Every month the Bureau of Labor
Statistics releases a report summarizing job gains and losses in Maryland for the
previous month. Today the numbers for July were released. Last month Maryland lost 4,100 total nonfarm jobs
due to a significant drop in local government positions. This is the third
straight month of job loss for the state. In total, the Maryland economy has shed
16,100 jobs since January. Despite this decline, Maryland’s
unemployment rate remained constant at 3.8 percent. Looking ahead to Maryland’s economy in the months to come, RESI is closely
watching a series of transportation related news events. In July the Maryland
Department of Transportation released a report claiming that over the next 10
years the state faces a more than 2 billion dollar shortfall in
transportation funding. This is split between a 1 billion dollar shortfall for
maintenance and repair and a 1 billion dollar shortfall for funding
enhancements to the existing network. The need for maintenance and repair across
Maryland’s transportation network was underscored this month as a light rail
station in downtown Baltimore sunk into the ground on July 10th following heavy
rains downtown. The station is still closed for repairs significantly
limiting the ability for Baltimore residents to commute downtown to work
using public transit. Elsewhere in Maryland news broke this month of delays
and construction of the Purple Line in Montgomery and Prince George’s Counties. The line is slated to take six months longer to complete than originally
scheduled and negotiations are ongoing as to whether the state or the
contractors will bear the cost of the delays. However, Maryland’s transportation
outlook isn’t all gloomy. On August 8th Maryland’s congressional delegation
announced that BWI Airport located in Anne Arundel County
will receive a federal grant of nearly 10 million dollars from the FAA to
reconstruct part of a runway. In July legislators announced that the US
Department of Transportation awarded Maryland with a 125 million
dollar grant to update the Howard Street Tunnel in Baltimore City. Updating the
tunnel will allow shipping containers to be double stacked on rail cars leaving
the Port of Baltimore making it more efficient and maintaining the port’s
position as a key economic driver of the region. RESI has been providing analysis
of Maryland’s economy for 30 years. Follow the link below for a deeper dive into
to the numbers and visit www.towson.edu/resi to learn more about our services.

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