Chapter 3 • Corridor Growth Review
Table 3-5 Forecast Employment Growth
Historical
WP25
MD SDC
Geography
'14-'24 '24-'29 '29-'34 '24-'34 '24-'29 '29-'34 '24-'34
United States Mid Atlantic South Atlantic
1.6% 1.1% 1.1% 1.1% - 1.1% 1.0% 0.9% 1.0% - 2.2% 1.3% 1.3% 1.3% -
- - -
- - -
Maryland
1.2% 1.1% 0.9% 1.0% 0.9% 0.6% 0.7% 1.2% 1.2% 1.0% 1.1% 0.9% 0.5% 0.7% 1.3% 0.7% 0.6% 0.7% 0.7% 0.6% 0.7% 1.6% 1.2% 1.2% 1.2% 1.1% 0.8% 0.9% 1.1% 1.0% 1.0% 1.0% 1.3% 0.8% 1.0% 1.2% 1.0% 0.9% 0.9% 0.9% 0.5% 0.7% 0.0% 0.5% 0.6% 0.5% 0.7% 0.5% 0.6%
Baltimore
Lower Eastern Shore Southern Maryland Upper Eastern Shore Washington Suburban Western Maryland
3.3.3 Unemployment Historical
Figure 3-4 shows annual unemployment rates from 2000 to 2024 from the BLS. Maryland’s rate was almost universally lower than the Mid-0Atlantic, South Atlantic, and Nation albeit paralleling closely. In 2020, the onset of the COVID-19 pandemic led to a sharp and unprecedented increase in unemployment rates in April, followed by a gradual decline in the subsequent months. Unemployment rates steadily declined by early 2022 to a relative historical low around 3.6% and remained relatively close since, although small increases occurred in the preceding year. On an annualized basis, national unemployment was 4.0% in 2024, with Maryland at a low 3.0%.
Figure 3-4 Historical Unemployment Rates (Macro Geographies)
3-10
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