This document contains multiple economic indicators and statistics from various sources: - The fastest growing economies in 2014 based on real GDP growth were Turkmenistan and Ethiopia at 10.3%, while the largest declines were in Libya and Ukraine at -24% and -6.8% respectively. - Projections for 2015 global growth show developing regions like India and China growing around 7% while advanced economies are projected around 1-2% growth. - U.S. data shows profits grew much faster than jobs, incomes, or housing between 2008-2014 as the economy recovered from recession.

2. The Pit and the Pendulum
On Behalf of
The Maryland Economic Development Association

3. Dawn
of
the
Dead

4. Real
GDP
Growth,
20
Fastest
and
Slowest
Growing
Countries
Es#mated
2014,
Annual
Percent
Change
(for
available
na#ons)
Rank Country Region % Rank Country Region %
1 Turkmenistan Central Asia 10.3 169 Austria Central Europe 0.3
1 Ethiopia Africa 10.3 170 Brazil South America 0.1
3 Democratic Republic of the Congo Africa 9.1 170 Micronesia Southeast Asia 0.1
4 Uzbekistan Central Asia 8.1 172 Japan Asia -0.1
5 Palau Southeast Asia 8.0 172 Finland Northern Europe -0.1
6 Mongolia Asia 7.8 174 Yemen Middle East -0.2
7 Myanmar Southeast Asia 7.7 174 The Gambia Africa -0.2
8 Côte d'Ivoire Africa 7.5 176 Barbados Caribbean -0.3
9 Lao P.D.R. Southeast Asia 7.4 177 Croatia Eastern Europe -0.4
9 Sri Lanka Southeast Asia 7.4 177 Italy Europe -0.4
9 Mozambique Africa 7.4 179 Brunei Darussalam Southeast Asia -0.7
9 China Asia 7.4 180 San Marino Europe -1.0
13 Dominican Republic Caribbean 7.3 181 St. Lucia Caribbean -1.1
14 Tanzania Africa 7.2 182 Serbia Eastern Europe -1.8
14 India Asia 7.2 183 Cyprus Europe -2.3
16 Rwanda Africa 7.0 184 Iraq Middle East -2.4
16 Cambodia Southeast Asia 7.0 185 Equatorial Guinea Africa -3.1
16 St. Kitts and Nevis Caribbean 7.0 186 Venezuela South America -4.0
19 Niger Africa 6.9 187 Ukraine Eastern Europe -6.8
19 Chad Africa 6.9 188 Libya Middle East -24.0
Source: International Monetary Fund, April 2015 WEO Database

5. Es<mated
Growth
in
Output
by
Select
Global
Areas
2015
Projected*
3.0%
-1.0%
0.9%
2.9%
7.5%
6.8%
6.6%
-3.8%
2.9%
4.5%
4.3%
3.1%
2.2%
2.7%
1.0%
2.5%
0.5%
1.6%
1.2%
1.5%
2.4%
-6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0%
Mexico
Brazil
Latin America and Caribbean
Middle East, North Africa, Afghanistan, & Pakistan
India (2)
China
Developing Asia
Russia
Central/eastern Europe
Sub-Saharan Africa
Emerging/developing countries (3)
United States
Canada
United Kingdom
Japan
Spain
Italy
Germany
France
Euro area (4)
Advanced economies (4)
Annual % Change
1.
Real
effective
exchange
rates
are
assumed
to
remain
constant
at
the
levels
prevailing
during
February
6–March
6,
2015.
The
aggregated
quarterly
data
are
seasonally
adjusted.
2.
India:
Data
and
forecasts
are
presented
on
a
fiscal
year
basis,
and
GDP
from
2011
onward
is
based
on
GDP
at
market
prices
with
FY2011/12
as
a
base
year.
Growth
rates
in
the
January
2015
WEO
Update
were
based
on
the
GDP
at
market
prices
with
FY2004/05
as
a
base
year.
3.
Emerging/developing
countries:
The
quarterly
estimates
and
projections
account
for
approximately
80
percent
of
the
emerging
market
and
developing
economies.
4.
Euro
Area:
Excludes
Lithuania,
which
joined
the
euro
area
in
January
2015.
Data
for
Lithuania
are
not
included
in
the
euro
area
aggregates
because
Eurostat
has
not
fully
released
the
consolidated
data
for
the
group.
Lithuania
is
included
in
the
advanced
economies.
In
the
January
2015
WEO
Update,
Lithuania
was
included
in
the
emerging
market
and
developing
economies.
Source: International Monetary Fund, April 2015 WEO Database

