Baltimore Job Growth Propelled Multifamily Demand in 2023
Baltimore Job Growth Propelled Multifamily Demand in 2023
Job growth in the Baltimore metropolitan area grew by 2.1% in 2023, adding nearly 30,000 jobs, according to the latest data from the U.S. Bureau of Labor Statistics. Total non-farm employment grew by 3,500 jobs in December. This growth supported increased leasing activity for the multifamily market in 2023.
Non-farm payrolls continue to post better-than-expected growth as the U.S. labor market expanded by 353,000 in January.
In Baltimore, the education and health services sector continues to be the main driver for employment, representing more than 19% of total jobs in the metro. These industries added 10,400 jobs in 2023, a notable increase compared to 2021 and 2022, which collectively added 6,400 employees. It is supported by major institutions such as Johns Hopkins, the University of Maryland, MedStar, LifeBridge, Mercy, and Acension St. Agnes. These top employers attract employees worldwide, many of whom choose to rent as an option.
Office-using sectors (professional & business services, financial activities, & information) added a net of 8,400 employees last year after losing more than 5,000 jobs in 2022. Despite office leasing woes across the country since the beginning of the pandemic, several Baltimore firms continue to expand. One example is Baltimore tech company Fearless, which recently secured $17 million in new financing for expansion into new projects.
With many large development projects in Greater Baltimore, the construction sector continues growing by adding 4,600 jobs in 2023. Government (2,400 jobs) and trade, transportation & utilities (1,300) are other sectors that saw notable employment increases.
