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Baltimore : Office Snapshot - Q4 2013

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The debt-ceiling crisis and the imposed October government shutdown was expected to impede growth, however in the fourth quarter the national unemployment rate edged down 0.2 percentage points (pp) to 7.0% in November. Instead of an anemic economy, Maryland created 6,500 jobs from September through November continuing its trend of year-over-year monthly gains. This growth drove the unemployment rate down 0.3 pp to 6.4% in November. The professional business services sector continued to bolster the job market with 3.6% year-over-year job growth which translated to 14,800 jobs from November 2012 to November 2013. The Baltimore-Towson area unemployment rate abated 0.3 pp from September to November 2013 to 6.3%, according to the Bureau of Labor Statistics (BLS) preliminary data.

Source : Cushman & Wakefield