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  J U N E  2 6,  2 0 1 4
Economic Pulse - An Overview of Maryland's Economic Indicators

Maryland gains 13,800 jobs since January
Learn more.
Maryland 5th in New Economy
Learn more.
Agriculture sales reach $2.3 billion
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Maryland adds 13,800 jobs since January

Maryland's total employment in April was revised to show that the state gained 10,600 jobs that month, while jobs slipped in May by 1,300. With the harsh winter over, labor market conditions in Maryland have improved since March and the economy has added a total of 13,800 jobs this year. Compared with May 2013, Maryland's total non-farm employment is up by 22,100 jobs, with 18,300 of those in the private sector. The largest over the year gains were in leisure & hospitality (9,100), education and health care (6,000) and professional and business services (3,900).

Employment Trends
Nonemployer firms on the rise in Maryland
A recent U.S. Census report shows that the number of nonemployer firms in Maryland are on the rise. Nonemployer firms are defined as firms that don't employ anyone besides the owner but that file tax forms and report business income as individual proprietorships, partnerships, or any type of corporation. In 2012, Maryland had 442,314 nonemployer firms. These businesses generated $19 billion in total revenue, up 2.5 % from 2011. This translates into an average of $43,000 per business.

Maryland Innovation
Maryland 5th in 2014 States New Economy Index
Maryland ranks fifth overall in the seventh edition of the State New Economy Index, a measure of 25 indicators of a state's economy as knowledge-based, globalized, entrepreneurial, technology-driven and innovation-based. Maryland has realized high rankings primarily due to high concentrations of knowledge workers including IT jobs and the high educational attainment of in-migrants from within the US. The Index also considers manufacturing firms that are capital intensive, producing more technologically complex products and organizing their work to take better advantage of worker skills. By this measure Maryland ranks 11th in worker productivity in the manufacturing sector.

Venture Capital
States increase state economic development investments in FY2015
The Council for Community and Economic Research recently updated its State Economic Development Program Expenditures Database which tracks investments in economic development across all 50 states. Based on all Governor Recommended Budgets for fiscal year 2015, states are collectively proposing to spend $7.95 billion for economic development related activities in FY2015, which represents a small increase over the FY2014 enacted budgets total for economic development. However, the FY2015 recommended budgets total represents a sizable 9.6% increase over the FY2013 actual economic development expenditures total of $7.26 billion.

Sector Snapshot image
New agricultural census shows Maryland farm income up
The U.S. Department of Agriculture released its five-year Census of Agriculture showing that the total value of agricultural products sold in Maryland increased 23.8% to nearly $2.3 billion over the past five years. While the average farm-related income increased by 20.8% (to $109.9 million), farm expenses increased more, by 25.4% (to $1.94 million). Frederick County had the largest number of farms (1,308) while Caroline County has the largest value of production ($258 million). This Census tracked on-farm Renewable Energy Production and found 467 renewable energy practices now in place on Maryland farms (up from 131 in 2007) including 284 solar panel systems; 83 geoexchange systems; 29 using wind turbines and 45 producing biodiesel.

Growth in state GDP slows
Real gross domestic product (GDP) increased in 49 states and the District of Columbia in 2013, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA). U.S. real GDP growth slowed to 1.8% in 2013 after increasing 2.5% in 2012. Maryland real GDP was $322.2 billion in 2013, an increase of only .01%. The slow growth in Maryland had been predicted by many economists in the aftereffects of sequestration. Moody's Analytics estimated that the federal government shutdown cut state GDP by more than 1% and cut the nation's real GDP by $20 billion. Many states that have large amounts of Federal contract spending had low GDP growth, including Virginia.

Economic Snapshot
Maryland Economic Snapshot
  • Maryland GDP for 2013 reaches $342 billion (current dollars)
  • Maryland's total non-farm employment is up by 22,100 jobs
  • Maryland May unemployment rate 5.6%
  • 12 MD-based companies made the 2014 Forbes 1000 list
  • Maryland ranks 1st for highest concentration of employed doctoral scientists and engineers
  • Baltimore ranks 10th for cities creating the most technology jobs
  • Baltimore/Washington DC ranks 2nd for highest paying cities for technology jobs.

Featured Event

SBA Financing Seminar
July 31 | Ocean City

Attend the SBA's Small Business Financing Seminar in Ocean City to learn how companies can make the most out of various SBA loan programs. Contact, 703-352-0504, to register. Learn more.

Secondary event
ProBiz 2014
July 17 | Washington, D.C.
The ProBiz 2014 Small Business Procurement Conference seeks to connect companies with prime contractors and government agency representatives. Ticket prices vary. Learn more.
Secondary event
October 6-8 | Baltimore

Military and government communication experts gather together to discuss the latest technology advancements at the 33rd MILCOM conference. Learn more.
Click here to register your business!
Bonus Bulletins
+ Maryland tops in Innovation and Entrepreneurship - again
+ Maryland among America's most innovative economies
+ Best state in America: Maryland, for keeping college costs relatively stable
+ In Maryland, a major push to become a 3D printing hub
+ Skills Shortage Endangers U.S. Manufacturing
+ Innovation Cities Index Benchmarks Potential for Economic Innovation
+ SBA Releases State Small Business Profiles

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