While Maryland continues to be ranked as the richest state in the nation, according to estimates released by the U.S. census yesterday, the state's poverty rate showed a slight increase.
In the Baltimore region, the increase in the rate of poverty was great enough to be statistically significant only in Harford County, according to state demographers.
Data released yesterday painted a surprisingly rosy picture of the nation's economic picture in 2007. Median household income rose slightly, though the increase wasn't considered statistically significant, and the number of people without health insurance decreased by more than 1 million. Meanwhile, the nation's poverty rate remained steady at about 12.5 percent, though the childhood poverty rate increased.
Demographers and economists warned that the state and national picture that emerged in two separate surveys belies the circumstances to come. The data from 2007 do not take into account the current realities of soaring food and gas costs and a slowdown in the job market.
"From a demographic perspective, 2007 may really end up being the final good year of the decade," said Anirban Basu, chief executive of the Baltimore economic consulting firm Sage Policy Group Inc. "I think it will be said that 2007 will be the last year of American economic expansion."
Maryland is home to three of the 10 wealthiest counties in the nation. Howard County ranked third in the country with a median household income of $101,672. Calvert County ranked sixth, while Montgomery came in at 10th.
The Washington region boasted the most concentrated pocket of wealth in the nation, with six of the 10 wealthiest counties, including three in Virginia: Loudoun and Fairfax counties, ranked first and second, respectively; and Arlington, which placed seventh.
Even in Howard County, officials warily eyed the future.
"It's confirmation that Howard County's location, business climate and quality of life combines to make it a compelling location for business," said Dick Story, CEO of the county's Economic Development Authority. He cautioned, however, that "the entire nation is on the precipice of a significant economic downturn, and Howard County is not immune."
In Maryland, median household income from July 2006 to July 2007 was $68,080, compared with $66,992 for the previous year, when adjusted for inflation. That's a 1.6 percent increase. The state's poverty rate, meanwhile, went from 7.8 percent to 8.3 percent. In Baltimore, the rate rose from 19.5 percent to 20 percent. In Baltimore County, the rate decreased from 8.4 to 7.8 percent.
