Md. jobless rate up slightlyThe number of working...

BUSINESS DIGEST

March 04, 1995

Md. jobless rate up slightly

The number of working Marylanders fell by more than 30,000 in January, pushing the state's unemployment rate up one-tenth of a percentage point, to a seasonally adjusted 4.9 percent.

While the job climate worsened slightly, state officials said other parts of the economy, such as retail sales, showed improvements.

Not seasonally adjusted, the state's unemployment rate rose to 5.0 percent in January, up from 4.6 percent in December. In the Baltimore metropolitan area, the jobless rate rose a half-point to 5.6 percent.

Constellation buys Va. site

Constellation Real Estate Group Inc. yesterday concluded a $5.5 million purchase of a site in Prince William County, Va., where the Baltimore Gas and Electric Co. real estate unit plans to develop a $50 million retail, hotel and restaurant park. Constellation's proposed Parkway Crossing project, on 50 across from Potomac Mills Mall outlet center, will be developed and owned with the Fried Cos. Inc., a Virginia developer. Construction is scheduled to begin this summer.

State bonds get AAA rating

Fitch Investors Service, citing Maryland's diversified economy and slow but steady recovery from the recession, yesterday gave a AAA rating to $175 million of the state's general obligation bonds, to be offered March 8. The top-rated bonds mature between 1998 and 2010, and can be called beginning March 15, 2005. Fitch based the AAA rating on the state's expected budget surplus, its moderate employment growth and its per-capita income, ranked fifth in the nation.

American National profits up 3.3%

American National Savings Bank F.S.B. yesterday reported a 3.3 percent increase in profits during its fiscal second quarter, which ended Jan. 31. The Baltimore company, which has $418 million in assets, had net income of $343,000, or 17 cents a share in the quarter, compared with $332,000, or 16 cents a share a year earlier. For the six-month period, American National lost $137,000, largely because of a $1.2 million addition to reserves for loan losses, contrasted with a $787,000 gain a year earlier.

Disney puts Va. land up for sale

Walt Disney Co. has put about 600 acres near Haymarket, Va., up for sale after its plans to build a historical theme park there ran into massive opposition last year, the Washington Post reported yesterday.

The newspaper, quoting sources familiar with Disney, said the company was dismantling its operations in the area, although Disney says it could still build a theme park in the region.

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