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Federal Reserve Bank of Richmond

Maryland

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Payroll employment in Maryland increased by 5,100 jobs (0.2 percent) in May. The unemployment rate was unchanged at 4.4 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Maryland's labor market improved modestly in May as total payroll employment increased and the unemployment rate held at 4.4 percent in the month." – Joseph Mengedoth
  • Total payroll employment in Maryland increased by 5,100 jobs (0.2 percent), on net, in May. The most jobs were added in the month in leisure and hospitality (3,500 jobs), education and health services (2,200 jobs) and professional and business services (1,400 jobs).
  • On a year-over-year basis, total payroll employment in Maryland is down by 27,700 jobs (1.0 percent), on net. The most jobs were lost over the year in government (16,500 jobs) and trade, transportation, and utilities (13,800 jobs).
  • Maryland's unemployment rate was unchanged at 4.4 percent in May despite the number of unemployed persons declining by 400 in the month.

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

  • Residential permits decreased 43.9 percent from April 2026 to May 2026. Compared to a year ago, May 2025, Maryland has seen permits decrease 43.4 percent.
  • According to the Federal Housing Finance Agency, the value of homes in Maryland appreciated 0.3 percent in Q1 of 2026 compared to Q4 of 2025. Also, home values appreciated 3.4 percent in Q1 of 2026 compared to Q1 of 2025.
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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Joseph Mengedoth