MD Economy Falling Further Behind Under Governor Hogan

Jul 24, 2018

Annapolis, MD—The evidence is mounting that Maryland workers have been missing out on the longest economic boom in American history for the past year.  Today, the Bureau of Economic Activity (BEA) released a report that found that the growth of the Maryland economy is lagging far behind the nation, Virginia and Washington, DC.  According to BEA, while the U.S. economy grew by 1.8% in the first quarter of 2018, Maryland’s economy grew by only 1.5%.  While Maryland lags behind, our neighbors are surging.  Pennsylvania and the District of Columbia’s economies both grew by 2.0% in the first quarter of this year, and Virginia’s economy grew by 2.4%.

This latest economic data comes on the heels of the Bureau of Labor Statistics’ jobs numbers for June that found that Maryland lost 5,500 jobs last month, including 1,500 private sector jobs.

Together, the data is an indictment of Hogan’s broken promises and inability to put more money in Marylanders’ pockets.  In the past year, Maryland’s job growth has been dead last in the region, with Virginia creating jobs 5 times faster, and the nation creating jobs 8 times as fast as our state.  Similarly, Maryland workers have taken home less than $1,000 in wage growth when adjusted for inflation during Hogan’s Administration.  Meantime workers nationwide have taken home more than $5,500 in increased wage growth, Virginia workers have taken home an additional $8,000, and workers in Delaware have taken home an additional $15,000 in wage growth in the same time frame.

“After promising to change Maryland, Larry Hogan’s failed policies continue to shortchange Maryland’s workers,” said Kathleen Matthews, Chair of the Maryland Democratic Party. “Despite Governor Hogan’s promises to put more money in workers’ pockets, working families in Maryland are missing out on the longest economic boom in American history.  Marylanders deserve bold, courageous leadership that will propel our economy forward.”

The BLS and BEA reports comes less than two weeks after CNBC’s 2018 ranking of states with the best business climate revealed that Maryland dropped 6 spots since last year, and months after a May report from the Philadelphia Federal Reserve earlier this year named Maryland as the only state in the country with a negative economic outlook.