towards minority-owned, women-owned, and locally-owned businesses.

BGE proposes gas, electric rate hikes starting in 2024
Baltimore Business Journal, February 17, 2023

Maryland utility company Baltimore Gas & Electric has proposed to raise rates by an average of 5% each year between 2024 and 2026 in order to cover the costs of future infrastructure projects. The Regional Economic Studies Institute completed an economic impact study of the proposed spending, which equals more than $6 billion in investments over three years, concluding the projects would add $36 billion to the state GDP and support approximately 72,000 jobs.

What do 2022’s layoffs and a dour forecast mean for Maryland’s economy in 2023?
Technical.ly, February 6, 2023

While big tech company layoffs dominated the headlines in 2022, smaller companies in Maryland have also dealt with layoffs in the past year. As pointed out by RESI Chief Economist Daraius Irani, rising interest rates have increased the cost of business for many companies, especially start-ups that are more dependent on borrowing money. However, despite worries about a possible looming economic recession, Irani notes that the labor market is still very strong, with approximately twice as many available jobs as there are unemployed persons in the state. This means that anyone who loses their job should have an easier time finding new employment than in previous times of economic difficulty.

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