Baltimore MSA Economic Performance Update in Five Charts

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The Baltimore metropolitan statistical area (MSA) saw a slight uptick in the unemployment rate in August 2022, according to the Bureau of Labor Statistics. This is the first unemployment increase since August of last year, and the current rate sits at 4.3%.

Overall job growth across the Baltimore MSA currently exceeds the national average, and total employment increased roughly 3.8% this year.

Much of the growth is occurring within the leisure and hospitality sector (14.6% year-over-year increase), thanks to the resurgence of summer travel. Other industries that saw notable employment growth were manufacturing (7.4%), construction (4.3%), and trade (3.5%).

However, as many office workers continued to work from home, the financial activities and the eds and meds sectors were the only industries to record losses.

All counties within the Baltimore MSA saw their respective unemployment rates increase from the trough in April 2022. However, total employment in each county has seen growth rates of roughly 4% to 5% within the past 12 months.

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

Source: Bureau of Labor Statistics

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