Maryland’s lengthy recovery from the Great Recession may be running out of steam, reports Doctor Daraius Irani, chief economist at Towson University’s Regional Economics Studies Institute (RESI) – and not only that, but the nation is likely heading towards an economic slowdown.
Maryland’s dependence on federal jobs may help protect it, as it has in the past – unless federal spending takes a significant hit. Federal government spending makes up 12 percent of Maryland’s Real Gross State Product (RGSP). From the TU Innovates blog:
Dr. Irani also identified opportunities to bolster Maryland’s skilled workforce by highlighting occupations that are currently facing shortfalls. These shortages are occurring in healthcare, STEM, education and trade occupations, among others. Moreover, in many instances gaps are concentrated within high growth occupations (as projected by Regional Economic Studies Institute for the period extending from 2017 through 2019).