Maryland’s Job Growth Challenge: Navigating Economic Headwinds

Maryland’s job growth rate paints a troubling picture. According to the Maryland Chamber of Commerce, the Old Line State ranks 49th in the nation with only 0.6 percent growth over the past year. The state lags behind neighbors like Virginia and Pennsylvania, who are outpacing Maryland in both jobs added and overall percentage change.

According to the latest data from the Maryland Chamber of Commerce, Maryland faces several challenges related to business competitiveness:

  • 49th in Job Growth: Maryland ranks near the bottom nationally in job growth rate (0.6%) and 34th in total jobs added (16,700) over the past year.
  • Three-Year Growth Lag: The state’s three-year compound growth rate ranks 48th in the country, signaling persistent issues.
  • Regional Disparity: Neighboring states like Virginia and Pennsylvania outpace Maryland significantly in the number of jobs added and percentage growth.
  • Labor Force Participation: While Maryland’s seasonally adjusted labor force participation rate (65.5 percent as of July 2024) is strong, ranking 13th nationally, it still trails slightly behind Virginia (66.1 percent as of July 2024). In addition, Maryland’s labor force participation rate has not recovered to pre-pandemic levels, as has been the case throughout most of the US.

MACo Winter Conference Session

This year’s MACo Winter Conference session, Fiscal Fallout: Navigating the Federal Election and State Shifts, will tackle the growing fiscal pressures facing Maryland counties. As federal elections and state economic dynamics evolve, counties must adapt to shifting job growth trends, labor force participation struggles, and regional disparities.

Attendees will gain insights into preparing for these challenges, exploring practical strategies like targeted business incentives, infrastructure support, workforce development, and compelling talent attraction. Panelists will also discuss ways to foster economic resilience and ensure local budgets are ready for an uncertain future.

The 2024 MACo Winter Conference, Anticipate, Adapt, Achieve: Thriving Through Turbulent Times, will be held from December 11-13, 2024, at the Hyatt Regency Chesapeake Bay Hotel in Cambridge, MD.

Learn more about MACo’s Winter Conference: