Baltimore Job Market Report

By: Quiet. Please
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  • Summary

  • Discover the latest trends and insights into the Baltimore job market with the "Baltimore Job Market Report" podcast. Whether you're a job seeker, employer, or just curious about economic dynamics, our weekly episodes provide in-depth analysis of employment opportunities, industry growth, and workforce challenges in Baltimore. Stay updated with expert interviews, local business news, and tailored advice to navigate the ever-changing job landscape in Charm City. Tune in to give your job search a boost, understand hiring trends, or gain a competitive edge in Baltimore's vibrant economy. Subscribe now and transform the way you view the job market!

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Episodes
  • Baltimore's Booming Job Market: Sectors, Salaries, and Growth Opportunities

    Baltimore's Booming Job Market: Sectors, Salaries, and Growth Opportunities
    Sep 27 2024
    The job market in Baltimore is characterized by a diverse and growing economy, with several key industries driving employment opportunities. As of September 2022, the Baltimore-Columbia-Towson, MD area saw a significant increase in total nonfarm employment, with 53,900 new jobs added over the year, representing a 3.9% job gain, slightly higher than the national average of 3.7%.

    The employment landscape is dominated by sectors such as trade, transportation, and utilities, which added 14,400 jobs, including a 4,600 job increase in retail trade. Leisure and hospitality also saw substantial growth, with 11,200 new jobs, particularly in accommodation and food services. Manufacturing employment rose by 4,500 jobs, with a 7.6% increase in the sector, outpacing the national gain of 3.7%.

    Statistics from the Mayor's Office of Employment Development indicate that as of recent data, Baltimore City has a total labor force of 281,674, with 268,829 employed and 12,845 unemployed, resulting in an unemployment rate of 4.6%.

    Trends in the job market show a strong presence of healthcare, education, and financial services. The Johns Hopkins University System and the University of Maryland Medical System are among the top employers, along with the Social Security Administration, which is the largest employer in the city.

    Growing sectors include transportation, distribution, and logistics, construction, manufacturing, education, and healthcare. The city's strategic location on the East Coast and its highly skilled workforce have made it a hub for innovation and growth. The healthcare tech and fintech sectors are also booming, with companies like Cerebro Capital and Delfi Diagnostics.

    Recent developments highlight Baltimore's economic growth, with the city's economy exceeding $50 billion in economic output in 2023 and a 5.9% increase in GDP between 2021 and 2022. Despite challenges, the city remains resilient and is noted as one of the fastest-growing large economies in the U.S..

    Commuting trends show that approximately 61.9% of Baltimore City residents work within the city, while less than a third of the Baltimore Region's residents work in Baltimore City.

    Government initiatives, such as the Baltimore City Workforce Dashboard, aim to provide insights into the city's labor market conditions and support workforce development. However, there is a data gap regarding the most current detailed sectoral employment figures beyond 2022.

    In conclusion, Baltimore's job market is robust and diverse, driven by key industries and major employers. The city's economic performance is strong, with significant growth in various sectors.

    Current job openings include:
    - **Human Resources Managers** at the Johns Hopkins University System, with a median salary of $74,150.
    - **Logisticians** in the transportation and logistics sector, with a median salary of $97,170.
    - **Training and Development Managers** in various industries, with a median salary of $118,940.
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    4 mins
  • "Baltimore's Booming Job Market: Resilience, Diversity, and Emerging Sectors"

    "Baltimore's Booming Job Market: Resilience, Diversity, and Emerging Sectors"
    Sep 24 2024
    The job market in Baltimore has shown significant growth and resilience, particularly in recent months. As of July 2024, the Baltimore-Columbia-Towson, MD metropolitan area has experienced a notable increase in total nonfarm employment, with a gain of 53,900 jobs over the year, reflecting a 3.9 percent job growth rate, which surpasses the national average of 3.7 percent.

    The employment landscape is diverse, with major industries including trade, transportation, and utilities, which saw a 5.9 percent increase and added 14,400 jobs, and leisure and hospitality, which gained 11,200 jobs with a 9.5 percent increase. Manufacturing also saw a significant rise, with a 7.6 percent increase and the addition of 4,500 jobs.

    Current statistics indicate that the unemployment rate in Baltimore stood at 4.60 percent in July 2024, slightly higher than the previous month but lower than the long-term average. Maryland as a whole has a lower unemployment rate of 2.8 percent, one of the lowest in the nation, and its job growth rate has outpaced the national average.

    Key sectors contributing to job growth include administrative and support services, professional, scientific, and technical services, transportation, warehousing, and utilities, and government. However, sectors such as information, construction, arts, entertainment, and recreation, and health care and social assistance have experienced job losses.

    Recent developments highlight broad-based job growth, especially in industries like cybersecurity, life sciences research, and transportation. Maryland's labor force participation rate has also increased to 65.5 percent, the highest since September 2020 and above the national rate.

    Seasonal patterns show variations in employment rates, particularly in sectors like leisure and hospitality, which tend to fluctuate with seasonal demands. Commuting trends, while not extensively detailed in recent reports, can be estimated using tools like the commuting cost calculator provided by the Baltimore Metropolitan Council, which helps in assessing the financial impact of commuting.

    Government initiatives focus on workforce development, with reports like the Family-Supporting Jobs Report aiming to guide public officials and policymakers in supporting workers and meeting the changing demands of employers. The report emphasizes the shift towards sectors like information technology, bioscience, and healthcare, and highlights the importance of education in increasing earnings.

    In terms of market evolution, the job market is expected to continue shifting away from traditional sectors like manufacturing and utilities towards more modern and tech-oriented industries. Construction remains a sector with significant opportunities for family-supporting wages.

    Key findings include the strong job growth in Baltimore, the diverse and growing employment landscape, and the importance of education and workforce development in sustaining economic growth.

    Current job openings in the area include positions such as Cybersecurity Analysts, Life Sciences Researchers, and Transportation Managers, reflecting the growth in these sectors.

    Data gaps include detailed commuting trends and specific employer data, which are not extensively covered in the recent reports. However, overall, the job market in Baltimore is robust and shows promising signs of continued growth and development.
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    4 mins

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