Measuring Maryland's Progress

 

The economy dashboards cover a wide range of issues. Economic growth is of key importance to the well-being of Marylanders and is also critical to the fiscal performance of the State and local governments. As such, the Department of Legislative Services closely tracks the available measures of the Maryland economy.

 

ECONOMY

 

Updated

Employment

 

Job growth in the State is a key concern, especially during this period of slow recovery from the recent recession.  Monthly and quarterly employment reports, along with weekly data on initial claims for unemployment insurance, are the main measures of the labor market.

 

May 2017

Unemployment Insurance – Claims and Benefits Paid

 

Maryland workers relied heavily on the State’s Unemployment Insurance Trust Fund during the recent economic recession.  The State measured the impact of the recession by tracking both the number of workers who filed initial claims and the number of weeks workers collected benefits, both increasing significantly during the recession.  Further, an important measure of the State’s unemployment insurance program is the amount of benefits paid from the fund each year.  This measure reached a high mark in 2009.

 

 

 

 

October 2016

Unemployment Insurance Trust Fund

 

The importance of tracking the balance of the Unemployment Insurance Trust Fund is two-fold.  First, it is a measure of the health of the State’s program.  Secondly, it serves as a calibrating tool to set the unemployment insurance tax rates each year.  The balance of the fund has recovered significantly since the height of the recent recession.

 

 

 

 

 

 

 

 

October 2016

 

Housing Market

 

The housing market was the epicenter of the recession, and its recovery has been an important component to the overall economic recovery. Monthly data on sales and home prices are a timely indicator of the residential market. 

 

 

 

 

 

 

 

 

May 2017

Maryland Mortgage Foreclosure Events

 

Since declining from their peak in 2009, foreclosure events in Maryland have steadily increased over the past three years as banks clear a backlog of seriously delinquent loans.  Foreclosures are a Statewide issue but have particularly impacted metropolitan areas of the State.

 

 

 

 

 

 

 

 

 

September 2014

Maryland Mortgage Delinquencies

 

Delinquency rates on conventional and subprime loans can be a leading indicator of foreclosure events.  In Maryland, the 90-day delinquency has been higher than the national average since 2010.

 

 

 

 

 

 

 

 

 

 

September 2014

Maryland Mortgage-related Complaints

 

Maryland’s Office of Financial Regulation tracks the number of complaints it receives relating to the handling of mortgages.  This is an important measure of the behavior of State-chartered financial institutions.

 

 

 

 

 

September 2014

Consumer Sector

 

Spending by consumers on vehicles and other goods not only indicates the health of Maryland households but also plays a key role in some of the State’s main revenue sources like titling and sales taxes. Personal income data provides a more direct measure of household financial health.

 

 

 

 

 

 

 

 

 

May 2017

Electricity Market – Residential Rates and Bills

 

The cost of electricity has been an issue in Maryland, especially in the aftermath of deregulation.  The cost in Maryland relative to neighboring states has also been a concern for the competitiveness of the Maryland economy.   

 

 

 

 

 

 

 

 

 

May 2017

Electricity Market – Nationwide Fossil Fuel Costs and Maryland Generation and Imports

 

Fuel prices and power generation have both economic and environmental implications for the State.  Historically low natural gas prices continue to fuel a national shift from coal to natural gas for electricity production.  The state continues to import an increasing share of the electricity it uses.

 

 

 

 

 

 

 

 

May 2017

 

 

Federal Government in Maryland

 

Maryland’s proximity to the District of Columbia makes the federal government an important factor in the State’s economy.  The impact is felt not only through direct employment but also through federal spending in the State.  Procurement spending in particular is an important support for Maryland’s private-sector economic growth.  Federal employment accounts for a little more than 8% of total jobs in the state compared to just 3% nationally.  Federal wages make up around 12% of total wages in Maryland compared to 4% nationally.

 

 

 

 

May 2017

 

 

This page revised May 23, 2017