March 2013

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private sector jobs factSpringing into March with Positive Employment Growth in February

Unemployment numbers for February 2013 declined to 6.6 percent for Maryland, down 0.1 percent from January 2013. The addition of 6,000 jobs to private sector payrolls between January and February contributed significantly to the falling unemployment rate. The state continues to enjoy gains in its key jobs sectors: education, federal employment, healthcare, and hospitality. Meanwhile, low interest rates are boosting growth in Maryland’s Real Estate sector.

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in the news

spacerWhite House report: MD to get hit hard by sequestration, WBAL, 2/26/13

Irani said the biggest effects won’t be seen until the end of September with the start of the new federal budget. But because of 2013 has already brought with it higher payroll taxes and rising gas prices, he said economic uncertainty of any kind is dangerous.

Recession took its toll on small business in Maryland,, 2/18/13

Irani said that 2010 was a tough year and that a lot of one-man shops were starting and oftentimes, that’s the only way to make a living when times are tough.


The Big, the Bad, and the Sequestration

Prior to March 1, many media experts reported that industries that were once heavily reliant on federal contracts would begin mass layoffs almost overnight. Despite the media sensationalism of sequestration, recent economic indicators are pointing in a different direction. Maryland is home to two of the largest federal contractors—Lockheed Martin and Northrop Grumman—and hosts a variety of federal installations across the state. The immediate impacts from sequestration do not appear to be slowing these two powerhouse companies down.

What’s causing this delay in mass employment loss and budget tightening? RESI reviews key indicators that may suggest an alternative to sequestration. Perhaps the big, bad federal budget cut is really an opportunity for Maryland-based firms that once relied on federal contract to reinvent themselves into global competitors.

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