How Fast Maryland’s Economy Is Growing

2023-02-10

The U.S. economic system expanded at a quicker fee than anticipated within the third quarter of 2022, with actual gross home product rising at an annualized fee of three.2%, rebounding from a 0.6% contraction within the earlier quarter. The sturdy third quarter development got here as welcome information in a interval of rising pessimism as a December 2022 Bloomberg ballot of economists put the chances of a recession in 2023 at 70%, up from 50% in September.

The industries including essentially the most worth to the U.S. economic system within the third quarter of 2022 have been data, which contributed 0.88 proportion factors to actual GDP development; skilled, scientific, and technical providers, which contributed 0.59 factors to development; and mining – together with oil and gasoline extraction – which contributed 0.5 factors.

Not all states reported third quarter GDP development, nevertheless, and amongst those who did, development charges various significantly.

Maryland’s economic system grew from $367.6 billion within the second quarter of 2022 to $369.2 billion within the third quarter. The 1.8% annualized enlargement fee was the twelfth smallest of the 47 states to report financial development.

Over the identical time interval, unemployment in Maryland remained unchanged from the second quarter to the third, at 4.0%.