MD 3.0 Baltimore area Economic Summary

Baltimore area Economic Summary

Updated March 19, 2021

This summary presents a sampling of economic information for the area; supplemental data are provided for regions and the nation. Subjects include unemployment, employment, wages, prices, spending, and benefits. All data are not seasonally adjusted and some may be subject to revision. Area definitions may differ by subject. For more area summaries and geographic definitions, see regions/economic-summaries.htm.

Unemployment rates for the nation and selected areas

Unemployment rates

Average weekly wages for all industries by county

Baltimore area, third quarter 2020 (U.S. = $1,173; Area = $1,261)

United States

4.0 6.8

Baltimore area

3.5 6.0

Anne Arundel Co., MD

3.0 5.2

Baltimore Co., MD

3.6 6.3

Baltimore city, MD

4.9 8.5

Harford Co., MD

3.3 5.1

0.0

5.0

10.0

Jan-20 Jan-21 Source: U.S. BLS, Local Area Unemployment Statistics.

Source: U.S. BLS, Quarterly Census of Employment and Wages.

Over-the-year changes in employment on nonfarm payrolls and employment by major industry sector

12-month percent changes in employment

4.0

2.0

0.0

-2.0

-4.0

-6.0

-8.0

-10.0

-12.0

-14.0

-16.0 Jan-18

Jan-19

Jan-20

Jan-21

Baltimore area

United States

Source: U.S. BLS, Current Employment Statistics.

Baltimore area employment (number in thousands)

Change from Jan. Jan. 2021 2020 to Jan. 2021

Number Percent

Total nonfarm

1,324.1

-83.9

-6.0

Mining, logging, and construction

77.9

-2.3

-2.9

Ma nufa cturi ng

58.8

-0.7

-1.2

Trade, transportation, and utilities

238.4

-10.2

-4.1

I nforma ti on

15.7

-2.1

-11.8

Financial activities

76.2

-2.9

-3.7

Professional and business services

234.9

-4.9

-2.0

Education and health services

266.0

-11.1

-4.0

Leisure and hospitality

95.4

-35.6

-27.2

Other services

44.7

-5.9

-11.7

Government

216.1

-8.2

-3.7

Source: U.S. BLS, Current Employment Statistics.

Over-the-year change in the prices paid by urban consumers for selected categories

12-month percent change in CPI-U, February 2021

4.0

3.6

3.5

3.0 2.5

2.6

2.4

2.0

1.7

1.5

1.1

1.0

0.5

0.0

0.0

All items

Food

Energy

Baltimore area

U.S. city average

Source: U.S. BLS, Consumer Price Index.

Over-the-year changes in the selling prices received by producers for selected industries nationwide

12-month percent changes in PPI

12.0 10.0

8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0

Feb-18

Feb-19

Feb-20

General freight trucking

Hospitals

Computer & electronic product mfg

Source: U.S. BLS, Producer Price Index.

Feb-21

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

100% 80% 60%

Baltimore area, 2018-19

$13,308 $5,650 $12,350

$8,434

$11,144 $5,081 $7,230 $8,047

40%

$13,255

$10,507

20%

$24,601

$20,386

0% Baltimore area

United States

All other items

Healthcare

Personal insurance & pensions

Food

Transportation

Housing Source: U.S. BLS, Consumer Expenditure Survey.

Average hourly wages for selected occupations

Occupation All occupations

Baltimore area

United States

$28.49 $25.72

Lawyers

64.39 69.86

Management analysts

45.26 45.94

Accountants and auditors

38.89 38.23

Electricians

26.85 29.02

Billing and posting clerks

20.55 19.53

Retail salespersons

13.73

Source: U.S. BLS, Occupational Employment Statistics, May 2019.

14.12

Employer costs per hour worked for wages and selected employee benefits by geographic division

Private industry, December 2020

South Atlantic

United States

Total compensation

$34.00 $36.23

Wages and salaries

24.53

25.48

Total benefits

9.47

10.74

Paid leave

2.54

2.69

Vacation

1.32

1.38

Supplemental pay

1.05

1.25

Insurance

2.28

2.81

Retirement and savings

1.07

1.25

Legally required benefits

2.53

2.75

(1) The states that compose the South Atlantic census division are: DE, DC, FL, GA, MD, NC, SC, VA, and WV. Source: U.S. BLS, Employer Costs for Employee Compensation.

Over-the-year changes in wages and salaries

12-month percent changes in ECI

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

Dec-17

Dec-18

South Atlantic

Source: U.S. BLS, Employment Cost Index.

Dec-19

Dec-20

United States

Mid-Atlantic Information Office ? BLSinfoPhiladelphia@ ? ? 215-597-3282

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