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Report: State’s economy staggered by outside events

A third-quarter survey by the University of Baltimore’s Jacob France Institute has found t Maryland’s economy has been “staggered” by the gridlock in federal spending and the European debt crisis. The Maryland Business Climate Survey found that stands in marked contrast to its findings in the second quarter, when business owners in Maryland said they were optimistic about the state’s economy. One bright spot is that overall sales growth continues to hold steady, according to the report, produced every quarter by the institute at UB’s Merrick School of Business. “It appears that the general improvement in expectations for an economic recovery that we were seeing during the first half of the year have evaporated,” said Richard Clinch, director of economic research at the Jacob France Institute, in a statement. “Across the board, all over the state, we’re finding that Maryland firms have ratcheted back their expectations for market expansion, with just over half expecting their market to expand in the coming year—that’s down from 63 percent in the first and second quarters," Clinch said. "About 20 percent of the businesses in our survey are expecting declines, and that’s more than double the level of the previous two quarters.”

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