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New Maryland report highlights stagnant state economy

The Associated Press
January 3, 2024, 11:54 AM

ANNAPOLIS, Md. (AP) — Maryland’s economic growth effectively stalled in 2017 and has been stagnant ever since, despite the fact that the state tops the nation in several key economic categories, according to a report released Wednesday.

The report, the first of its kind released by the state comptroller’s office, notes that Maryland has the highest median household income of about $108,200 and the nation’s lowest unemployment rate at 1.8%.

Maryland also has above average productivity and one of the lowest poverty rates in the U.S., about 8.6%, according to the report. The state’s economy also benefits from diverse employers and institutions, and Maryland’s proximity to the nation’s capital means the federal government plays an outsized role the state’s economy.

But despite those advantages, the state’s economic growth stalled even before the COVID-19 pandemic and remains stagnant.

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