- 7,901 more businesses
- 183,562 more employees
- 29.4% increase in total wages
- $8,889 in additional annual wages per employee
- 18.4% increase in wages per employee
Since 2009, the number of businesses in Maryland has grown by 4.9% (4.6% less than the national average of 9.5%). Employment in Maryland has grown by 9.3% (5.2% less than the national average of 14.4%). Wages have grown by 18.4% since the end of the Great Recession. This wage growth is 4.2% less than the national average of 22.5%.
The average weekly wage in Maryland of $1,100 is 3.4% above the national average of $1,064. The gap between the national average has widened from 7.0% a decrease of 3.6% since the end of the recession.
The Professional services sector has the most businesses in the state of Maryland . Since the end of the recession, the number of businesses has grown from 25,364 to 29,368, a gain of 15.8%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||12,268||11,079||10.7%|
|Finance and insurance||8,356||8,645||-3.3%|
|Real estate and rental||6,742||6,473||4.2%|
|Transport and warehousing||3,937||3,903||0.9%|
|Arts and entertainment||2,465||2,344||5.2%|
|Agriculture and forestry||625||589||6.1%|
|Mining and oil extraction||98||89||10.1%|
Several sectors in Maryland had a contraction in the number of businesses since 2009 including; Retail trade (-3.1%), Construction (-9.2%) and Finance and insurance (-3.3%). The sectors with the best percentage growth are some of the smaller sectors like Educational services (+21.0%) and Company management (+47.6%).
The Healthcare sector employs the most workers in the state of Maryland . The number of jobs has increased 15.8% since the end of the recession from 318,943 to 369,325. The table below illustrates the change in employment in each sector:
|Accommodation and food services||234,072||195,038||20.0%|
|Finance and insurance||92,955||98,855||-6.0%|
|Transport and warehousing||78,101||61,723||26.5%|
|Real estate and rental||47,332||43,015||10.0%|
|Arts and entertainment||46,123||35,207||31.0%|
|Agriculture and forestry||5,284||4,928||7.2%|
|Mining and oil extraction||1,148||1,496||-23.3%|
There has been good employment growth in the sectors with the largest employee-base. The Accommodation and food services and Waste services grew the most of the top 5 sectors, increasing by 20% and 22.2% respectively. The Manufacturing sector lost nearly 10% of its workers amounting to 11,794 employees. The Finance and insurance and Information sectors also lost a considerable amount of employees, declining 6.0% and 18.7% respectively.
The sector with the highest wages is the Utilities sector at $2,412. Prior to the recession, the sector’s average weekly wage was $1,793. This is an increase of $619 per week or 34.5%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$2,011||$1,469||36.9%|
|Mining and oil extraction||$1,339||$1,013||32.2%|
|Real estate and rental||$1,225||$973||25.9%|
|Transport and warehousing||$980||$824||18.9%|
|Agriculture and forestry||$703||$578||21.6%|
|Arts and entertainment||$636||$518||22.8%|
|Accommodation and food services||$414||$335||23.6%|
Wage growth was fairly consistent across all sectors with Retail trade growing the least at 13.7% and Finance and insurance growing the most at 36.9%.
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 41.6%. The top industry that has contracted the most is Residential building construction which has contracted by 12.5% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Computer systems design and related services||9,230||6,520||41.6%|
|Management consulting services||5,765||4,901||17.6%|
|Offices of physicians||4,819||4,800||0.4%|
|Residential building construction||4,529||5,176||-12.5%|
|Wholesale trade agents and brokers||4,491||3,888||15.5%|
|Offices of lawyers||3,018||3,110||-3.0%|
|Accounting and bookkeeping services||2,842||2,684||5.9%|
|Offices of dentists||2,631||2,498||5.3%|
|Plumbing and hvac contractors||2,246||2,135||5.2%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 34.5%. The industry that has lost the most employees is Nursing care facilities, skilled nursing which has contracted by 3.2% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||99,043||94,123||5.2%|
|Computer systems design and related services||73,184||60,604||20.8%|
|Offices of physicians||51,951||45,767||13.5%|
|Supermarkets and other grocery stores||50,252||47,547||5.7%|
|Temporary help services||43,349||32,235||34.5%|
|Management consulting services||34,571||26,106||32.4%|
|Nursing care facilities, skilled nursing||29,997||30,982||-3.2%|
|Plumbing and hvac contractors||28,607||25,772||11.0%|
|Colleges and universities||27,335||23,304||17.3%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Trusts, estates, and agency accounts which has grown 356.1%. The average weekly wage in the Portfolio management industry has grown by 15.6% since the recession. This is the industry with the lowest wage growth among top industries in Maryland . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Other financial vehicles||$5,593||$2,608||114.5%|
|Investment banking and securities dealing||$3,751||$2,911||28.9%|
|Computer and software merchant wholesalers||$3,358||$2,483||35.2%|
|Electric power generation||$3,106||$2,326||33.5%|
|Trusts, estates, and agency accounts||$3,051||$669||356.1%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
The biggest percentage change in the number of businesses has been in businesses with 1,000 or more employees. The number of businesses with this number of employees has grown from 78 to 93, which is an increase of 19.2%.
The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 25,201 to 25,792, which is an increase of 2.3%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||102,127||97,755||4.5%|
|More Than 1,000 Employees||93||78||19.2%|
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 163,185 to 198,901, which is an increase of 21.9%.
The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 163,355 to 169,022, which is an increase of 3.5%.
Table: Change in the number of Employees by Size of Business, since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||152,428||141,384||7.8%|
|More Than 1,000 Employees||198,901||163,185||21.9%|
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $858 to $1,180, which is an increase of 37.5%.
The smallest percentage change in the average weekly wage has been in businesses with 250 to 499 employees. The average weekly wage in companies this size has grown from $1,144 to $1,317, which is an increase of 15.1%.
Table: Change Average Weekly Wage by Size Since the Recession:
|Company Size||Q1 2018||Q1 2010||% Change|
|Fewer than 5 Employees||$1,180||$858||37.5%|
|More Than 1,000 Employees||$1,606||$1,274||26.1%|
This page was created and is maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt is an executive, data scientist and software engineer who holds an MBA in Management Information Systems. In 2010, he partnered with scientists at Northwestern University to launch The Street Wire. This was one of the first mainstream uses of what would become “Narrative Science”, an artificial intelligence platform specializing in natural language generation. You can contact Kurt on LinkedIn here.