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October 21, 2011

Maryland slump worse, bounce better, than Virginia's

Maryland's job growth continues to slightly outperform that of Virginia during this slow, miserable recovery. Neither state is spinning prosperity. But according to the numbers for September, released this morning, Maryland has added 55,000 jobs -- 2.2 percent -- to its job base since employment hit bottom in February 2010. Virginia touched bottom in the same month, but since then it has added only 40,000 jobs -- 1.6 percent.

Maryland's recession was worse, however. The state lost 5.6 percent of its jobs from its peak employment of Feb. 2008 to its trough of Feb. 2010. In Virginia, whose peaks and troughs were in the same months, the job loss was 4.8 percent. Maryland's unemployment rate for September, however, was 7.4 percent -- worse than Virginia's. Virginia's September unemployment was 6.5 percent. Thanks largely to federal spending, both states are doing substantially better than the country as a whole.

Posted by Jay Hancock at 11:49 AM | | Comments (1)
Categories: The Great Recession
        

Comments

But what about BRAC, which just ended after two years in September? That brought in about 30,000 new jobs to the state, none of which were created from Maryland's economy. Take out those 30,000 jobs and Maryland's job growth is closer to 1.2%.

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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