Anne Arundel County at a Glance (August 2024)

Employment and Unemployment:

In June 2024, Anne Arundel County's unemployment rate stood at 2.8%, up from 1.8% in June 2023. This increase reflects the broader trend seen across Maryland and the United States, with Maryland's unemployment rate also at 2.8% (up from 1.9% the previous year), and the national rate at 4.1%, rising from 3.6% in June 2023. In Anne Arundel County, there were 9,008 unemployed people in June 2024, marking a net increase of 2,654 from the previous month.

The U.S. unemployment rate for July 2024 rose slightly to 4.3%. It's important to note that Maryland and U.S. unemployment statistics are seasonally adjusted, and previous year's data may include revisions.

Employment & Wages:

Looking at job growth, Anne Arundel County saw positive trends across several sectors between the 4th quarter of 2021 and 2023. The total quarterly average employment grew by 10,964 jobs, from 268,718 in 2021 to 279,682 in 2023.

Key industries contributing to this growth include:

• Government: Increased by 3,822 jobs, with 50,496 employed in Q4 2023.
• Manufacturing: Added 1,832 jobs, reaching 18,208 employed.
• Professional & Business Services: Grew by 2,198 jobs, with a total of 46,012 employed.
• Education & Health Services: Added 3,080 jobs, with 36,385 employed.
• Leisure & Hospitality: Increased by 2,678 jobs, with 32,829 employed.

However, some sectors saw declines:

• Construction: Lost 556 jobs, decreasing to 19,388 employed.
• Trade, Transportation, and Utilities: Dropped by 1,583 jobs, totaling 54,948 employed.
• Information: Fell by 276 jobs, with 1,768 employed.
• Financial Activities: Decreased by 335 jobs, leaving 10,025 employed

Home Sales:

The housing market in Anne Arundel County remained robust in July 2024. The average sold price slightly decreased by 0.9% year-over-year, from $585,467 in July 2023 to $580,222 in July 2024. However, the median sold price saw a 2.1% increase, rising to $485,000.

Despite the slight decline in average prices, the number of units sold showed significant growth, with a total of 719 homes sold in July 2024, up 11.7% from 644 units sold in July 2023.

Commercial Property:

The commercial real estate market in Anne Arundel County experienced mixed results over the past year. The total size of existing properties in July 2024 includes:

• Office: 1,164 properties totaling 24,410,802 square feet, with a vacancy rate increase from 6.6% in July 2023 to 7.4% in July 2024.
• Flex: 367 properties totaling 13,137,079 square feet, with the vacancy rate rising from 5.5% to 8.7%.
• Industrial: 510 properties totaling 26,402,075 square feet, with a vacancy rate increase from 4.0% to 5.5%.
• Retail: 2,240 properties totaling 30,959,504 square feet, with a decrease in the vacancy rate from 4.5% to 3.6%.

Conclusion:

Anne Arundel County's economic landscape shows resilience with steady employment growth and a dynamic real estate market, despite facing challenges in some sectors. As we progress through 2024, keeping a close eye on these trends will be essential for understanding the broader economic picture in the region.

Source: Anne Arundel County Economic Development Corporation, based on data from the Bureau of Labor Statistics and local real estate market analysis.