MARYLAND - Maryland’s Comptroller Brooke E. Lierman has released the first State of the Economy Report which analyzes economic trends and indicators within Maryland that help gain an understanding of the state’s current economic climate and future outlook.
“Maryland’s economy is strong, bolstered by a low unemployment rate, high productivity, and one of the lowest poverty rates in the nation. Our state is home to diverse and emerging industries, robust federal government presence, and a highly skilled workforce that helped insulate us from shocks that come from events like the COVID-19 pandemic,” Comptroller Lierman explained.
The report, however, does show a stall in economic growth in Maryland since 2017. Much of that stagnation is largely attributed to the COVID-19 pandemic, with a labor force participation rate at 65.3% that saw a sharp drop from over 69% in December 2019.
Total GDP Growth since the fourth quarter of 2016 sits at 1.6% in Maryland, according to the report. Virginia’s Total Growth in that same time period is listed as 11.2%, for comparison, and the United States’ growth is cited at 13.9%.
According to the report, Maryland also trails neighboring states in the personal income growth.
Maryland also saw a decline in labor participation by women ages 16 to 34 from 2019 and 2021, while being ranked as the eighth most expensive state for child care.
At the same time, Maryland boasts the United States’ lowest unemployment rate at 1.8% and a median household income of $108,200, according to the report.
“Right now, national trends are negatively impacting our workforce and our economic recovery, driving up costs, and driving away people who would raise their families here,” Comptroller Lierman said. “To position Maryland for strong long-term growth, we need strategic investments and innovative policy approaches to grow our economy and position the state for long-term shared prosperity.”
The report notably found that while more people are moving out of Maryland than to the state, those who move within Maryland tend to leave the Baltimore and Washington Metros to areas such as the Eastern Shore where the cost of living is lower.
The full State of the Economy Report can be downloaded at this link.