• The most recent jobs report showed that between October 2024 and December 2024, Maryland gained a total of 4,600 Total Nonfarm jobs.
  • The official unemployment rate for Maryland increased to 3.1 percent.

According to the most recent report from the Bureau of Labor Statistics (BLS), Maryland gained a total of 4,600 Total Nonfarm jobs between October 2024 and December 2024. This was a result of a gain of 1,400 Total Private jobs, combined with an increase of 3,200 Total Government jobs. Maryland’s unemployment rate increased to 3.1 percent over the two-month period.

Following December’s data, Maryland rose to a tie for 10th among all states for the lowest unemployment rate and slightly behind our immediate neighbors in Virginia with a 3.0 percent rate. Given that Maryland’s unemployment rate has not decreased, this improvement in position is due entirely to an increase in the unemployment rate across other U.S. states. Within the rest of the Mid-Atlantic region, Maryland remains ahead of Pennsylvania at 3.6 percent, Delaware at 3.7 percent, and the District of Columbia at 5.5 percent.

In terms of Maryland’s economic future, the biggest concern remains the new administration of Donald Trump and what his policies will mean for the economy of Maryland and the United States at large. All signs point to the continued intention to implement widespread tariffs, which nearly all economists expect would result in reduced trade and increased prices for consumers. As of this writing, the administration has ordered a pause on all federal grants, loans, and federal assistance, with some exceptions but little in the way of detail. This has left funding for a wide range of programs and services in question, with nobody certain exactly what will result.

On the state level, Maryland is currently in an active legislative session as Governor Wes Moore and the legislature wrangle over the budget for the next fiscal year. Governor Moore has proposed tax changes that would increase taxes on the highest earners while leaving most Marylanders with an unchanged or slightly lowered tax bill. The proposed changes also include the elimination of the inheritance tax, an increase on gambling and cannabis tax rates, and a reduction in the corporate tax rate. On the spending side, proposed cuts to the budget include cuts to the Maryland university system, capping enrollment in the state’s Child Care Scholarship program, and shifting some of the state’s increased Medicaid expenses to hospitals and insurers. Legislators are expected to hammer out more specific details over the next several months.

RESI will continue to monitor the policies of the incoming federal administration and their potential impact on the economy of both Maryland and the United States. With the situation evolving quickly, stay tuned for more updates on how employment is changing across Maryland, the region, and the country.