The Regional Economic Studies Institute (RESI) at Towson University is the source for the latest data and analysis on Maryland’s economy. Each month, RESI Chief Economist Dr. Daraius Irani provides an analysis of the latest Maryland unemployment numbers. His analysis ensures business leaders have key information needed to determine how Maryland’s economic status impacts their organization.
On Friday, the Bureau of Labor Statistics released its preliminary employment estimates for Maryland in September 2017. For the fifth straight month, Maryland’s unemployment rate dropped to a new low, where it now sits at 3.8 percent. The unemployment rate for other states in the Mid-Atlantic Region stayed constant at 4.5 percent. The underlying numbers suggest Maryland’s economy is doing better than its neighbors.
Last month, Maryland added 2,400 jobs while the rest of the Mid-Atlantic Region (Virginia, Pennsylvania, Delaware, and Washington DC) actually lost 200 jobs. Maryland added 1,800 private nonfarm jobs and 600 government jobs. In our neighbors, government employment increased by roughly 2,400 jobs and private employment fell by 2,600 jobs. Maryland’s top industries last month were Finance, which added 1,700 jobs and Education and Health Services, which added 1,000 jobs. In our neighbors, Finance jobs increased region-wide by 2,300 while Education and Health Services jobs fell by 2,600.
If you attended RESI’s recent Economic Outlook Forum, you know that our proprietary PROM model is calling for continued growth in the health care industry. In fact, it is our top industry for growth over the next three years and we are projecting an average of 9,574 Health Care and Social Assistance jobs will open up between 2018 and 2020. The map below shows how we forecast growth in this sector will increase over the next three years.
Maryland’s economy is continuing to thrive. For more insights into where our economy is shifting, how your business will be affected, and how your region can train its workforce, keep your eyes on our blog, or contact us directly to learn more.