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

Overall Progress

91 %
On Track

Maryland Jobs Recovered Since Great Recession Bottom

Feb-14
134,700
Feb-10
Bottom
91.0% Recovered

Maryland Unemployment Rate

Feb-14
5.7%
Feb-10
8.0%
28.8% Decrease

National Unemployment Rate

Feb-14
6.7%
Feb-10
9.8%
31.6% Decrease
This site was last updated on March 28th, 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)

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

Are We Meeting Our Goals?

The most recent jobs report from the Bureau of Labor Statistics (BLS) was released on March 28th. BLS revised Maryland's preliminary jobs estimate from January upward from a loss of 9,800 jobs to a decline of 6,100 jobs. According to preliminary survey data, Maryland lost 600 jobs in February. To date, Maryland has gained 134,700 jobs since employment bottomed out during the recession in February 2010. The State has recovered 91.0 percent of the 148,000 jobs it lost during the economic downturn and is still on track to reach the Administration's jobs goal. Despite the losses reflected in the last two reports, Maryland's investments in skills development and training are helping to put Marylanders back to work. The unemployment rate in Maryland fell again in February to 5.7 percent---the lowest since November 2008. Since February 2013, the number of jobs in Maryland has increased by 7,600, and the private sector has hired 6,400 people. The March state employment report from the BLS will be released on April 18th. 

Maryland continues to be one of the nation's leaders in providing education and opportunity in the modern economy. According to a recent study by Pew Center for the States, Maryland is one of the top three states in the country for upward economic mobility. The U.S. Chamber of Commerce ranks Maryland #1 for entrepreneurship and innovation 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

  • 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, which was expanded to $10 million in FY2013, $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. 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.
  • 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 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

More Data

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More 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!