6. Jobs
0.3%
Incomes
4.7%
Profits
61.0%
Housing
-­‐6.8%
Stocks
33.5%
-­‐70%
-­‐50%
-­‐30%
-­‐10%
10%
30%
50%
70%
2008
2009
2010
2011
2012
2013
2014
Percent
change
since
end
of
2007
What Lies Beneath
Source: BEA, BLS, S&P Case-Shiller, Yahoo! Finance
*Through
June
2014

7. Source: U.S. Bureau of Labor Statistics
Median
Weekly
Earnings,
Full-­‐Time
U.S.
Workers*
2000Q1
through
2015Q1
*SA,
Constant
1982-­‐1984
dollars
(adjusted
to
CPI-­‐U)
Wage
and
salary
workers
ages
16+
$315
$320
$325
$330
$335
$340
$345
$350
$355
2000Q1
2000Q3
2001Q1
2001Q3
2002Q1
2002Q3
2003Q1
2003Q3
2004Q1
2004Q3
2005Q1
2005Q3
2006Q1
2006Q3
2007Q1
2007Q3
2008Q1
2008Q3
2009Q1
2009Q3
2010Q1
2010Q3
2011Q1
2011Q3
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1

8. Source: Bureau of Labor Statistics
Employment Cost Index
12-Month Percent Change (NSA)
All
Civilian
workers,
all
industries,
NSA
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
2001Q2
2001Q4
2002Q2
2002Q4
2003Q2
2003Q4
2004Q2
2004Q4
2005Q2
2005Q4
2006Q2
2006Q4
2007Q2
2007Q4
2008Q2
2008Q4
2009Q2
2009Q4
2010Q2
2010Q4
2011Q2
2011Q4
2012Q2
2012Q4
2013Q2
2013Q4
2014Q2
2014Q4
Wages
&
Salaries
Benefits

9. Source: Moody’s Economy
Recession
Watch
as
of
December
2014

10. Industrial
Produc<on
March
2001
through
March
2015
Source: Federal Reserve
The
industrial
production
index
measures
the
real
output
of
the
manufacturing,
mining,
and
electric
and
gas
utilities
industries.
80
85
90
95
100
105
110
Mar-­‐01
Jul-­‐01
Nov-­‐01
Mar-­‐02
Jul-­‐02
Nov-­‐02
Mar-­‐03
Jul-­‐03
Nov-­‐03
Mar-­‐04
Jul-­‐04
Nov-­‐04
Mar-­‐05
Jul-­‐05
Nov-­‐05
Mar-­‐06
Jul-­‐06
Nov-­‐06
Mar-­‐07
Jul-­‐07
Nov-­‐07
Mar-­‐08
Jul-­‐08
Nov-­‐08
Mar-­‐09
Jul-­‐09
Nov-­‐09
Mar-­‐10
Jul-­‐10
Nov-­‐10
Mar-­‐11
Jul-­‐11
Nov-­‐11
Mar-­‐12
Jul-­‐12
Nov-­‐12
Mar-­‐13
Jul-­‐13
Nov-­‐13
Mar-­‐14
Jul-­‐14
Nov-­‐14
Mar-­‐15
Index
(2007
=
100)
(Base
year:
2007)

11. Gross
Domes<c
Product
1990Q1
through
2014Q4
-­‐10%
-­‐8%
-­‐6%
-­‐4%
-­‐2%
0%
2%
4%
6%
8%
1990Q1
1990Q4
1991Q3
1992Q2
1993Q1
1993Q4
1994Q3
1995Q2
1996Q1
1996Q4
1997Q3
1998Q2
1999Q1
1999Q4
2000Q3
2001Q2
2002Q1
2002Q4
2003Q3
2004Q2
2005Q1
2005Q4
2006Q3
2007Q2
2008Q1
2008Q4
2009Q3
2010Q2
2011Q1
2011Q4
2012Q3
2013Q2
2014Q1
2014Q4
Percent
Change
from
Preceding
Period
(SAAR)
2014Q4: +2.2%
Source: Bureau of Economic Analysis

