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Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in August 2022

Interactive Look at Maryland and the Regional Economy
  • The most recent jobs report showed that in August 2022, Maryland gained a total of 5,500 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 4.3 percent.

Join Us for these upcoming events

Economic Outlook Forum

Tuesday, November 15, 8:15-10:30 a.m.
StarTUp at the Armory

Join RESI and community and business leaders for the 2022 Economic Outlook Forum. Chief Economist Dr. Daraius Irani will provide the annual economic outlook forecast for our state with a focus on the various regional, national and international events and trends impacting Maryland’s economy.

Fellow pitch

StarTUp Accelerator Showcase

September 28, 5:30–8 p.m., StarTUp at the Armory

Join the fellows of the 2022 StarTUp Accelerator for the annual StarTUp Accelerator Showcase. This high-energy, live event will feature product pitches from our eight fellows along with networking with business leaders. Light food and beverages available.


Baltimore Skyline

Uplifting a Region Through Courageous Leadership — A Conversation with Danny Meyer

October 18, 4–6 p.m., Columbus Center, Baltimore

Join the Dr. Nancy Grasmick Leadership Institute and Danny Meyer to learn about his experience, expertise and insights as an ethically-driven and influential business leader to collectively support our efforts to uplift our region.


RESI in the News

Leaders in Md. keeping close eye out for signs of recession
The Daily Record, August 19, 2022

During the annual convention of the Maryland Association of Counties, state and local leaders turned to RESI Chief Economist Daraius Irani for an overview of the State’s economic outlook. Amidst high inflation and stagnating job growth, many officials remain cautious of a potential recession. While the possibility of a recession is not zero, Maryland does have some advantages. The State’s hospitality, medical, federal government, and education sectors, or as Irani calls them, “beds, meds, feds and eds,” make for a strong economy.

Safety concerns drive new fears about business downtown
Fox 45 News, August 21, 2022

In the aftermath of the most recent fatal shooting in Baltimore’s Inner Harbor, residents and visitors question the safety of the city center. RESI Chief Economist Daraius Irani says that incidents like this have measurable impacts in terms of dollars. Businesses in the Inner Harbor, similar to most, are still recovering post-pandemic and rely heavily on visitor spending. "It’s one thing to get people to go into the stadiums it’s another thing to get people to hang out afterward and spend money at the restaurants at the bars, stay overnight, make it a weekend if they feel safe," Irani said.

New fermentation major available at University of Maryland's College of Ag
Lancaster Farming, August 21, 2022

The University of Maryland’s new major in the College of Agriculture and Natural Resources will teach students fermentation science. The major has been in the works since early 2019, and one of the first steps towards its creation was a workforce and industry evaluation. The University contracted with the Maryland Department of Commerce and TU’s Regional Economic Studies Institute to conduct such a report. The report, published in early 2020, identified the food and beverage fermentation industry as one of the fastest growing in the state, propelling the development of the major. As of this fall, the major is being offered at the University of Maryland’s College Park campus and at the Universities of Shady Grove.

Joe Biden stuck between union agenda and an economic crisis
Newsweek, September 12, 2022

Two of the nation’s largest railroad unions seem increasingly likely to strike by the end of the week, testing Biden’s promise to be the most pro-union administration in U.S. history. According to a 2018 study conducted by TU’s Regional Economic Studies Institute, approximately 1.1 million jobs or $7.7 billion in wages are tied to the railroad industry. If the union’s requests are not met, roughly 116,000 railroad workers could strike costing nearly $2 billion daily in lost trade.

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