Maryland's revenues are strong, even as jobs continue to lag
Maryland's revenue picture is far better than previously expected thanks to the massive federal stimulus packages that boosted spending, state economic forecasters said Tuesday.
But despite the good financial news, the state still has a long way to go toward recovering jobs, particularly in lower-wage industries hit hardest by COVID-19.
The state's Board of Revenue Estimates met Tuesday and approved revenue projections of $18.8 billion for the current fiscal year, down only slightly from an estimate approved in December, and $20.1 billion for fiscal year 2022.
Compared to March of last year, before it was clear that COVID-19 would upend the economy, Maryland's revenue estimates are about $185 million lower than expected.