Towson University’s Economic Outlook
Towson University hosted an Economic Outlook Forum in early November highlighting the state of the economy and what to expect in the coming years. Dr. Daraius Irani, Vice President of Strategic Partnerships and Applied Research at Towson University, presented the data and highlighted a few key points:
- Maryland has the 2nd Highest Household Income in the nation with a median income of $86,223.
- Government workers make up nearly 20% of the economy, which is 9% higher than the national rate.
- There are currently over 9,000 job openings in the state in Architecture and Engineering
- Improved infrastructure can help to provide a value of a 2% boost to an economy
The Forum lasted an hour full with data and predictive models. There was a Q&A at the end to bring the forum to a close. This provided the audience the opportunity to engage with Dr. Irani regarding the current state of the economy and the outlook for Maryland. The outlook for every industry sector was presented, including Construction and the Built Environment. This provided both a realistic and somewhat alarming picture. The labor shortage in our industry is real and could cause issues down the line with the workforce and ability to work on new projects. This needs to be addressed in Maryland, if we want to continue to have a robust workforce and economy.
To watch the forum in it’s entirety, click here