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Maryland payroll employment increased by 1,800 jobs (0.1 percent) in February. The unemployment rate has risen 0.1 percentage point from January to 2.4 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Maryland's overall job growth was relatively flat in February 2024. Maryland's positive but relatively weak overall job growth over the past year was primarily driven by steady hiring in education and health services and government, which combined to offset losses across several other sectors." — Adam Scavette
  • Maryland payroll employment increased by 1,800 jobs (0.1 percent), on net, in February. Education and health services (2,000 jobs) experienced the largest month-over-month increase in jobs, followed by leisure and hospitality (1,400 jobs). Job declines occurred in government (1,800 jobs), financial activities (600 jobs), and manufacturing (200 jobs).
  • On a year-over-year basis, Maryland payroll employment increased by 4,800 jobs (0.2 percent), on net. The most jobs were added over the year in education and health services (12,200 jobs), followed by government (11,900 jobs). The most jobs lost over the year were in professional and business services (6,000 jobs), construction (5,300 jobs), and trade, transportation, and utilities (4,400 jobs).
  • The unemployment rate in Maryland has risen 0.1 percentage point from January to 2.4 percent and has risen 0.2 percentage point from its February 2023 reading of 2.2 percent. Maryland's unemployment rate is the lowest among Fifth District states and the fourth lowest among U.S. states (after North Dakota, South Dakota, and Vermont).

Housing Market icon showing a picture of a house Housing Market Conditions

  • Residential housing permits increased 40.5 percent in Maryland from January to February and were up 4.7 percent on a year-over-year basis.
  • According to the Federal Housing Finance Agency, home values in Maryland appreciated 5.8 percent from the fourth quarter of 2022 to the fourth quarter of 2023.
Snapshot Resources
  • Term Definitions

    Payroll Employment
    The number of nonfarm jobs (persons on payrolls) according to where those jobs are located.

    Unemployment Rate
    The number of unemployed persons (those not employed but available and searching for work) as a percent of the civilian labor force (the total number of employed plus unemployed persons).

    Industry Structure
    A breakdown of total nonfarm jobs by industry. Percentages sum to 100 percent.

    Industry Growth
    The percentage change in jobs in each industry from a year ago.

    Building Permits
    The number of privately owned single-family and multi-family units authorized in permit-issuing places.

    House Price Index
    A repeat sales index, measuring average price changes in repeat sales or refinancings on the same single-family properties.

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