State may lead nation out of the doldrums, economic report says.

MD. ECONOMY AHEAD OF U.S.

January 02, 1992|By Ross Hetrick | Ross Hetrick,Evening Sun Staff

Because of its diverse economy, Maryland fared better than other states during the recession and may lead the nation out of the doldrums, officials of the Maryland Department of Economic and Employment Development said today.

"The challenge for Maryland in the months ahead is to accelerate the creation of jobs through new business formation and at the same time do what we can to help existing businesses stay competitive," said Mark L. Wasserman, secretary of economic and employment development.

According to the department's annual economic report, Maryland's economy should slowly and gradually gain momentum in 1992.

State unemployment in October was 5.5 percent, compared with 5.1 percent in October 1990. However, the department said, the unemployment rate has dropped since January, when it was 6.1 percent.

Three main areas of possible job growth are in international trade, information technologies and health care services, Wasserman said.

Health service jobs increased by 73 percent from 1980 through 1991, hitting 164,700. In comparison, total state employment grew by 23 percent in the same period.

The number of non-manufacturing jobs in Maryland increased 1.7 percent from January to October, reaching nearly 2 million jobs.

In October, there were slightly fewer than 200,000 manufacturing jobs in the state, down 3.6 percent, from a year ago.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.