02 September 2010

Summer of Recovery: Baltimore Construction Sheds Jobs

Ahhh, the grand summer of recovery!  How is it treating your local economy dear reader?  Is it recovering fast enough for you?  Or do you find yourself like me and are in a lethargic area that has been affected by non-prudent tax and spend liberal, state general assemblies? 

Hopefully you have inferred from the lead in that Baltimore and it's general metro area are not doing so good in the construction jobs department.  According to the B-more Biz Journal's article, the area has shed about 12% of it's labor for a total of 8,600 jobs lost.  That is good enough for a rank of 290 out of 337 metro areas based on percentage of change.  What jobs are being added seem to be stimulus driven, which means once they are gone, we will see another downward trend.  
There is no doubt that we have seen an increase in stimulus activity this summer," said Ken Simonson, the [Associated General Contractors of America] association's chief economist, in a statement.  "Unfortunately, that increase in stimulus activity is largely being overshadowed by continuing declines in overall demand for construction that are likely to persist well into next year." 
Despite the DC bedroom counties of Calvert, Charles, and Prince George's counties adding 8% for 2,800 constructions jobs in the year period ending July 2010, the health of the state economy is certainly not as good as one would like.  The weighty burdens of Owe'Malley's taxes and regulation have show a depressing trend in private sector construction that helps to provide income to Maryland families, and thus revenue to the state.  Obviously, Maryland has followed the way of the nation but with the horrendous rank in the 86th percentile, the current Governor has to shoulder some of the blame.  Coupled with a one billion dollar deficit heading into next fiscal year and even higher debt service in a deteriorating economy, hopefully the smart voters of the state will take this information to the polls and vote accordingly on November 2nd.

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