Having trouble viewing this email? Click here. You're receiving this email because of your relationship with the Maryland Department of Business and Economic Development. You may update preferences if you no longer wish to receive our emails.

A U G U S T  2 6, .2 0 1 0


Governor O'Malley address last week's MACo Conference.
Governor Touts Job Growth

Gov. O'Malley addressed last week's Maryland Association of Counties (MACo) Conference in Ocean City. Stressing the continued importance of job creation, he cited Maryland five consecutive months of positive job growth and more than 40,000 jobs created in the first half of the year, the state's best growth since 1999. Helping the rebound are Maryland's Triple A bond rating, a top-rated environment for entrepreneurship and Education Week's best-ranked public school system. Complete story.

Employment Trends image
MD Gains Private Sector Jobs for 5th Cons. Month

Maryland added 3,400 net private jobs in July (seasonally adjusted), for 0.2% monthly growth, twice the national private growth rate [Table 1]. July was the fifth straight month that the state added private jobs. Maryland has added 44,200 private jobs since February, for 2.2% growth, fourth fastest among states. Total job growth in July was held to 500 jobs, largely due to the ending of 3,400 temporary Census jobs. July’s seasonally adjusted unemployment rate was 7.1%, the same as June’s, but significantly lower than February’s 7.7%. READ MORE.

Sector Snapshot image
Prof. & Biz Services Add Robust 7,300 Jobs

Maryland gained jobs much faster than the nation, adding 17,200 jobs (not seasonally adjusted) for a 0.9% growth rate over the past year. In contrast, the U.S. added 34,000 jobs for a negligible growth rate. Several sectors [Table 2] supported the state’s superior job growth. Professional and business services employment rose by a robust 1.9% or 7,300 jobs. Within this sector, professional, scientific and technical services added 6,400 jobs or 2.8% — 3rd best in nation. READ MORE.

Superlatives image
State Minority Businesses Increase Nearly 50%

A new census survey of business owners revealed that the number of state minority-owned businesses increased by 48.7%, more than two and a half times the rate of all Maryland businesses. In 2007, Maryland ranked 1st among states in percentage of total firms owned by women (32.6%); 2nd in percentage of firms under African-American ownership (19.3%); and 1st in percentage of African American-owned firms with employees (2.1%). Complete report.

Maryland Innovation image
Job Growth Driven by Startups

A new Kauffman Foundation Study suggests that startups are an extremely powerful driver of U.S. job growth. Over the past 20 years, start-up enterprises accounted for roughly one-quarter of gross job creation even though they employed less than 10% of the workforce. InvestMaryland is the Administration’s 2011 legislative proposal designed to fuel growth in state start-ups by stimulating investment in the Maryland Venture Fund. Follow InvestMaryland on Facebook. READ MORE.

Venture Capital image
Mtech Awards $3.3M to Advance MD Products

The Maryland Industrial Partnerships Program (MIPS), an initiative of the Maryland Technology Enterprise Institute at the University of Maryland, will award teams from 16 Maryland companies assistance worth $3.3 million to advance their products. The projects combine $1.9 million from participating companies and $1.4 million from MIPS. Funding supports research in the labs of university faculty, who work closely with partner companies to advance their products. Company partners are located in Montgomery County, Baltimore, Howard County, Frederick and Frostburg. Complete story.

Economic Trends image
Baltimore, Cumberland Post PI Increases

Personal income declined in 2009 in most of the nation's metropolitan statistical areas (MSAs), according to the U.S. Bureau of Economic Analysis. Baltimore and Cumberland bucked this trend. Among large MSAs, Baltimore had an increase in personal income, despite a decline in net earnings. Cumberland was one of only five MSAs where the private sector accounted for most of earnings growth in 2009. On average, MSA personal income fell 1.8% in 2009, after rising 2.7% in 2008. Complete story.

Economic Pulse is published by the Maryland Department of Business and Economic Development. For a complete archive, visit our Publications page.