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"Although the Baltimore economy has been severely impacted by the recessionary conditions that have swept over the U.S., it has not been hit as hard as many of the country’s larger metro areas.
This view is based on the fact that employment in “Charm City” (Baltimore’s nickname) has declined by a relatively moderate 2.7% over the past 12 months, compared to a 4.1% decline for the country as a whole.
Baltimore has benefitted from the rapid growth of government spending in nearby Washington D.C., and its seven largest employers are in largely recession proof sectors such as national defense and education and health services.
These more stable economic drivers appear to have helped cushion Baltimore’s housing market where year-to-date building permits have fallen by 21% compared to a drop of 47% for the country as a whole.
Looking forward, according to the most recent (Q2/09) Manpower Employment Outlook Survey, Baltimore employers expect to hire at a relatively slow pace during the third quarter.
However, an increase in the number of job vacancies reported by the most recent Conference Board Help Wanted Online Data Series, suggests that the hiring climate in Baltimore will strengthen later in the year and into 2010.
Furthermore, according to Property Portfolio Research, Baltimore’s major employer, Fort George G. Meade, will undergo a significant expansion over the next 20 years.
One of the greater contributors to this growth will be the National Security Agency, which plans to boost its workforce at the Anne Arundel County military base by 11,000.
The first phase of this expansion would involve the addition of 6,500 government workers and 1.8 million square feet of office space.
In addition to direct hiring, this proposed expansion of the NSA onto 236 acres of land adjacent to Fort Meade would add a significant number jobs in support services."
Source: Baltimore economy will get a big lift from National Security Agency | Construction Industry News | Reed Construction Data
This view is based on the fact that employment in “Charm City” (Baltimore’s nickname) has declined by a relatively moderate 2.7% over the past 12 months, compared to a 4.1% decline for the country as a whole.
Baltimore has benefitted from the rapid growth of government spending in nearby Washington D.C., and its seven largest employers are in largely recession proof sectors such as national defense and education and health services.
These more stable economic drivers appear to have helped cushion Baltimore’s housing market where year-to-date building permits have fallen by 21% compared to a drop of 47% for the country as a whole.
Looking forward, according to the most recent (Q2/09) Manpower Employment Outlook Survey, Baltimore employers expect to hire at a relatively slow pace during the third quarter.
However, an increase in the number of job vacancies reported by the most recent Conference Board Help Wanted Online Data Series, suggests that the hiring climate in Baltimore will strengthen later in the year and into 2010.
Furthermore, according to Property Portfolio Research, Baltimore’s major employer, Fort George G. Meade, will undergo a significant expansion over the next 20 years.
One of the greater contributors to this growth will be the National Security Agency, which plans to boost its workforce at the Anne Arundel County military base by 11,000.
The first phase of this expansion would involve the addition of 6,500 government workers and 1.8 million square feet of office space.
In addition to direct hiring, this proposed expansion of the NSA onto 236 acres of land adjacent to Fort Meade would add a significant number jobs in support services."
Source: Baltimore economy will get a big lift from National Security Agency | Construction Industry News | Reed Construction Data
