Maryland's Unemployment Rate Drops to Lowest Level Since Pandemic's Start
Maryland added nearly 1,500 jobs in June, reducing the unemployment rate to 4%, according to the latest report from the U.S. Department of Labor’s Bureau of Labor Statistics (BLS). This marks the lowest rate of unemployment since the high of 9.5% in May 2020, when more than 370,000 jobs were lost due to the pandemic.
The education and health services sector continues to be a stronghold for the state, adding roughly 4,000 jobs in June. Nearly 16% of all jobs throughout the state (19% in Baltimore MSA) fall within this sector.
The office-using segment, which comprises professional and business services, financial activities, and information sectors, saw a net decrease of about 200 jobs. This adds to the struggles in the Baltimore MSA office market, as leasing activity has remained low in the past several years. Office vacancies have increased every quarter since the start of the pandemic and now hover around 11.6%, according to CoStar.
Overall, Maryland has added more than 30,000 jobs since the start of 2022 and has fully recovered from the jobs lost at the beginning of the pandemic.
Source: Maryland Department of Labor
The Baltimore MSA has performed well in the past year compared to its other Mid-Atlantic counterparts. In the past 12 months, job growth has eclipsed 4% in Baltimore, surpassing major markets like D.C. (3.5%) and secondary areas like Pittsburgh (3.2%) and Richmond (2.2%) while only trailing Philadelphia (4.4%).
Job growth is essential in the multifamily market as more jobs typically translate to increased demand. Baltimore’s apartment market has stacked up well against other markets around the country and is well-positioned to withstand the current economic uncertainty.
Source: BLS
*Year-over-year change in nonfarm employment
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