Governor's Economic Update: December 18, 2009
Hi I’m Governor Martin O’Malley with this week’s online economic update. As 2009 comes to a close, your state government remains focused on three fundamental priorities: jobs, jobs, and jobs.
Because of the tough choices we’ve made together as One Maryland during this past year, our State continues to be in a better position than other states to create new jobs, rebound from the national recession, and return to prosperity.
We continue to be one of only seven states to earn a Triple A Bond rating, certified by all three rating agencies. Our rate of unemployment remains significantly lower than the national rate. We have what Education Week magazine says are the #1 best public schools in America – and therefore one of the most highly skilled workforces.
And we have a number of key sectors which are showing great potential to help fuel our comeback. One of these sectors – travel and tourism – will be on all our minds and citizens from throughout our state travel to share the holidays with their families.
With the opening of National Harbor in Prince George’s County, and several new hotels in Central Maryland, our tourism sector is a bright spot in difficult times. And with small businesses comprising 95% of our tourism sector, the positive impact of tourism on our State is unmistakable.
Despite these difficult times, last year we were able to attract an increase of visitors to Maryland from out of State – 28 million in all -- and visitor spending is also up by more than three percent to $14.5 billion.
Meanwhile, our state continues to defy national trends with an increased demand for lodging, and over the last several years, the industry has gained jobs, providing employment for 146,000 Marylanders. All while tourism related companies put $4 billion in the paychecks of Maryland employees, with wages up in this sector by more than three percent.
As you celebrate this season with your family and friends, we hope you will encourage those outside of Maryland to come visit our State in the New Year. Thanks very much. Happy Holidays.
