Inside Maryland’s Economy: Key Takeaways From #MACoCon Session

At the MACo Winter Conference, attendees heard from Dr. Irani about the latest economic trends that affect county governments and Maryland.

Economist Daraius Irani delivered a comprehensive and engaging update on Maryland’s economy, emphasizing its effects on county governments. His presentation highlighted key national and regional trends, including steady GDP growth, rising consumer spending, and challenges such as workforce shortages and inflationary pressures.

Attendees learned about Maryland’s labor market dynamics, including a decline in labor force participation and a persistent gap between job openings and available workers. Dr. Irani also addressed the rising costs of housing and transportation, the economic implications of federal policies, and the potential impact of AI on productivity. His analysis provided county leaders with actionable insights to navigate economic complexities, make informed decisions to sustain local economic health, and fulfill governmental commitments effectively.

Title: Maryland Trends: The State of Maryland’s Economy

Speaker: Daraius Irani, PhD, Vice President, Strategic Partnerships & Applied Research, Towson University

Moderator: The Honorable Calvin Ball, County Executive, Howard County

The labor market in Maryland reflects both resilience and strain. Job openings consistently outnumber unemployed persons, highlighting a tight labor market. This imbalance presents challenges for employers while offering leverage to job seekers. Labor force participation rates, while recovering from pandemic-induced drops, remain lower than pre-pandemic levels, translating to fewer workers available overall.

Quit rates have moderated after peaking during the pandemic, yet recruitment remains challenging for many industries. Immigration continues to play a critical role, with foreign-born workers filling essential gaps in healthcare, construction, and service sectors. However, the overall labor force remains under pressure, compounded by an aging population and declining birth rates.

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