While the economy -- both nationally and across Maryland -- continues to slowly regain momentum, there are some bright spots to report according to recent reports released by the Maryland Department of Labor, Licensing and Regulation.
Maryland continues to see modest job gains In June, despite a tepid national labor market, the agency repors. The state economy added 1,600 seasonally adjusted jobs, 1500 in the private sector, for a 0.1 percent monthly growth, while, nationally the US lost 125,000 jobs for a 0.1 percent monthly loss. Maryland's total employment was up compared to year-ago levels (not seasonally adjusted) for the first time in two years. June marks the fourth month in a row that Maryland has added jobs in the private sector.
While the pace of job generation slowed considerably in June, just over 40,000 jobs have been restored to Maryland's business base since January.
Maryland leisure and hospitality employment grew by 5,800 seasonally adjusted jobs in June, more than any other major sector, driven by accommodation/food services job growth, according to the Maryland Department of Business and Economic Development. During the first half of the year, this sector added 21,900 jobs, ranking it best in the country with 9.7 percent growth. At the year's halfway point, the sector accounted for over 60% of total Maryland job creation and over 80 percent of private job creation Nationwide hospitality accounted for 14 percent of job gains.
Professional/business services added 2,800 jobs in June for a 0.7 percent monthly growth rate. Within this sector, professional, scientific & technical (PST) services employment grew by 2,000, for 0.9 percent monthly growth (sixth best in the nation). During the first half of 2010, PST added 7,100 jobs in Maryland, for 3.1 percent growth and third best in the country.
Construction added 1,300 jobs in June for 0.9 percent monthly growth and added jobs for four straight months (seasonally adjusted) for the first time in about three years. During the first half of the year Maryland construction added 6,600 jobs, good for 4.6 percent growth, sixth best in the country.
In more good news,
Gallup's Job Creation Index for the first half of 2010 ranks Maryland No. 7 among the Best Job Markets. During the first half of 2010, 32 percent of employed Marylanders said that their employers were expanding their workforce. This was the fourth highest positive response among states. Conversely, 21 percent said their employers were shedding payrolls. The Index is calculated as the difference between the former and latter poll result. Based on these polling results, Maryland's 2009 Job Creation Index was 11, tying for seventh best among states.
And as if that wasn't enough positive job news, another just released
report from the Center on Education and The Workforce at Georgetown University has found that the share of jobs in the U.S. economy which required postsecondary education increased from 28 percent in 1973 to 59 percent in 2008. That's good for Maryland because by 2018, 66 percent of jobs in the state -- some 2 million -- will require some postsecondary education. That will put D.C., Massachusetts and Maryland in the lead nationwide, with the three regions sharing total jobs requiring a graduate degree, according to report.
Source: Deparment of Business and Economic Development
Writer: Walaika Haskins