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  J A N U A R Y   3 0,  2 0 1 2
Economic Pulse - An Overview of Maryland's Economic Indicators

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8th fastest private sector job growth
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Rankings
Maryland schools #1 for 4th year
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Sectors
9,800 health care jobs added
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Lt. Gov. Brown and Gov. O'Malley propose new budget
 

A Look Back at 2011

The year began with promises of economic recovery. The stock market closed at a two-year high and most economists predicted growth of 3%. The first half of 2011, however, saw slower growth than expected as GDP grew less than 1%. As 2011 ended, economic conditions improved and real GDP rose to an annual rate of 2.8% in the fourth quarter. Growth in 2012 is expected to be steady but sluggish. Gov. O’Malley’s proposed budget for fiscal year 2013 focuses on balanced reductions and investments that propel job creation and innovation.

 

Economic Trends image
 
National Economic Indicators Improving
Economic indicators are showing stronger business confidence, lower unemployment and stronger consumer spending. The latest Maryland Survey of Business Activity shows expectations for the next six months jumped sharply in January, suggesting acceleration in growth in the first half of 2012. The job market is slowly improving but the weak housing market continues to put constraints on consumer spending.  Since hitting its recession-related bottom in February 2010, Maryland has regained 65,600 jobs, for a 45.1% recovery rate, while the U.S. has regained 30.3%. Read more...

Sector Snapshot
 
MD Adds 25,200 Jobs, 2nd-Half Growth Spurt
Maryland’s labor market improved significantly during 2011, as job growth picked up quickly around the middle of the year (see Figure 1). The seasonally adjusted unemployment rate fell from 7.4% to 6.7% and the number of employed persons reached its highest level since early 2009. Sectors leading job growth during the year included health care services, which added 9,800 jobs, and professional, scientific and technical services, which added 6,800 jobs. Read more...

Maryland Innovation
 
New & Expanding Businesses Invest $3B in 2011
A preliminary review of Maryland’s new and expanding businesses for 2011 shows the state continues to attract and retain business. According to public announcements, 68 businesses are establishing new locations in Maryland and another 307 are expanding existing facilities. Based on these reports, over 10,000 jobs will be created within 3 years of the announcement date, representing more than $3 billion in investment. Read more...

Employment Trends
 
Growth Spurt Propels State in Job Creation
In 2011, Maryland’s labor market revived. Between April 2010 and June 2011, Maryland’s private job totals were level. Since June 2011, private employers have added 22,300 seasonally adjusted jobs, taking private employment levels to their highest level since early 2009 (see Figure 4). Instead of lagging the nation, as in 2010, Maryland private employers have become national job creation leaders. With 22,300 jobs added, Maryland ties with Kansas for the eighth fastest growth in the country, nearly doubling Virginia’s growth rate of 0.6% during the period. Read more...

Income and GDP
 
Compensation for MD Workers up 2.9% in 2010
Compensation for Maryland workers increased in all 24 of its jurisdictions in 2010, according to stats released by the U.S. Bureau of Economic Analysis (BEA). Employee compensation in the state increased by $1,876 in 2010 to $66,546 per year, a 2.9 % increase. These rates were higher than the national average of $58,451, which represented a 2.7% increase nationally over 2009. Workers in St. Mary's County had the highest increase in compensation, while workers in Montgomery County had the highest overall compensation of any Maryland jurisdiction that year. (See Figure 1.)

Featured Event

Breakfast with SEC's Chief Economist Craig Lewis
Feb. 2; 7:30 am – 9:00am | Bethesda

A TCM networking breakfast featuring a discussion with Dr. Craig M. Lewis, Chief Economist of the U.S. Securities and Exchange Commission's and Director of the Division of Risk, Strategy and Financial Innovation (RiskFin). Dr. Lewis will address market reform and capital formation in the new economy and regulatory environment. Register here.

Secondary event
An Introduction to Labor Market Information: Understanding & Using Labor Statistics
Feb. 9, 1:30-3:30 am | Online
The Office of Workforce Information and Performance invites you to a webinar to learn about standard labor market information produced by state LMI offices and where to find Maryland data. LMI terminology will be explained, and tips on interpreting the numbers will be provided. Participants will gain an understanding of some recent state trends and will be better positioned to apply LMI in their programs. Register here.
Secondary event
High-Growth Companies: Identifying and Learning from Them
Feb. 16, 3:00-4:00 | Online

This SSTI webinar will provide an insider's look at Team PA's new high-growth pilot program, a program intended to learn from the region's high growth companies and potentially incorporate their best practices into economic development policy. Register here.
Tip of the month
Bonus Bulletins
+ Read and subscribe to our MDbiz Media blog
+ The Geography of Venture Capital
+ Maryland business bankruptcies down in 2011
+ Maryland's office space market shows signs of renewed life for 2012
+ MD Business Activity Expands at a Modest Pace; Six-Month Expectations Jump Sharply
+ Maryland creates online database of business incentives

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