Employment Snapshot - Baltimore-Columbia-Towson, MD March-2023

Weller Emmons

VP of Analytics and Finance at Mployer Advisor. He is passionate about leveraging data to provide industry leading insights for Mployer Advisor’s clients. Prior to joining Mployer Advisor, Emmons served as a healthcare provider strategy consultant for Knowledge Capital Group and as an internal strategy consultant at HCA Healthcare. Emmons earned his MBA and BE in Biomedical Engineering, both from Vanderbilt University.

Market Employment Summary

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Additional Benchmarking Resources

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Overall unemployment rate moved down to 2.3% with the biggest shift in Transportation & Utilities, which gained 4,100 roles, based on the most recently available information published in May 2023.

Total employment in the Baltimore-Columbia-Towson, MD market rose by 35,444 jobs in March and the unemployment rate decreased compared to the prior month by 80 bps to 2.3%. The national unemployment rate decreased by 27 bps over the same time to 3.6%.

Baltimore-Columbia-Towson, MD unemployment rate is 132 bps below the national rate which is a positive sign.
Unemployment in the market is 100 bps below the unemployment rate in the market last year at this time, which is a positive.
Average wages (per hour) grew in March versus prior month by 1% and are down compared to last year at this time in the market.

Month over Month Unemployment Change

Year over Year Unemployment Change

Baltimore-Columbia-Towson, MD Unemployment March 2023

For key employment segments of the market, total jobs grew by 1.2% . Key sectors include:

Education & Healthcare: 269,700; +1,800
Transportation & Utilities: 252,600; +4,100
Business Services: 245,900; +3,700
Government: 223,400; +2,100
Restaurants & Hotels: 118,900; +3,600
Construction, Mining: 83,300; +1,200
Financial Services: 77,300; +500
Manufacturing: 57,800; -400
Other Jobs: 49,300; no change
IT & Development: 16,200; +100

Employment Change by Key Sector

Baltimore-Columbia-Towson, MD Unemployment by Industry March 2023

Data is based on the most recent 12 months available, through March 2023 (Data published May 2023 and reports created on May 9,2023). Source: Government data agency and locally acquired statistics.

Note: All reported data is not seasonally adjusted.

Baltimore-Columbia-Towson, MD