Frederick County Outpaces State in Job Growth and Business Growth Rates

Frederick County has had a higher job growth rate and business growth rate compared to the state of Maryland over the past five years, according to recently released data from the Maryland Department of Labor, Licensing and Regulation. The County has also seen impressive growth rates in the number of new jobs and new businesses over the past year, nearly doubling the state’s annual increases for both.

 

JOB GROWTH

Frederick County added 1,506 jobs from 4Q-2016 to 4Q-2017, representing an increase of 1.5%. During the same time frame, the state of Maryland had a job growth rate of 0.8%, adding 2,580,100 jobs.

Frederick County ended 2017 with 102,604 jobs, representing 7,178 additional jobs since 2013 and an overall increase of 7.5% over the past five years. Maryland’s five year job growth rate was 5.5% during the same time frame.

Fig.1 Job Growth Comparisons

Year                    # of Frederick County Jobs Annual % Increase in Frederick County Jobs # of Maryland Jobs                   Annual % Increase in Maryland Jobs
4Q-2017 102,604 1.5% 2,682,704 0.8%
4Q-2016 101,098 0.7% 2,661,935 1.1%
4Q-2015 100,399 2.8% 2,632,168 1.7%
4Q-2014 97,691 2.4% 2,588,039 1.3%
4Q-2013 95,426 1.2% 2,554,977 0.6%

Source: Maryland Dept of Labor, Licensing and Regulation

 

BUSINESS GROWTH

Frederick County also had a net of 56 new businesses from 2016 to 2017 for an annual increase of 0.9%. The state of Maryland had a 0.5% increase during the same time frame, or 926 businesses.

As of 4th quarter 2017, there were 6,487 businesses in Frederick County, representing 216 net new businesses since 2013 and an overall increase of 3.4% over the past five years. The state of Maryland’s business growth rate was 2.8% during the same time frame.

Fig 2. Business Growth Comparisons

Year                  Number of Businesses Annual % Increase in Business # of Maryland Businesses Annual % Increase in Maryland Businesses
4Q-2017 6,487 0.9% 172,461 0.5%
4Q-2016 6,431 0.6% 171,535 1.2%
4Q-2015 6,393 0.6% 169,459 1.3%
4Q-2014 6,355 1.3% 167,328 0.2%
4Q-2013 6,271 -0.01% 167,057 -0.4%

Source: Maryland Dept of Labor, Licensing and Regulation