Area Economic Summary

Baltimore area Economic Summary

Updated February 01, 2023

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, second quarter 2022 (U.S. = $1,294; Area = $1,334)

United States

3.7

3.3

Baltimore area

4.5 3.1

Anne Arundel Co., MD

3.8 2.6

Baltimore Co., MD

4.6 3.2

Baltimore city, MD

6.3 4.4

Harford Co., MD

3.9 2.8

0.0

5.0

10.0

Dec-21 Dec-22 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 15.0

10.0

5.0

0.0

-5.0

-10.0

-15.0 Dec-19

Dec-20

Dec-21

Dec-22

Baltimore area

United States

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

Baltimore area employment (number in thousands)

Change from Dec. Dec. 2022 2021 to Dec. 2022

Number Percent

Total nonfarm

1,426.6

23.3

1.7

Mining, logging, and construction

86.7

7.1

8.9

Ma nufa cturi ng

63.1

3.3

5.5

Trade, transportation, and utilities

262.5

-1.5

-0.6

I nforma ti on

16.1

-0.9

-5.3

Financial activities

77.6

0.8

1.0

Professional and business services

248.3

0.0

0.0

Education and health services

266.4

2.4

0.9

Leisure and hospitality

126.8

9.3

7.9

Other services

50.3

2.2

4.6

Government

228.8

0.6

0.3

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, December 2022

12.0

10.4

10.1

10.0

8.9

8.0

6.3 6.5

7.3

6.0

4.0

2.0

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

35.0 30.0 25.0 20.0 15.0 10.0

5.0 0.0 -5.0 -10.0

Dec-19

Dec-20

Dec-21

General freight trucking

Hospitals

Computer & electronic product mfg

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

Dec-22

Average annual spending and percent distribution for selected categories

Average annual expenditures, United States and

Baltimore area, 2020-21

100% 80% 60%

$12,497 $10,600 $5,602 $8,606

$11,062 $7,562 $5,316 $7,803

40%

$13,637

$10,398

20%

$25,274

$22,046

0% Baltimore area All other items

United States

Personal insurance & pensions

Healthcare

Food

Transportation

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

Average hourly wages for selected occupations

Occupation All occupations

Baltimore area

United States

$31.01 $28.01

Lawyers

67.14 71.17

Management analysts

52.40 48.33

Accountants and auditors

39.78 40.37

Electricians

29.10 30.44

Billing and posting clerks

20.84 20.55

Retail salespersons

15.10 15.35

Source: U.S. BLS, Occupational Employment and Wage Statistics, May 2021.

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

Private industry, September 2022

South Atlantic

United States

Total compensation

$36.83 $39.61

Wages and salaries

26.63

27.93

Total benefits

10.20

11.68

Paid leave

2.75

2.94

Vacation

1.40

1.51

Supplemental pay

1.11

1.41

Insurance

2.46

3.00

Retirement and savings

1.14

1.35

Legally required benefits

2.73

2.98

(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

6.0

5.0

4.0

3.0

2.0

1.0

0.0

Dec-19

Dec-20 South Atlantic

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

Dec-21

Dec-22

United States

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

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