The state of Maryland has been posting exceedingly impressive economic data recently. The economy of the state seems to be robust. The state recorded 1400 more jobs created in August alone than in July. The sectors driving this demand and supply are government spending, accommodation, food services, and scientific services. The state currently has one of the highest recovery rates after the recession. The post-recession job recovery rate is 8% and represents a particularly serious spike in jobs. Further, the state’s takings from taxation topped 4% above the 2011 figure (OWIP, 2012). The increase in sales tax receipts this increase shows that Maryland has been enjoying adorable business times. Last year, the state made 18million dollars from university fees. At the same time, the state was one of the few to inverse education spending.
Maryland has posted impressive statistics. Maryland is one of the states that posted increases in education spending. The state increased the spending by 7.4%. This is the third largest increase (OLA, 2012). The increase put Maryland on the map nationwide, because it made the effort increase education spending when all other states were making unusually large cites in their budget spending on education.
The total employment rate has had a steady trend. The increase in 1.8% in the 2006-2007 year showed exceptional returns. This trend was manifest in the following year with a 2.1% growth. There was a slump in the nest two periods after the economic downturn. The next two periods posted declines of 0.15 and 25 respectively. The economy recovered in the 2009-2010 period when it posted a flat rate of zero growth (HWMC, 2012). The economy is growing robustly once again. Proprietors have been doing remarkably well even in times of economic strife. The proprietors never posted a negative growth in employment. In fact, their least growth was in 2008 and 2010. The two years posted growth levels of 0.8%. In 2009, 2.9% of salaried jobs were lost and represented a markedly sharp decline in employment opportunities. The farm owners also lost out at 0.9% in 2009 (CSA, 2012). The construction industry fell a heavy 11% in 2010 as developers cut costs due to the economic slump. Government and civilian jobs increased in 2010 by 5.3%. This represented the highest spike in government jobs. All state and local jobs were experiencing slumps as late as 2010 with a downturn of 0.1% and 1.1% respectively. Southern Maryland posted the highest growths in jobs since 2005 to date with an impressive 21% increase.
Job growth
In the Baltimore region, average wages per job increased 4.85 in the last five ears. This is slightly lower than the state average of 5.1%. In the same region, the Anne Arundel County posted extremely high increases in wages per job. The figure posted was 7.75 increases in the wages per job over the last five years. Washington Suburban region posted an impressive 5.8% increase in the same period. Montgomery County recorded a 7.5% increase in the same time. That is the highest increase in the region. Southern Maryland posted the overall highest of all the regions at 9.7% in which the St Mary’s county represented an impressive 15% increase. Western Maryland posted the least growth of 0.6% in which the Washington County posted the only slump in the region by 1.8%. In the Upper Eastern Shore region, a 2.75 overall growth was recorded and a County peak of 4.7% posted by Kent. Lower Eastern Shore Region posted a growth of 3.6% with the highest increase being posted by Worcester County at 5% growth.
Housing
In the Baltimore region, the highest numbers of new single-family units in the state were put up. The new units in 2011 were slightly above 3100 units. This represents almost half of the entire state’s new units built in the same year (OWIP, 2011). The affluence of the region is visible as it tops the chart of the new housing units. Single-family units are the most expensive in the market. Anne Arundel County posted one of the highest new housing unit tallies at 800 new units. The Lower Eastern Shore Region [posted the lowest numbers of new developments nationwide because they entire region posted only 343 new units. Somerset County in this region posted meager 42 new units. The housing situation seems to have slackened off in the entire sate 2007 and 2008 period.
Career planning
It is crucial to understand the economic layout of a state and the regions to be able to make sound career decisions. Places that post high increases in cost of housing and units sold, for instance, represent exorbitant regions. In this case, the easiest thing to do would be to abstain from such markets in order to avoid extreme cots (MGA, 2011). The extreme costs associated with these regions are career suicide. It would not be wise to live in a region that has extremely high costs of living. The same applies to housing because the modest housing prices in some suburban regions are sufficient for a starting career. The national outlook helps with the comparison of states. The states that closely approximately the national figures are reasonably priced. Those states that are highly priced are areas of ostentation and a young career person should avoid such areas.
Works Cited
Audit Report for the Department of Business and Economic Development February 2012. Office of Legislative Audits, 2012. Internet resource.
Labor Market Statistics Monthly Labor Review February 2012. Division of Workforce Development and Adult Learning, Office of Workforce Information and Performance, 2012. Internet resource.
Budget Reconciliation and Financing Act of 2012. Senate Budget and Taxation Committee, House Appropriations Committee, House Ways and Means Committee, 2012. Internet resource.
Geographic Distribution of Federal Funds in Maryland. Silver Spring, Md: Office of the Controller, Community Services Administration, 2012. Internet resource.
Job Creation in Maryland 2004-20091: an Overview. Office of Workforce Information and Performance, 2011. Internet resource.
Local Government Finances in Maryland Fiscal Year Ending June 30, 2010. Maryland. General Assembly, 2011. Internet resource.
