Gov. Martin O'Malley Launches Economic Update Online Series

ANNAPOLIS, MD -- Governor Martin O'Malley delivered the first in a series of Maryland Economic Updates today to provide a status update on Maryland's economy. The Governor's Economic Update focused on such economic indicators as rising real estate sales, an unemployment rate consistently below the national average, and companies throughout Maryland announcing the hiring of additional staff.

The Economic Updates launches today as Governor O'Malley addresses tourism and hospitality professionals and the Maryland Travel and Tourism Summit. This evening, Governor O'Malley will outline the State's efforts to strengthen the small business community at the Maryland Chamber of Commerce Business Policy Conference.

"We learned this week that our national economy grew by three and a half percent in the third quarter, with economists now saying that things are moving in the right direction. This is encouraging news, yet all of us agree that we're not out of the woods yet," Governor O'Malley said in his online message. "While there is an emerging consensus that things are getting better we still have a ways to go. The good news is that the strengths, the potential, and the assets of innovation are right here, in Maryland."

The economic updates will include Maryland's latest economic news, including information on the State's unemployment rate, job growth and the local real estate market. The Governor will also highlight news on Maryland's businesses, including mergers, expansions, contracts and awards.

Governor O'Malley also noted this week's news that Black & Decker and Stanley Works will enter into a $4.5 billion merger. The Governor has directed Maryland economic officials to work with any and all impacted workers as the Department of Business and Economic Development remains engaged to ensure the Black & Decker power toll division remains in Towson.

"As we work to restore business confidence in Maryland, it is vital that we continue to tell Maryland's positive economic story and keep our finger on the pulse of the business community," said Department of Business and Economic Development (DBED) Secretary Christian S. Johansson. "Governor O'Malley's weekly webcasts will complement DBED's ongoing efforts to inform our stakeholders about the things we are doing to grow business in Maryland."

Maryland's September unemployment rate of 7.2 percent is more than 25 percent lower than the U.S. unemployment rate, ranking the State with the 15th lowest unemployment rate in the nation. Year over year, Maryland had the sixth best rate of job change among the states, ranking high in professional and business service jobs, and leading the nation in the creation of computer systems design and related services jobs, adding 4,000 over the year. In addition, Maryland gained 1,400 construction jobs from August 2009 to September 2009, the first gain in 18 consecutive months of declines.

DBED currently has three publications dedicated to informing Maryland's business community on a variety of business and economic issues - Business Pulse, which features updates on Maryland employers and the State's myriad resources; Economic Pulse, which shares timely analysis and reports on Maryland's monthly economic indicators; and Global Pulse, which features Maryland-related international investment and trade news. To subscribe to any of these publications, users can visit www.choosemaryland.org.