Maryland Jobs Recovered Since Great Recession Bottom
Maryland Unemployment Rate
National Unemployment Rate
Maryland Job Growth Since Post Recession Bottom
Maryland vs National Unemployment Rate
In-State Renewable Energy Generating Capacity (Actual and Projected)
Are We Meeting Our Goals?
In December, Maryland continued its strong job growth in recent months and remained ahead of the Governor's goal to recover 100% of the jobs it lost during the Great Recession. Preliminary data from the Bureau of Labor Statistics (BLS) indicates that Maryland created 9,400 jobs in November and 7,300 jobs in December, including 7,000 new positions in the private sector. The private sector continues to lead the way in Maryland's job growth---Maryland's businesses have created more than 34,100 jobs over the past 12 months. Together, Maryland has now created 155,100 jobs since the bottom of the recession and is one of only 17 states to have recovered all of the jobs lost during the economic downturn. What's more, we've driven down our unemployment rate to 6.1%---the lowest since December 2008. The BLS State Employment Report for January will be released on March 17, 2014.
The U.S. Chamber of Commerce ranks Maryland #1 for entrepreneurship and innovation for the second year in a row. The Milken Institute ranks our State #1 in research and development per capita and #2 for science and technology assets. 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. And for the fourth year in a row---the Chamber also ranks us in the top ten for economic performance.
Actions Taken Towards Goal
- 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.
- 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. The O'Malley-Brown budget for FY2015 makes record investments in tourism and the arts to support this growing industry.
- 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.
- The O'Malley-Brown Administration strengthened Maryland's venture capital climate by launching InvestMaryland. Through an online tax credit auction in March 2012, InvestMaryland raised $84 million in venture capital for Maryland businesses. Those dollars can leverage up to 5 to 10 times that amount in private equity dollars, or roughly $350-700 million.
- DBED received 260 applications for the 2014 InvestMarylnd Challenge, which supports Maryland startups by giving cash bonuses to winners and providing numerous networking opportunities with potential investors. Maryland's focus in this area helped venture capital for Maryland companies increase by 63 percent in 2013---strengthening companies and creating more jobs.
- 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. The Governor's proposed FY2015 budget invests $11 million in the tax program next year.
- The O'Malley-Brown administration expanded the Research and Development Tax Credit in 2013 to $8 million. Created in 2000, the R&D Tax Credit encourages companies in high-growth industries to keep high-paying jobs in Maryland.
- Governor O'Malley and representatives from DBED went on three trade missions in 2013 to the Middle East, Paris, and Latin 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 Emirates.
- Read the 2013 delivery plan to achieve the State's jobs goal.
How Can I Get Involved?
- Access the Maryland Workforce Exchange and use its tools to find employment.
- Visit one of Maryland's nationally recognized One Stop Career Centers to use state-of–the-art technologies to find a job match.
- If you are a veteran, use the Mil2FedJobs site or meet in person with a veteran representative at a One Stop Career Center.
- Become an apprentice or an apprenticeship sponsor through the Maryland Apprentice and Training Program.
- Find out more about starting a business in Maryland through BLIS, Maryland’s Business License Information System.
- Move or expand your business in Maryland by taking advantage of the “Move Your Business” and business resources available on the Department of Business and Economic Development website.
- Start a business in Maryland using the new Central Business Licensing portal.