Webmaster’s note: Maryland continues to lose jobs in the private sector because of the state’s well-deserved reputation for being anti-business and tax-hell. Moreover, folks are leaving the state in a tax-flight that shows no abatement in the foreseeable future.
However the article skirts this economic dynamic ever so euphemistically.
It says: “The manufacturing sector, however, continues to disappoint and accounts for increasingly fewer jobs as it continues to shrink. While the loss of these jobs has slowed in the past three years, it remains the biggest economic drag on the state's economy. Maryland is trying to shift from labor-based manufacturing jobs to more science and knowledge-based jobs. But attempts to lure large international corporations have been hurt by the high cost of doing business in the state.
“… For several consecutive years more people have moved out of Maryland than moved in, largely because of people searching for cheaper housing.”
Kevin Dayhoff
A Look at the Old Line State's Economic Issues by BARBARA PAULSEN
The Backyard Economy: Maryland
Nov. 3, 2008
Related: 20081103 Recession Nation: 49 States at Risk By Scott Mayerowitz
Unlike many states, Maryland has historically had a relatively robust and diversified economy that allows it to maintain healthy growth. But the future of Maryland's economy, like that of the nation, is uncertain.
Underpinning its economic diversity is a highly educated workforce — one of the nation's highest ratios of Ph.D. holders — and virtually full employment. There are a large number of well-paying jobs in government, health care and education. The unemployment rate was just 3.6 percent last year, among the nation's lowest. And Maryland ranks fifth in personal income in the nation.
The federal government acts as a stabilizing force in Maryland's economy. "Maryland is blessed by its geography," said Daraius Irani, director of the Regional Economic Studies Institute at Towson University outside Baltimore.
[…]
The manufacturing sector, however, continues to disappoint and accounts for increasingly fewer jobs as it continues to shrink. While the loss of these jobs has slowed in the past three years, it remains the biggest economic drag on the state's economy. Maryland is trying to shift from labor-based manufacturing jobs to more science and knowledge-based jobs. But attempts to lure large international corporations have been hurt by the high cost of doing business in the state.
Housing prices in Maryland are expected to drop more than 10 percent in the next year, slightly less that the national average. For several consecutive years more people have moved out of Maryland than moved in, largely because of people searching for cheaper housing.
Read the entire article here: A Look at Maryland Economic Issues by Barbara Paulsen
http://abcnews.go.com/Business/Economy/story?id=4804449
20081103 A Look at Maryland Economic Issues by Barbara Paulsen
