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.