• Baltimore's Job Market Rebounds: Sectors to Watch in the City's Labor Landscape

  • Oct 19 2024
  • Length: 4 mins
  • Podcast

Baltimore's Job Market Rebounds: Sectors to Watch in the City's Labor Landscape

Listen for free

View show details

  • Summary

  • The job market in Baltimore is exhibiting signs of stability and growth, particularly after the disruptions caused by the COVID-19 pandemic. As of March 2023, resident employment in Baltimore City saw a 1.7% year-over-year increase, while the labor force grew by 0.5% during the same period. This growth indicates a gradual recovery in the labor market, although the number of employed city residents has declined by 2.8% since March 2020, and the labor force has shrunk by 5.7% over the same period.

    The employment landscape in Baltimore is diverse, with strong sectors in education and health services, which employed an average of 99,051 individuals in the second quarter of 2022. Other significant sectors include professional and business services, government, and financial activities.

    Key statistics show that the unemployment rate in Baltimore City reached a record low of 3.2% in March 2023, indicating near full-employment. The total labor force in Baltimore City stood at 275,721 as of March 2023, with 266,982 residents employed. In the broader Baltimore-Columbia-Towson metropolitan area, total nonfarm employment was 1,420,800 in August 2024, with education and health services gaining 8,100 jobs over the year.

    Trends in the job market include growth in sectors such as private educational services, transportation, warehousing, and utilities, while sectors like accommodation and food services, construction, and retail trade have seen job losses. These changes are partly influenced by seasonal patterns, with typical hiring patterns adjusted by the Bureau of Labor Statistics.

    Major industries driving employment in the region include transportation, distribution, and logistics, construction, manufacturing, education, healthcare, government, financial services, and professional and business services. Notable employers in the area include the Social Security Administration, T. Rowe Price, and several hospitals and educational institutions.

    Recent developments highlight Maryland's overall economic growth, with the state adding 31,800 jobs over the first eight months of 2024, growing at a rate of 1.2%, faster than the national rate of 0.9%.

    Commuting trends are not explicitly detailed in the available data, but the labor force expansion and job growth suggest a dynamic workforce. Government initiatives, such as those by the Mayor's Office of Employment Development, focus on supporting the workforce through various programs and providing data on labor market conditions.

    The market evolution in Baltimore indicates a shift towards stabilization after the pandemic, with a focus on key industries and a growing labor force. However, there is a noted decline in the city's population, approximately 1% each year, which could impact long-term labor market trends.

    Key findings include the low unemployment rate, growth in key sectors, and the overall recovery of the labor market.

    Current job openings in the area might include positions such as:
    - Healthcare professionals at institutions like Greater Baltimore Medical Center or MedStar Franklin Square Hospital.
    - Educational roles at the Community College of Baltimore County or the University of Maryland, Baltimore County.
    - Financial services positions at companies like T. Rowe Price.

    These openings reflect the strong presence of healthcare, education, and financial services in the Baltimore job market.
    Show More Show Less
Show More Show Less

What listeners say about Baltimore's Job Market Rebounds: Sectors to Watch in the City's Labor Landscape

Average Customer Ratings

Reviews - Please select the tabs below to change the source of reviews.

Audible.com.au reviews

Amazon Reviews
No Reviews are Available
In the spirit of reconciliation, Audible acknowledges the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respect to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.