Author: Michael Siers

Welcome to the Upside Down: How Our Overturned Economy Led to the Rise of Donald Trump

The Great Recession officially only lasted from December 2007 through June 2009. However, the recovery period dragged on through late 2011 and by some measures the country is just now getting back to “normal.” For example, the unemployment rate has only recently returned to pre-recession levels. Recovery from the Great Recession has been unequal. I recently attended the annual meeting of the American Economics Association and heard a fascinating talk by Mark Partridge on research he conducted with co-author Alexandra Tsvetkova on America’s economic recovery. As part of their paper, Partridge and Tsvetkova compared how local economies grew between...

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Mapping Maryland’s Competitive Advantages: A Cluster Analysis of Baltimore City

In this blog series, we’ve talked a lot about location quotients, using them to help identify what’s really driving Maryland’s economy. Previous posts have looked at QCEW data at the 4-digit NAICS code level. However, focusing on one NAICS code at a time can cause us to miss patterns from interrelated industries. For example, the financial services industry could consist of businesses in several 4-digit NAICS codes, including: 5221 (depository credit intermediation), 5222 (nondepository credit intermediation), 5231 (securities and commodity), and 5259 (investment pools and funds). To get a better picture of what’s happening in the regional economies, it’s...

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Top Occupations With a Shortage of Maryland Graduates

Each year, Maryland’s colleges and universities graduate thousands of bright students eager to join the workforce. However, when studying the labor market, one thing becomes painfully apparent, as many recent grads can attest to: the competition for some jobs can be fierce, while for other occupations employers can’t find enough qualified candidates. To understand what occupations are in the highest demand, as well as what jobs college students should shy away from, the Towson University Regional Economic Studies Institute (RESI) recently completed a gap analysis. A gap analysis looks at the occupations within Maryland and compares how many jobs...

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Employment Opportunities for Maryland’s Neuro-Diverse Workforce

Recently, the Regional Economic Studies Institute (RESI) at Towson Univeristy hosted the Maryland Workforce Outlook Forum. The event highlighted the economic conditions and workforce impacts of different groups—opportunity youth and neuro-diverse individuals—in the state. The term neuro-diversity reflects the increasing awareness that the population consists of people with a variety of different neurological skills, abilities, and conditions. Neuro-diversity is a broad term, and includes conditions including: Attention Deficit Disorder (ADHD) Autism Spectrum Disorder (ASD) Dyslexia Tourette Syndrome Individuals with a mental illness Our population is very neuro-diverse. It’s estimated that approximately 20% of students have a language-based disability, such...

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Mapping Maryland’s Comparative Advantages: Frederick County

In my last blog post, I talked about Maryland’s advantage compared to other states in the Scientific R&D Services industry and saw how a high location quotient for the industry was correlated with the presence of Maryland’s military installations and federal research facilities. Today, I will focus on Frederick County, the county with the second-highest location quotient for Scientific R&D Services in Maryland. Frederick County is one of the most interesting counties in Maryland. The county is a mix of rural, urban, and suburban jurisdictions—perhaps more than any other county in the state. At the center of Frederick County...

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Mapping Maryland’s Comparative Advantages: Scientific R&D

Maryland and science go hand-in-hand. Maryland’s highly ranked universities like the University of Maryland College Park, the Johns Hopkins University, and Towson University produce valuable research and graduate thousands of STEM graduates each year. Maryland is also home to numerous federal research institutions, such as the National Institutes of Health, NASA’s Goddard Space Flight Center, and the FDA. But how does Maryland’s scientific focus vary across the state? Scientific R&D Across Maryland In our last blog post in this series, we looked at what a location quotient is and how we can use them to find Maryland’s comparative advantages....

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Mapping Maryland’s Comparative Advantages: A New Blog Series

Here at the Regional Economic Studies Institute (RESI) at Towson University, we take pride in understanding Maryland’s economy. For the last 25 years, our team has worked with public, private, and non-profit clients to provide a range of economic and policy analysis services. But a big part of our mission is public outreach and sharing our knowledge with you to help you make better informed decisions for your community, your business, or your family. Every month, our Chief Economist, Dr. Daraius Irani, publishes an update on the employment situation in Maryland. For example, here’s a closer look at the...

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The Economics of Elections

The election is almost here, and that means it is the peak of the quadrennial tradition of predicting economic doom if one candidate or the other wins. A report published on October 21 by the Brookings Institution, for example, estimated that a Trump victory would send stock prices 12 percent lower than if Clinton becomes the 45th president. However, there’s little evidence to suggest that the elections truly have such an immediate and drastic impact on the economy, let alone one that persists long-term. For example, the image below shows the FTSE Index, an index tracking the 100 largest...

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Mapping the Defense Industry in Maryland

As my colleague, Dr. Julie Knight, discussed in an earlier post, the Maryland Department of Commerce (Commerce) was recently awarded a grant from the Department of Defense’s (DOD) Office of Economic Adjustment (OEA) to research the defense industry in Maryland. Specifically, the grant is interested in identifying companies within the defense industry, determining their dependency on DOD funding, and finding ways to support economic diversification within Maryland. As part of Towson University Regional Economic Studies Institute’s efforts to identify companies within the Defense industry in Maryland, our team combed through the last three years of USA Spending data. USA...

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