Recover 100% of Jobs Lost due to the Great Recession by the End of FY2014

Overall Progress

97.3% of Jobs Lost due to the Great Recession Recovered

On Track

Maryland Jobs Recovered Since Great Recession Bottom

Oct-14
144,000
Feb-10
Bottom
97.3% Recovered

Maryland Unemployment Rate

Oct-14
6.0%
Feb-10
8.0%
25.0% Decrease

National Unemployment Rate

Oct-14
5.8%
Feb-10
9.8%
40.8% Decrease
This site was last updated on December 3, 2014.

Maryland Job Growth Since Post Recession Bottom

Maryland vs National Unemployment Rate

Maps

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In-State Renewable Energy Generating Capacity (Actual and Projected)

Are We Meeting Our Goals?

Maryland reached its Jobs Goal by recovering more than 100 percent of the jobs it lost during the Great Recession by the end of FY14. Job creation continues to be a priority of the O'Malley-Brown Administration. According to the latest estimates from the Bureau of Labor Statistics (BLS), Maryland gained 1,400 jobs in October and September's estimate was revised to show an increase of 1,600 jobs. Maryland has now posted month-over-month job gains in seven out of the past ten months. The unemployment rate in October fell from 6.3 percent in September to 6.0 percent in October, and Maryland businesses have gained 16,600 jobs in the past year. The private sector continues to lead Maryland's recovery from the recession by representing 96.7 percent of the jobs gained since February 2010. The next BLS jobs report for Maryland will be released on December 19th.     

Maryland continues to be one of the nation's leaders in providing education and opportunity in the modern economy. According to a 2014 report from the Institute for Women's Policy Research, Maryland is the #1 state in America for women's earnings and employment. The study included median annual earnings, the earnings ratio between men and women, percentage of women in the labor force, and the percentage of employed women in managerial or professional occupations. In addition, the Pew Center for the States listed Maryland as one of the top three states in the country for upward economic mobility. The U.S. Chamber of Commerce has ranked Maryland #1 for entrepreneurship and innovation for three consecutive years, and the Milken Institute ranks our State #1 in research and development per capita. The nonpartisan group, The States Project, says we're #2 for economic opportunity, and the Information Technology and Innovation Foundation ranks us among the five states best positioned to succeed in the new economy. 

 

 

 

Actions Taken Towards Goal

  • The O'Malley-Brown Administration's FY15 budget makes important investments to help create jobs in Maryland and spur innovation. The budget contains $7.4 million for the Maryland Economic Development Assistance Authority and Fund (MEDAAF), the State's primary financing tool to help businesses create and retain jobs. The Administration also continues to expand tax credits that help support Maryland businesses: the Biotech Tax Credit ($12 million, a 20% increase); the R&D Tax Credit ($9 million, a 12.5% increase); and the Cybersecurity Tax Credit ($4 million, a 33% increase). 
  • In 2013, the Department of Business and Economic Development (DBED) successfully recruited Amazon to Baltimore. The company will build a 1-million-square-foot distribution center in Southeast Baltimore, creating over 1,000 middle class jobs. The new distribution center is expected to open in late 2014. 
  • The O'Malley-Brown Administration launched InvestMaryland in 2012, the largest venture capital investment initiative in Maryland's history. Through an online tax credit auction, InvestMaryland raised $84 million to reinvigorate the State-run Maryland Venture Fund (MVF) and build a pipeline of venture capital to support the growth of young Maryland companies in biotechnology, cybersecurity, e-commerce, and other high-growth industries. Invested by the MVF and the State's private venture capital partners, those dollars can leverage up to 5 to 10 times that amount in private equity dollars, or roughly $420-$840 million. 
  • DBED also launched the InvestMaryland Challenge in 2013, the State's national business competition that awards prizes including cash grants, office space in incubators, and other business services to startup companies. Throughout the Challenge, participants are provided numerous networking opportunities with potential investors, partners, and customers. Maryland's focus on public and private funding for early stage companies helped increase venture capital investment in Maryland companies by 63 percent in 2013.
  • The O'Malley-Brown Administration created BioMaryland 2020, a strategic plan to grow Maryland's life sciences industry with $1.3 billion in structured, strategic investments over 10 years. The strategy included the opening of the BioMaryland Center (BMC) in 2009, which serves as a "one-stop" portal to Maryland's vast array of programs and resources for bio companies and investors. Through the Biotechnology Investment Incentive Tax Credit, $55 million in credits have also been issued to help more than 65 companies raise nearly $110 million in private funding. 
  • Tourists spent roughly $14.9 billion in Maryland last year according to the Office of Tourism Development. Visitor spending has increased by at least four percent in each of the past three years, and the tourism industry now employs more than 135,000 Marylanders.  
  • DBED and the Economic Alliance of Greater Baltimore (EAGB) selected five companies to participate in Advance Maryland in 2013. The program helps second-stage companies move beyond the startup phase by providing them with a network of highly skilled research specialists who can offer strategic advice on growth development and job creation. In September 2014, eight companies were selected to participate in the second annual Advance Maryland program. 
  • Maryland's Film Tax Credit has helped attract the Emmy award-winning HBO series "VEEP" and the hit Netflix series "House of Cards" to Maryland. Since the program began in 2011, roughly 2,500 Maryland crewmembers, cast, and extras have earned jobs, and approximately 6,000 businesses have been positively impacted by the tax credit. 
  • Governor O'Malley and representatives from DBED went on three trade missions in 2013 to the Middle East, Paris and Ireland, and Central and South America. Trade missions help expand business opportunities for Maryland companies abroad and promote the value of opening a business in the State. DBED also established three new foreign trade offices last year in the large and growing markets of Brazil, Nigeria, and the United Arab Emirates. 
  • Read the 2013 delivery plan to achieve the State's jobs goal.

How Can I Get Involved?

  • Visit one of Maryland's nationally recognized One Stop Career Centers to use state-of–the-art technologies to find a job match.

Additional Information

Where Did We Get Our Data?

Here is the main backing data set for this page. It contains all of the data used to make the tables and graphs, plus even more numbers. Please explore and share the data; it's all public!

How Can I Get Involved?

  • Visit one of Maryland's nationally recognized One Stop Career Centers to use state-of–the-art technologies to find a job match.

Where Did We Get Our Data?

Here is the main backing data set for this page. It contains all of the data used to make the tables and graphs, plus even more numbers. Please explore and share the data; it's all public!

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