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

  • Sep 27 2024
  • Length: 4 mins
  • Podcast

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

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  • Summary

  • 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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