Maryland Comptroller Brooke Lierman released the first State of the Economy report today, which examines economic indicators and trends to better understand the current economic climate, the potential outlook for Maryland, and strengths and opportunities to leverage for sustained, long-term economic growth.

“Maryland’s economy is strong, bolstered by a low unemployment rate, high productivity, and one of the lowest poverty rates in the nation. Our state is home to diverse and emerging industries, a robust federal government presence, and a highly skilled workforce that helped insulate us from shocks from events like the COVID-19 pandemic,” said Comptroller Lierman.

The State of the Economy report is the first in a series of reports by the Office of the Comptroller that will examine the state’s economic performance. This report, the first to be published in the state by the Office of the Comptroller, diagnoses some key challenges. It also offers policymakers data and research to help inform their policy decisions but does not offer policy recommendations or economic forecasts.

“Right now, national trends are negatively impacting our workforce and economic recovery, driving up costs, and driving away people who would raise their families here,” said Comptroller Lierman. “To position Maryland for strong long-term growth, we need strategic investments and innovative policy approaches to grow our economy and position our state for long-term shared prosperity.”

The Office of the Comptroller’s Bureau of Revenue Estimates and Policy Division used publicly available data, academic research, and government studies to analyze relevant economic indicators and compared that data across neighboring states and nationally. Agency leaders also hosted a series of information-gathering roundtable discussions with business owners, economic development leaders, industry groups, and chambers of commerce in each state region in 2023.

Quantitative and qualitative research revealed that Maryland’s economy began slowing in 2017 and has experienced a slow recovery from the COVID-19 pandemic.

“As state and local lawmakers prepare for the year ahead, this report helps paint a picture of the challenges we face in our post-pandemic recovery,” said Comptroller Lierman. “We hope lawmakers and local leaders can use the insights found in this report to better position Maryland as a home for thriving businesses, families, and communities.”

Visit the Office of the Maryland Comptroller website for more information and read the full report.