June 2016
 They’re Heating Up
Summer is finally here, and with it comes warmer weather. Preliminary employment numbers for May were recently released, and according to the release, Maryland’s economy is warming up with the unemployment rate dropping from 4.6 percent to 4.5 percent, below the national average of 4.7 percent. Chief Economist Daraius Irani examines the latest numbers.
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Safety and customer service issues have beleaguered the system in recent years, and the impacts are not isolated to the immediate region. Daraius Irani said that many Baltimore-area residents rely on the Metro to commute to Washington’s Union Station, where they can subsequently take the subway to their employers. The final plan for system improvements is said to “condense three years of work into one,” with work set to begin June 4th.
Although the number of positions has shown a net increase, “The average hourly wage for a Maryland private sector worker was $27.19 in April, more than 30 cents lower than it was a year ago.” According to Daraius Irani, regulatory efforts to make more individuals eligible for overtime and increase the minimum wage might increase earnings, but could also suppress hiring as more businesses utilize automation to decrease costs.
RESI found that in 2014, Class I Railroads supported approximately 1.5 million jobs and $274 billion in output. According to Daraius Irani, “Railroads maintain high paying jobs within its sector and create numerous jobs in related industries that collectively spur significant economic activity.”
Although Maryland has not seen the gains in home appreciation that other parts of the country have, continued declines in available housing supply could accelerate a rise in prices. According to Daraius Irani, some potential sellers may be waiting for price appreciation before making a move.
In an effort to determine the impact of Department of Defense funding in Maryland, RESI is working with the Maryland Department of Commerce to survey companies in the state that receive DoD funding.
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Brexit: Looking at UK’s EU Referendum
On June 23, the United Kindgom will hold a referendum, known as Brexit (Britain Exit), to determine if it will leave the European Union. The Regional Economic Studies Institute takes a look at what's driving the vote as well as the potential economic and social impacts.
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