Job Growth and Strong Home Sales Bolster Maryland’s Economy & Howard County Real Estate Market

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Job growth, especially in the nonprofit sector, as well as an increase in home sales in key areas encourage Maryland’s economic recovery, say the experts from the Damico Land Realty Group.

The positive job growth in this sector, despite the recession ... [and] the fact that home sales here in Greater Baltimore have actually increased by 26 percent in May; leaves a positive outlook for the Maryland real estate market.

The forecasts for Maryland’s future economic health are cautiously optimistic even as the recession continues. A recently released study from the John Hopkins Center for Civil Society Studies notes that job growth in the nonprofit sector actually increased by 2.7 percent in 2008. With this positive increase, Maryland home sales and real estate values have also been affected in key areas such as Central Maryland and the Greater Baltimore area, reports the Damico Land Realty Group.

From 1999 to 2008, Maryland’s nonprofit employment actually increased by 27 percent and the sector is now the second-largest employer in the state, next only to retail. “In Howard County nonprofit employment accounts for almost 10 percent of the total private employment,” says David Land of the Damico Land Realty Group. “The positive job growth in this sector, despite the recession, indicates that there might well be a faster economic recovery in Central Maryland. Couple that with the fact that home sales here in Greater Baltimore have actually increased by 26 percent in May; leaves a positive outlook for the Maryland real estate market.”

Job growth and an increase in home sales are both indicative of a strong and stable economy and housing market, something which the region has long enjoyed due to its proximity to Baltimore City and Washington, D.C. Howard County, MD homes have long been a popular choice among those with jobs in the aforementioned areas. According to data from the Metropolitan Regional Information Systems, a total of 2,427 homes were sold in May 2010 in the city of Baltimore and the counties of Anne Arundel, Baltimore, Carroll, Harford and Howard. This is a significant increase from May 2009’s total of 1,930 homes sold.

“That the number of home sales increased even after the expiration of the federal homebuyer tax credit is a heartening sign of stabilization in the region,” says the Group’s Vince Damico. He and David Land represent the core of the Damico Land Realty Group, Central Maryland’s premier real estate team. They have a particular expertise in Howard County, MD real estate, including Ellicott City, MD condos.

For additional real estate resources, more information on Damico Land Realty Group’s services, as well as the real estate market in the region, please visit their new website, http://www.DamicoLand.com.

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