BALTIMORE, MD (September 19, 2023) – The latest report from the U.S. Department of Labor’s Bureau of Labor Statistics (BLS) has revealed that Maryland has emerged as the third fastest-growing state in the nation, backed by a robust surge in job creation and a substantial drop in the unemployment rate.
According to the preliminary survey data, Maryland added 12,400 jobs in August, marking the most significant job growth witnessed since July 2022. Furthermore, the state’s unemployment rate has now plummeted to an impressive 1.7%, solidifying its position with a seventh consecutive month of record-setting low unemployment.
The standout performer in this employment surge was the Professional and Business Services sector, which spearheaded the growth with a remarkable increase of 6,300 jobs. This sector’s performance underscores Maryland’s appeal as a business and professional services hub, attracting local and national talent.
Among the sectors contributing to Maryland’s employment growth were the Public sector, which added 2,400 jobs, and Private Education and Health Services, which saw an increase of 1,900 jobs. Notably, the Mining, Logging, and Construction sector experienced a notable upswing, creating 1,000 new positions. Maryland’s thriving leisure and hospitality industry contributed 900 jobs, while Other Services and Manufacturing sectors added 400 and 300 jobs, respectively.
However, it is essential to note that not all sectors witnessed growth during this period. The Trade, Transportation, and Utilities sector saw a slight decline, shedding 500 jobs, while the Financial Activities sector recorded a decrease of 300 jobs.
This positive economic news reflects Maryland’s resilience and attractiveness for businesses and job seekers. The sustained job growth and consistently low unemployment rate indicate a thriving economy and a favorable climate for employment opportunities.
Marylanders seeking more detailed and up-to-the-minute employment data can visit the Maryland Department of Labor’s website, where information is regularly updated, albeit slightly delayed as the data is transferred from BLS servers. The BLS website is also a valuable resource for those looking for immediate access to the latest job statistics.
This latest report positions Maryland as a rising star in the national economic landscape, with solid job growth and a burgeoning economy. As the state continues to foster a business-friendly environment and invest in various sectors, it remains poised to sustain its impressive economic momentum in the coming months.