Wednesday, October 22, 2014

September's Monthly Business Economic Indicators Reflect Positive Trends

The Frederick County Business Development and Retention Department has just published the September edition of the Frederick County Monthly Business Economic Indicators. 

  • Frederick County's Unemployment rate continues to stay below the State and National averages. 
    • For August 2014, the unemployment rate was 5.6% in Frederick County compared to 6.6% in Maryland and 6.1% nationwide.
  • The Maryland Department of Labor, Licensing and Regulation recently published 1st quarter 2014 employment and wage information and employment has grown 5% over the past five years.
    • Industries that saw the most employment growth over the past 5 years were: Leisure and Hospitality (25%); Construction (23.4%) and Natural Resources and Mining (9.3%).
    • Industries that added the highest number of new establishments were: Natural Resources and Mining (14.8%); Financial Activities (13.2%) and Leisure and Hospitality (11.3%).
  • The average weekly wage per worker has grown 13% over the last 5 years to $964 per week.
  • The residential housing market has seen a 23% increase in the number of housing units sold in September 2014 compared to this time last year. 
    • There are also 29% more homes on the market.
  • Commercial and Industrial permits remain steady compared to this time last year (718 year to date compared to 719 year to date in 2013). 
    • September saw a large capital investment in commercial and industrial costs with almost $13 million, higher than the 5 year average of $11 million.

To download a PDF of this publication, please click here.