Maryland gains over 38,000 jobs in 2024

In 2024, Maryland witnessed a significant boost in employment with an estimated 38,400 jobs being added throughout the year. This increase was largely driven by the private sector, which accounted for 27,300 of the new jobs. The steady job growth reflects Maryland's ongoing economic recovery and resilience, especially in contrast to national trends. In December 2024 alone, the state managed to add 200 jobs, with notable gains in sectors such as public services, retail trade, health care, and social assistance. These sectors saw increases of 1,300, 1,000, and 900 jobs respectively. However, not all sectors experienced growth in December. The Administrative and Support and Waste Management and Remediation sectors faced a considerable decline, losing 2,600 jobs. Other sectors, including Other Services, Transportation, Warehousing, Utilities, Private Educational Services, and Construction, reported losses of 1,100, 600, and 500 jobs respectively. This mixed performance highlighted the uneven recovery across different industries and underscored the ongoing challenges in certain areas of the labor market. Despite these losses, the state's overall employment growth rate was steady at 1.4% for the year. Maryland's unemployment rate remained impressively low at 3.1% by December, holding steady when compared to the previous month. This figure is notably below the national unemployment rate, which stood at 4.1% during the same period. Furthermore, the state's labor force participation rate was recorded at 65.6%, surpassing the national average of 62.5%. These metrics indicate that Maryland's labor market is performing well relative to national averages, reflecting a strong workforce presence and effective job creation strategies. The sustained job growth in Maryland may be attributed to several factors, including targeted economic policies, investments in key sectors, and proactive workforce development initiatives. Continued job creation will be crucial as the state navigates any future economic uncertainties and seeks to bolster its industries to continue attracting talent and serving its residents. As the year progresses, it will be important for stakeholders to monitor trends in job growth and employment rates across varying sectors to understand the changing labor landscape better.