Maryland’s job market added 6,100 positions in July, led by cybersecurity.
Maryland’s job market showed growth in July, adding 6,100 new jobs, according to the latest data released by the U.S. Department of Labor’s Bureau of Labor Statistics. Several key industries, notably cybersecurity drove this growth.
The state’s overall employment growth rate of 0.2% in July was double the national average of 0.1%. Over the first seven months of 2024, Maryland’s job growth rate reached 1.2%, surpassing the national rate of 0.9%. Beyond job gains, Maryland saw other positive trends. The state’s labor force participation rate continued its upward trajectory, increasing by 0.1% to 65.5%, the highest level since September 2020 and above the national average of 62.7%. This indicates more Marylanders are actively participating in the workforce. However, as MACo recently reported highlighting Maryland’s commitment of $1.8 million to strengthen cybersecurity workforce through advanced training, there is still work to be done. Maryland still does not have enough workers to fill one in four positions.
Sector Highlights
In July, as reported by the Daily Record, the following sectors were the top contributors to Maryland’s job growth:
- Administrative and Support and Waste Management and Remediation Services: +1,800 jobs
- Professional, Scientific, and Technical Services: +1,400 jobs
- Transportation, Warehousing, and Utilities: +1,300 jobs
- Government: +800 jobs
- Finance and Insurance: +500 jobs
However, not all sectors experienced growth. The information sector lost 100 jobs, construction declined by 200 jobs, the arts, entertainment, and recreation sector saw a decrease of 600 jobs, and health care and social assistance lost 700 jobs. Despite these declines, Maryland’s unemployment rate remained steady at 2.8% in July, one of the lowest in the nation.
A skilled and qualified workforce is critical for a growing economy and for local communities to thrive. At MACo’s Summer Conference, expert panelists explored the current state of the economy in Maryland and why it is relevant to counties. As Maryland continues to make strides in employment, local economies can be a promising hub for growth, particularly in emerging sectors like cybersecurity and life sciences. With a rising labor force participation rate and steady job creation, state and local partners need to continue to invest in workforce development and education to ensure jobs are filled so Maryland can grow its competitive edge in the national economy.
