Why we can beat this recession
Here are three more reports that give me hope and evidence that we are closer to a recovery than other parts of the U.S.
While these all point to good news, we continue to hear stories everyday of companies going out of business and people being laid off. We continue to look for the best economic data we can so that companies with some strength can position themselves for recovery.
For companies that are struggling, this may provide some data that helps them size up their staying power and evaluate their options better.
Despite the good news, we are committed to finding new solutions and resources to help CPAs help the Maryland business community.
First, the good news:
U.S. Council of Mayors report indicates Washington-Baltimore in lead of cities
Despite bleak news for U.S. cities in a report prepared for the U.S. Council of Mayors, Washington and Baltimore make another good showing in beating this recession.
A recent Reuters headline reads, Almost all U.S. cities to lose jobs in 2009: forecast. The story reads, "All but five U.S. cities will experience job losses this year, with New York suffering the largest decline, according to a forecast released by the U.S. Conference of Mayors on Saturday."
Guess who is one of the five?
The Washington - Baltimore metro area is in the top five metros to actually have increases in jobs (from the last recession of 2001 through the current one).
And we rank among the top five in terms of real GMP (Gross Metropolitan Production) in the nation.
You can download the full global Insight report here.
Baltimore Examiner.com reports that Baltimore/DC is one of the fortunate areas of the country
I just read this piece from one of our members who writes for the Examiner.com, Tom Taylor, CPA. From his article titled, Foreclosure rate in Baltimore region jumps 47 percent but that's not the whole story:
"The greater Baltimore/DC region is one of the fortunate areas of the country that typically does better than the national averages. Because of the wealth of government, education and health care jobs in the area our economy typically fairs much better in economic downturns. That's not to say we don't take our lumps, we do, but we don't sink as deep and we recover faster."
BBJ reports Baltimore is a top growth market -- especially in professional services
Then there is the latest piece in the Baltimore Business Journal by Ryan Sharrow: Forbes: Baltimore a top job growth market. Sharrow writes,"The business publication said although the local unemployment rate has climbed from 3.6 percent to 5.1 percent in the last year, jobs in education, professional services and business services have grown."
Now what? Want to do more to beat this recession?
Join us in having the serious conversations we need to have to help the Maryland Community recover and prosper again. We are participating in series of events that we hope will make a difference - for all of us.
We started by joining the Maryland Chamber of Commerce at its Business Policy Conference in November. Then we joined the Maryland Bankers Association at its Economic Outlook Forum on the first Friday of 2009. Next is the program titled “Surviving the Economic Slowdown: Expert help for small businesses in Baltimore County” on Feb. 27 from 8 a.m. to noon at the Cromwell Bridge Holiday Inn. This program is being held by the Baltimore County Department of Economic Development and the Maryland Department of Business and Economic Development.
Then, on June 16-17, we will host the Maryland Business and Accounting Expo, where we will bring together the business community, state and local governments, the Small Business Administration, and more than 100 vendors and service providers to form a megacommunity engaged in finding new ways to solve the tough problems we face. After all, we are all in this together.
Tell us what you think? Let us know if you want to particpate in our efforts to have a mega conversation at the MD Biz Expo.
More recession resources to help you survive and thrive in the recession: