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August 2013

a closer look with daraius

unemployment rateOne, Two, Sequestration, GO!

Sequestration began to catch pace and take the lead with Maryland’s economic recovery in July 2013. The month-over-month change in total nonagricultural employment saw a decline of 9,200 jobs from private and public payrolls. As unemployment crept up to 7.1 percent from June, employment since July 2012 did increase by 1.5 percent. However, year over year, the private sector saw a gain of 36,600 jobs since July 2012. Federal cutbacks have started to slow the growth in many industries including professional services and tourism. Dr. Daraius Irani analyzes July’s labor report along with future obstacles in this month’s Closer Look.

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in the news

spacer Unemployment rises in Md. Va., holds steady in D.C., Washington Post, 7/18/2013

“It could take even longer than a month for the jobs reports to show these effects, Daraius Irani, executive director of the Regional Economic Studies Institute at Towson University, said, because employers have had several months to prepare as they watched sequestration deliberations unfold.”

Merritt Canton losing new business due to water main break, Baltimore Business Journal, 7/25/2013

“If this were an isolated incident, then the economic impacts would be minimal,” Irani said. “However, given the frequency of these water main breaks, the economic impacts are not only tangible to the businesses in the affected area, but in the increased congestion on alternate routes as cars and trucks are detoured around the area, adversely impacting those businesses.”

Baltimore-area home prices rose 5.6 percent in July, Baltimore Sun, 8/12/2013

“Buyers have come into the market as employment and consumer confidence improved and rents rose, making home ownership a better deal for many, said Daraius Irani, director of the Regional Economic Studies Institute at Towson University.”

forecast

Green Jobs

Growing Green Jobs in Maryland

RESI was recently invited to attend the 2013 Maryland Climate Change Summit at the Maritime Institute in Linthicum Heights. The Summit announced the official release of Maryland’s Greenhouse Gas Reduction Act Plan, which RESI has been a part of since 2009.The Bureau of Labor Statistics reported in March 2013 that green employment accounted for 3.7 percent of Maryland’s total employment in 2011. RESI’s analysis estimates that the Greenhouse Gas Reduction Act Plan could continue to support more than 37,000 jobs and contribute $1.6 billion to Maryland’s economy by 2020. This month’s hot topic looks at the evolving analysis
of the plan and the continued refinement by RESI and MDE.

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