Tag: Maryland

Eye on the Economy: An Interactive Look at Maryland and the Regional Economy in November 2017

The Regional Economic Studies Institute (RESI) at Towson University is the source for the latest data and analysis on Maryland’s economy. Each month, RESI Chief Economist Dr. Daraius Irani provides an analysis of the latest Maryland unemployment numbers. His analysis ensures business leaders have key information needed to determine how Maryland’s economic status impacts their organization. November’s jobs numbers, released last week from the Bureau of Labor Statistics, were mixed for Maryland at first glance. On the one hand, Total Nonfarm employment increased by 5,400 jobs, a 0.2% increase from October. This increase was especially good considering the other...

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Eye on the Economy: Maryland and the Regional Economy in October 2017

The Regional Economic Studies Institute (RESI) at Towson University is the source for the latest data and analysis on Maryland’s economy. Each month, RESI Chief Economist Dr. Daraius Irani provides an analysis of the latest Maryland unemployment numbers. His analysis ensures business leaders have key information needed to determine how Maryland’s economic status impacts their organization. For years, RESI has provided monthly updates on the state of Maryland’s economy. Earlier this year, we updated our monthly report to include Maryland’s neighbors in the Mid-Atlantic Region to give you context for the changes to our economy. This month, we are...

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Getting SALT-y About Tax Reform

When Republicans took control of the executive branch last November in addition to maintaining control of Congress, they had two major priorities on the top of their list. Although they have so far failed to address healthcare reform, they have moved full-steam into their other priority, comprehensive tax reform. Although there are a lot of changes being floated, there is one change that is poised to have the largest effect on Maryland taxpayers: the repeal of the State and Local Tax (SALT) deduction. In order to understand the effects of the deduction, we should start with the basics. Although...

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Eye on the Economy: Maryland and the Regional Economy in September 2017

The Regional Economic Studies Institute (RESI) at Towson University is the source for the latest data and analysis on Maryland’s economy. Each month, RESI Chief Economist Dr. Daraius Irani provides an analysis of the latest Maryland unemployment numbers. His analysis ensures business leaders have key information needed to determine how Maryland’s economic status impacts their organization. On Friday, the Bureau of Labor Statistics released its preliminary employment estimates for Maryland in September 2017. For the fifth straight month, Maryland’s unemployment rate dropped to a new low, where it now sits at 3.8 percent. The unemployment rate for other states in the Mid-Atlantic Region...

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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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Economic Impact of Opportunity Youth in Maryland

The Regional Economic Studies Institute (RESI) hosted the Maryland Workforce Outlook Forum on May 17 at Towson University. The event highlighted the economic conditions and workforce impacts of different groups in the state, one of which was opportunity youth. Opportunity Youth Opportunity youth are 16–24 year olds who are not currently attending school nor are they currently employed. Opportunity youth are also referred to as “disconnected youth” because these individuals have the potential to reconnect with the workforce through education or employment. This is a heterogeneous population that can include young adults who have dropped out of high school,...

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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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