Bright spots for Maryland in April
By Nick Sohr, Managing Editor, MDBIZNews
The number of Marylanders working fell in April for the first time in nine months, but there was still some good news to be found in the labor market figures released last week. Maryland Department of Business and Economic Development researchers have pulled together a handful of those bright spots.
Despite the losses in April, Maryland has made strong gains over the last year, with a wide range of businesses boosting payrolls. And the Old Line State continues to bounce back from the recession faster than most other states.
Unless otherwise noted, the figures referenced below are seasonally adjusted.
-Maryland’s unemployment rate, 6.7 percent, ranked 16th nationwide in April.
-Despite the loss of 6,000 jobs last month, the state has still posted a net gain of 12,100 jobs in 2012.
-April was a good month for one of Maryland’s strongest sectors as well as a sector that has struggled in recent years. Health care and social assistance added 1,300 jobs and manufacturing, 1,200 jobs.
-Maryland has added 15,700 private sector jobs in 2012, better than most other states.
-In the past 12 months (April 2011 to April 2012), Maryland has added 40,600 jobs. That 1.6 percent rate of growth is good for 11th in the country.
-Over that time period, private employers in the state have added 38,000 jobs, a 1.9 percent growth rate, 12th-highest in the country.
-The largest year-over-year growth has come in professional and business services, up 13,800 jobs, or 3.5 percent. Health care and social assistance is up 11,900 (3.6 percent). Construction has added 5,700 jobs (3.9 percent). Private education employment has grown by 4,600 jobs (6.1 percent) and leisure and hospitality, 3,400 jobs (1.5 percent).
-Maryland’s job market hit the bottom of the recessionary trough in February 2010. Since then, Maryland has added 107,600 jobs.
-The state’s 74.4 percent recovery rate is 8th-best in the country. The national recovery rate is 42.7 percent.
-Of those jobs recovered, 95,300 are private-sector jobs. That 61.8 percent recovery rate ranks 10th nationwide.
-Seven Maryland sub-sectors were among the top 20 nationwide over the last 12 months, according to non-seasonally adjusted data. The top three:
- Architectural, engineering and related services added 3,000 jobs. The 7.4 percent rate of growth was tops in the country.
- The state also added 600 scientific research and development jobs, a 1.9 percent rate of growth that ranked 5th.
- Legal services expanded by 200 jobs, a 1.1 percent growth that ranked 8th.