12. Contribu<ons
to
GDP
Growth
by
Component
2013Q4
–
2014Q4
Source: Bureau of Economic Analysis
-­‐3.0
-­‐2.0
-­‐1.0
0.0
1.0
2.0
3.0
Personal
Consumption
Government
Spending
Net
Exports
Gross
Investment
2.5
-­‐0.7
1.1
0.6
0.8
-­‐0.2
-­‐1.7
-­‐1.1
1.8
0.3
-­‐0.3
2.9
2.21
0.80
0.78
1.18
2.98
-­‐0.35
-­‐1.03
0.61
SAAR
(%)
Q4-­‐13
Q1-­‐14
Q2-­‐14
Q3-­‐14
Q4-­‐14

13. Invasion
of
the
Body
Snatchers

14. -­‐1,000
-­‐800
-­‐600
-­‐400
-­‐200
0
200
400
600
Jan-­‐02
May-­‐02
Sep-­‐02
Jan-­‐03
May-­‐03
Sep-­‐03
Jan-­‐04
May-­‐04
Sep-­‐04
Jan-­‐05
May-­‐05
Sep-­‐05
Jan-­‐06
May-­‐06
Sep-­‐06
Jan-­‐07
May-­‐07
Sep-­‐07
Jan-­‐08
May-­‐08
Sep-­‐08
Jan-­‐09
May-­‐09
Sep-­‐09
Jan-­‐10
May-­‐10
Sep-­‐10
Jan-­‐11
May-­‐11
Sep-­‐11
Jan-­‐12
May-­‐12
Sep-­‐12
Jan-­‐13
May-­‐13
Sep-­‐13
Jan-­‐14
May-­‐14
Sep-­‐14
Jan-­‐15
Thousands
Source: U.S. Bureau of Labor Statistics
March
2015:
+126K
Net
Change
in
U.S.
Jobs,
BLS
January
2002
through
March
2015

15. Na<onal
Nonfarm
Employment
by
Industry
Sector
March
2014
v.
March
2015
4
59
72
73
150
188
282
490
541
607
662
0 100 200 300 400 500 600 700
Mining and Logging
Information
Government
Other Services
Financial Activities
Manufacturing
Construction
Leisure and Hospitality
Education and Health Services
Trade, Transportation, and Utilities
Professional and Business Services
Thousands, SA
All
told
3,128K
Jobs
gained
Source: U.S. Bureau of Labor Statistics

16. Maryland
Nonfarm
Employment
by
Industry
Sector
Groups
(SA)
March
2014
v.
March
2015
Absolute
Change
-1,800
200
600
900
1,300
3,900
5,800
6,400
7,100
11,600
-4,000 0 4,000 8,000 12,000
Manufacturing
Other Services
Information
Financial Activities
Mining, Logging, and Construction
Government
Professional and Business Services
Trade, Transportation, and Utilities
Leisure and Hospitality
Education and Health Services
MD Total:
+34.0K; +1.4%
US Total (SA):
+3,128K; +2.3%
Source: U.S. Bureau of Labor Statistics
*According
to
the
Local
Area
Unemployment
Statistics
(LAUS)
series
MD
added
37,169
jobs
between
March
2014
and
March
2015.

17. 2,450
2,470
2,490
2,510
2,530
2,550
2,570
2,590
2,610
2,630
2,650
Jan-­‐05
May-­‐0
5
Sep-­‐05
Jan-­‐06
May-­‐0
6
Sep-­‐0
6
Jan-­‐07
May-­‐0
7
Sep-­‐0
7
Jan-­‐08
May-­‐0
8
Sep-­‐0
8
Jan-­‐09
May-­‐0
9
Sep-­‐0
9
Jan-­‐10
May-­‐1
0
Sep-­‐10
Jan-­‐11
May-­‐11
Sep-­‐11
Jan-­‐12
May-­‐1
2
Sep-­‐12
Jan-­‐13
May-­‐1
3
Sep-­‐13
Jan-­‐14
May-­‐1
4
Sep-­‐14
Jan-­‐15
Thousands
Source: U.S. Bureau of Labor Statistics
Maryland
Nonfarm
Employment
January
2005
through
March
2015

