As promised, DBED's legislative staff have prepared an in-depth look at all of the Agency's 2008 legislative and budget initiatives. Click here to view the report.
It was indeed a busy session. According to the Baltimore Sun, the O'Malley/Brown Administration was able to accomplish more in one year than most accomplish in four. Despite a challenging fiscal picture, Governor O'Malley's budget included additional investments in the areas that will continue our economic success, including education and workforce development, transportation, the environment, our enviable quality of life, as well as additional funding for many local economic development priorities.
For more detailed information on any 2009 legislation, visit the Maryland General Assembly's website. You are also welcome to contact my legislative staff at 410-767-6314.
Thanks to all of our economic partners who helped support DBED's 2009 legislative agenda. I look forward to working with you in the coming months to make Maryland the ultimate destination for business and tourism.
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Federal Reserve cautiously optimistic
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While the U.S. economy has lost jobs for the last three months, the Federal Reserve remains cautiously optimistic on future economic growth. In his April 2 testimony before the Joint Economic Committee of Congress, Chairman Bernanke predicted that growth will proceed at a sustainable pace in 2009, assuming a leveling off of the housing decline and gradually improving financial conditions.
Housing, however, still continues to be a drag on the U.S. economy. The National Association of Realtors reported that pending home sales fell in February to the lowest level since the index began in 2001. Median existing house prices (excluding condominiums and co-ops) were 16 percent below the peak in June 2007 and median new home prices were 7 percent below March 2007.
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MD payroll employment up 1.3%
Maryland payroll employment increased by 1.3 percent from February 2007 to February 2008. Click here to view the job growth chart.
Since last February, Maryland employers have added a net 32,000 jobs. In comparison, U.S. payroll employment increased 0.6 percent for the same period. States with the largest rates of growth include Wyoming, Utah, Texas and Colorado.
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Maryland per capita personal income fifth highest in the U.S.
Marylanders, on average, have more money to spend than their neighbors in other states. Preliminary data from the Bureau of Economic Analysis indicate that U.S. personal income grew 6.2 percent in 2007, down from 6.7 percent in 2006, according to estimates released in March. In 2007, Maryland's per capita personal income was the fifth highest among states at $46,021 - 19 percent above the national average. Maryland's 2007 per capita income reflected an increase of 5.1 percent from 2006. Per capita income in the U.S. increased by 5.2 percent from 2006 to 2007.
Maryland's per capita disposable income of $39,153 also ranked fifth highest among states. Maryland's total disposable income increased 4.7 percent in 2007, while inflation, as measured by the national price index for personal consumption, increased 2.6 percent.
In 2007, Maryland's total personal income of $259 billion ranked 15th in the United States. The 2007 total personal income reflected an increase of 5.4 percent down from 5.5 percent in 2006.
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| MD's Monthly Economic Indicators
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Click to view the monthly tables.
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MSAC recognized for Service and Volunteerism
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Please join me in congratulating the Maryland State Arts Council on being recognized for its 40th birthday at the 10th anniversary of the Governor's Awards for Service and Volunteerism. Director Theresa Colvin, Chair Dania Blair, and councilor E. Scott Johnson were on-hand to be honored at the Maryland Hall in Annapolis.
Lt. Governor Anthony Brown gave opening remarks and then presented and posed for photos with all of the awardees. MSAC received a beautiful engraved silver plate. A total of 51 awards were presented to individuals as well as organizational representatives. Several hundred people attended the ceremony which was followed by a lovely tented reception on the grounds outside.
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MD rates in top five for online job availability in February
The Monster Employment Index rose five points in February, ending a three-month downward trend. The index is seven percent below its year-ago reading, indicating further deceleration in U.S. online recruitment activity. Adjusting the number of online help-wanted ads for total working population, the Monster Employment Index found Maryland to be the fifth highest state in terms of per capita online job availability during the month of February.
The Monster Local Employment Index for Baltimore rose 3 points in February, with stagnation in online hiring for higher-income white-collar positions continuing to weigh on the Index, which remains in negative territory from the previous year. Healthcare practitioners and technical occupations remains the top growth category for Baltimore on an annual basis. Baltimore's important local research sector is showing more cautious hiring intentions, with job offerings in life, physical, and social science occupations down sharply on the month and the year. The healthcare sector, by contrast, is maintaining pace amid heightened demand for highly-skilled professionals such as nurses.
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Maryland unemployment remains 11th lowest in U.S.
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Maryland's seasonally adjusted unemployment of 3.4 percent was the 11th lowest rate among states in February. The jobless rate in Maryland is well below the national average of 4.8 percent. Locally, unemployment rates were stable in February, with the largest over the year decrease in Western Maryland. The unemployment data suggest that Maryland's labor market continues to find jobs even as the number of job seekers grows.
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Leisure and Hospitality leads Maryland sectors
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Over the year Maryland posted strong job gains in leisure and hospitality, educational and health services, information, and professional and business services. Job growth in education and health services remains strong in Maryland, posting 2.9 percent annual growth from February 2007 to February 2008. Maryland's health care sector contributed approximately 7,500 net new jobs in from February 2007 to February 2008.
Click here to view the job data by sector.
According to the Department of Labor, Licensing and Regulation, job gains in firms providing administrative support and health services and in establishments providing accommodations and food services, when combined, accounted for about 6 out of every 10 jobs added over the year. Maryland's leisure and hospitality sector also posted strong job growth, with 2.9 percent growth over February of last year. The industry, which includes recreation, arts, entertainment, accommodations and food service, added over 6,300 net new jobs in this period. Food services, including restaurants and bars, generated 4,300 net new jobs.
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