Economic experts say Md. economic forecast isn’t completely grim, but the road to recovery could be long
MARYLAND – Maryland’s economic experts are looking at what the state’s economy could look like in the coming months amid the COVID-19 pandemic. “Economic destructions create winners and losers. They celebrate certain trends and they create opportunities for some and challenges for others. That’s the same thing that happened, especially when we shut down most of the economy at the beginning of the pandemic,” said Director of BEACON at Salisbury University Dr. Memo Diriker.
Dr. Diriker says Worcester County might be feeling the economic impact the most because of its dependence on the tourism and hospitality industries. Meanwhile Wicomico County might be more poised to bounce back because of its diverse industries. In Talbot County Dr. Diriker says the housing market is doing pretty well. “In some corners of the state, including parts of the Eastern Shore, residential real estate did extremely well. People were leaving the cities and they were trying to find rural, more open spaces,” said Dr. Diriker.
But Dr. Diriker says we won’t know for sure how Maryland’s economic recovery will go until we have more answers about COVID-19. “All of that is still a question about how long it will take to deliver the vaccine, how effective it’s going to be, if it’s going to prevent infection. It might protect me, but will it stop you from infecting others? These are still questions to which we don’t have answers,” said Dr. Diriker.
Dr. Diriker adds that another thing to look out for is state and local revenues. “State and local jurisdictional revenues have suffered and are going to continue to suffer. When we look at the immediate future there’s a very big unknown as to whether the federal government is going to want to or be able to assist,” said Dr. Diriker.
Dr. Diriker says more federal assistance on the local level could likely help level out the playing field for Maryland to bounce back. “Those things make us as a state very resilient. But again, there are winners and losers in this kind of a destruction,” said Dr. Diriker.