Market Report

Baltimore Market Report

4Q 2020

Government, Health and Education Sectors Add Momentum to Employment Recovery; Headwinds Remain on the Horizon, Especially for the Urban Core and Retail Properties

Baltimore employers bring back staff at the average U.S. pace. Precautions taken to slow the spread of the coronavirus contracted the market’s employment base by an initial 15 percent, on par with the national change. Of the 216,500 jobs lost in Baltimore between March and April, about 105,000 have been restored through September. This growth has lowered the unemployment rate from an April high of 10.4 percent to 6.1 percent in September, 180 basis points below the U.S. level. The leisure and hospitality sector remains the most impacted segment of the labor market, down 23 percent since February despite recently rehired workers. Other organizations such as healthcare facilities, private educational institutions, and federal agencies, which comprise some of the largest employers in the area, were less impacted. This dynamic has helped the local economy begin to recover, roughly matching the national pace. 
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