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Baltimore payrolls hit new peak at end of 2017 on modest growth

  • ​Payrolls for the Baltimore metro area hit a new peak of 1,428,700 jobs at the end of 2017, up 1.2% compared to the previous year. Baltimore’s rate of growth, however, fell slightly below the national average of 1.5%. The unemployment rate in Baltimore edged upwards slightly to 4.1%, which is on par with the national average.
  • Professional & Business Services (PBS) along with Education and Healthcare Services continued to drive the bulk of employment gains in the second half of 2017. The two sectors combined added 16,000 jobs over the course of the year. Improving trends for PBS employment mirrored increased office leasing activity at the end of the year.
  • Financial Activities continued to shed jobs, posting significant losses for 13 straight months. Employment in the sector has fallen by 3,800 jobs since its post-recession peak in 2016.
  • Baltimore’s labor market showed gradual signs of improvement over the course of the year after faltering at the end of 2016. As growth rates return closer to the national average, that may translate into sustained leasing activity in 2018.

Source: JLL Research, Bureau of Labor and Statistics​

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