Chapter 3 Corridor Growth Review
3.1 Introduction Trips on Maryland’s tolled facilities are made for many purposes, including commuting, business, commerce, and recreation. Preparing facility traffic forecasts requires evaluating socioeconomic data (SED) that drive trip purposes, such as population, employment, and income. Therefore, historical and projected socioeconomic data are important in developing traffic forecasts. Socioeconomic data are provided by public and private sources for different geographies and time periods. This introduction overviews the socioeconomic data reviewed.
Variables – Include population, employment, unemployment rates, real per capita income, real gross domestic product (GDP), real gross regional product (GRP), inflation, and fuel prices.
Geographies – Geographies profiled include national and three census divisions (U.S., Mid Atlantic, South Atlantic), as well as Maryland and six sub-state regions, as mapped in Figure 3-1 .
Sources – Government and private sector data sources include:
▪ United States Bureau of Economic Analysis (BEA) ▪ United States Bureau of Labor Statistics (BLS) ▪ Congressional Budget Office (CBO) ▪ United States Census Bureau (Census) ▪ Energy Information Administration (EIA) ▪ Federal Open Market Committee (FOMC) ▪ Office of Management and Budget (OMB) 1 ▪ The State of Maryland Department of Planning State Data Center (MD SDC) ▪ Woods & Poole Economics, Inc., 2025 Complete Economic and Demographic Data Source (WP25) 2 Analysis Horizon – Historical socioeconomic data are presented annually, including annual growth rates, and compound annual growth rates (CAGR) in the preceding decade. Forecasts are provided for the next decade in five-year increments (2024-2029 and 2029-2034), as available.
1 OMB typically releases an “Analytical Perspectives” appendix in the annual budget request, which includes “Economic Assumptions”; however, such details are yet unavailable for this year, as the appendixes diverge from historical convention and the normally available “Analytical Perspectives” is not included. 2 Woods & Poole Economics, Inc. Washington, D.C. Copyright 2025. Woods & Poole does not guarantee the accuracy of this data. The use of this data and the conclusion drawn from it are solely the responsibility of CDM Smith.
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