HoCo By the Numbers…Fall 2012

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The unemployment rate in HoCo currently stands at 5.5%, downslightly from the same period last year and still significantly below thenational rate (8.1%). During the same period of time the total number of jobsin the county rose 4.3% to 159,503.
These numbers were reported in the September 2012 issue ofHoward County Maryland Economic Indicators, a joint publication of the Howard Countygovernment and the Howard County Chamber of Commerce. The report tracks datathrough June.
HoCo also experienced a slight drop in office space vacancyfrom 13.9% to 13.8% which occurred in spite of an additional half millionsquare feet being added to the market. HoCo now has over 11.5million square feet of office space.
Other loco economic highlights include a 7.5% increase in personal incometax receipts and a 93.7% increase in Planning and Zoning fees, though buildingpermits declined 16.9% from the same period last year.
It’s been a good year so far for HoCo agriculture too withsoybean and corn expected to produce record crops. “Beef milk and bread pricesare expected to increase in the long term due to increases in feed pricesresulting from the Midwestern drought.”
This release of this report comes at the same time we learnthat HoCo remains one of the top ten richest counties in the country. Seven ofthe nations richest counties are in the DC metro area, with HoCo in the number5 spot, down two places from last year.  Accordingto this story by Carol Morello in The Washington Post, “Maryland has the nation’s highest household income level,and Virginiais ninth.”
“The rankings in the 2011 American Community Survey releasedThursday expand Washington’sdominance among high-income households, reflecting a regional economy that waslargely cushioned as the recession yanked down income levels elsewhere.Household incomes rose in most counties around Washington last year, even as they continuedto sink around the country.”