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Discussion Paper
Urban Marylanders Are Migrating to More Affordable and Smaller Metro Areas
Scavette, Adam; Waters, Keith (2024-03-07)
With its unemployment rate reaching 1.9 percent in December 2023, Maryland has the tightest labor market in the country, which poses an ongoing hiring challenge for the state's employers. A key contributor to the tightness is the state's slow post-pandemic labor force recovery, especially in the state's inner-ring suburbs of the District of Columbia. While some of the state's former workers and job seekers have dropped out of the labor force but have remained residents, others have left the state altogether, according to recent statistics that placed Maryland in the top 5 states by net ...
Regional Matters

Discussion Paper
Fifth District Employment: Findings From the June Business Surveys
Sumner, Nathan; Kosakow, Jason (2025-06-24)
In our June business surveys1, we asked Fifth District firms how their ability to hire workers has changed since last year and what their expectations are for their workforces over the next six months. Firms reported little change in their ability to hire workers compared to this time last year. Moreover, firms that experienced changes in their ability to hire workers, for better or for worse, cited changes in the labor pool — both in size and skills available — as the driving factor. Over the next six months, most firms expect to hold headcount steady. However, the minority of firms ...
Regional Matters

Discussion Paper
Demand Is Up, But Can Supply Match It?
Crouse, Jacob; Waddell, Sonya Ravindranath (2021-05-03)
Regional Matters

Discussion Paper
Automation and AI: What Does Adoption Look Like for Fifth District Businesses?
Corcoran, Emily Waverling; Waddell, Sonya Ravindranath (2024-06-27)
Technological developments shift the kinds of skills needed in the labor force. From innovations in agriculture to electricity to the personal computer to the internet, technology has shaped the way we work and the types of workers we need to produce the goods and provide the services that consumers demand. The tight labor market of the last few years has provided employers with further incentive to find ways to use automation to increase the productivity of existing workers and even reduce the need to hire more. The opportunities of artificial intelligence (AI), particularly generative AI, ...
Regional Matters

Discussion Paper
What Businesses Are Saying: Tentative Momentum As Renewed Uncertainty Looms
Bauer, Andrew; Haltom, Renee Courtois; Martin, Matthew (2026-03-20)
After navigating 2025's challenges, firms entered 2026 with cautious optimism. They felt more confident in their own resilience and half joked that the new year could not possibly throw as many curve balls as the last one. Through mid-January, this optimism, however, had not translated into major hiring or investment decisions. While firms felt more upbeat, they were still hesitant. You can read more about how firms began the year in January's "What Businesses Are Saying."In this post, we explore how reported conditions have evolved since, drawing from conversations in early February to ...
Regional Matters

Discussion Paper
Have Some Rural Areas Turned the Tide on Population Decline?
Mengedoth, Joseph (2024-04-30)
According to the most recent county population estimates from the U.S. Census Bureau, almost half of the Fifth District counties in rural areas or small towns (those with a Rural-Urban Continuum Code (RUCC) of 3-9 and henceforth referred to as "rural") experienced population growth between 2020 and 2023. (See here for more on our use of these definitions for urban and rural.) That figure may seem low considering that nearly three-quarters of urban counties saw population growth over the same period. But what's notable about the growth in these rural counties is that more than half of them ...
Regional Matters

Discussion Paper
Rural Spotlight: Promoting Small Business Development in South Carolina
Bell, Erika (2021-12-09)
Regional Matters

Discussion Paper
What Businesses Are Saying: The Economy Kept Chugging Along
Bauer, Andrew; Haltom, Renee Courtois; Martin, Matthew (2025-12-12)
Regional Matters

Discussion Paper
Virginia's Employment Recovery: Now And Then
Mengedoth, Joseph (2024-09-05)
In the United States, the pace of job growth has slowed over the last several months and compared to earlier in the post-pandemic recovery. Job growth in Virginia has slowed, too, but not as much. In fact, Virginia has outpaced the nation consistently since February, and this has not been the case for much of the last several years.Over the course of the post-pandemic jobs recovery, Virginia's month over month job gains were more often smaller than the national average. From January 2021 to December 2023, for example, the monthly percentage increase in Virginia either matched or was lower ...
Regional Matters

Discussion Paper
Are Recession Fears Replacing Supply Chain Challenges? Evidence from Fifth District Business Surveys
Edwards, Zach (2022-09-01)
The last year and a half have been fraught with persistent supply chain challenges, the highest rate of inflation since the 1980s, and record levels of job openings and quits. As such, it is not surprising that in the Richmond Fed's May monthly business surveys, the top three concerns across all Fifth District firms surveyed were inflation, supply chain disruptions, and availability of labor. This was corroborated by national data collected as part of the second quarter release of the Richmond Fed's CFO Survey.
Regional Matters

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