18. -600
-600
200
600
1,200
1,300
2,100
2,500
2,900
5,500
-2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 6,000
Mining, Logging, and Construction
Information
Government
Manufacturing
Other Services
Trade, Transportation, and Utilities
Financial Activities
Professional and Business Services
Education and Health Services
Leisure and Hospitality
Bal<more-­‐Columbia-­‐Towson
MSA
Nonfarm
Employment
by
Industry
Sector
Groups
(NSA)
March
2014
v.
March
2015
Absolute
Change
Baltimore MSA Total:
+15.1K; +1.1%
MD Total (SA):
+34.0K; +1.4%
US Total (SA):
+3,128K; +2.3%
Source: U.S. Bureau of Labor Statistics

19. Washington,
DC-­‐Arlington-­‐Alexandria
MSA
Nonfarm
Employment
by
Industry
Sector
Groups
(NSA)
March
2014
v.
March
2015
Absolute
Change
-1,800
-1,500
-1,000
800
3,200
5,200
8,800
11,100
12,900
13,000
-5,000 -1,000 3,000 7,000 11,000 15,000
Information
Financial Activities
Manufacturing
Other Services
Mining, Logging, and Construction
Leisure and Hospitality
Trade, Transportation, and Utilities
Government
Professional and Business Services
Education and Health Services
DC MSA Total:
+50.7K; +1.6%
US Total (SA):
+3,128K; +2.3%
Source: U.S. Bureau of Labor Statistics

20. U.S.
Year-­‐over-­‐year
Percent
Change:
2.3%
Employment
Growth,
U.S.
States
(SA)
March
2014
v.
March
2015
Percent
Change
RANK STATE % RANK STATE % RANK STATE %
1 UTAH 3.9 17 KENTUCKY 1.9 35 MISSOURI 1.3
2 FLORIDA 3.7 17 WISCONSIN 1.9 36 DISTRICT OF COLUMBIA 1.2
3 WASHINGTON 3.4 20 MASSACHUSETTS 1.8 36 ILLINOIS 1.2
4 OREGON 3.3 20 MINNESOTA 1.8 36 NEW HAMPSHIRE 1.2
5 IDAHO 3.2 20 TENNESSEE 1.8 36 NEW JERSEY 1.2
6 CALIFORNIA 3.1 23 INDIANA 1.7 40 KANSAS 1.1
6 GEORGIA 3.1 23 IOWA 1.7 41 RHODE ISLAND 1.0
8 NORTH DAKOTA 2.9 23 SOUTH DAKOTA 1.7 42 HAWAII 0.9
8 TEXAS 2.9 26 CONNECTICUT 1.6 42 PENNSYLVANIA 0.9
10 COLORADO 2.8 26 NEW YORK 1.6 44 MONTANA 0.8
10 NEVADA 2.8 28 OHIO 1.5 44 OKLAHOMA 0.8
10 NORTH CAROLINA 2.8 29 ALABAMA 1.4 44 VIRGINIA 0.8
13 ARIZONA 2.6 29 MARYLAND 1.4 47 LOUISIANA 0.7
14 SOUTH CAROLINA 2.5 29 NEBRASKA 1.4 48 MISSISSIPPI 0.6
15 DELAWARE 2.1 29 NEW MEXICO 1.4 49 MAINE 0.4
15 MICHIGAN 2.1 29 VERMONT 1.4 50 ALASKA 0.2
17 ARKANSAS 1.9 29 WYOMING 1.4 51 WEST VIRGINIA -0.5
Source: U.S. Bureau of Labor Statistics

21. U.S.
Unemployment
Rate
March
2015:
5.5%
Unemployment
Rates,
U.S.
States
(SA)
March
2015
RANK STATE % RANK STATE % RANK STATE %
1 NEBRASKA 2.6 17 WISCONSIN 4.6 35 WASHINGTON 5.9
2 NORTH DAKOTA 3.1 19 MAINE 4.8 36 ILLINOIS 6.0
3 UTAH 3.4 19 MASSACHUSETTS 4.8 37 NEW MEXICO 6.1
4 SOUTH DAKOTA 3.5 19 VIRGINIA 4.8 38 ARIZONA 6.2
5 MINNESOTA 3.7 22 KENTUCKY 5.1 39 GEORGIA 6.3
6 IDAHO 3.8 22 OHIO 5.1 39 RHODE ISLAND 6.3
6 VERMONT 3.8 24 PENNSYLVANIA 5.3 39 TENNESSEE 6.3
8 NEW HAMPSHIRE 3.9 25 MARYLAND 5.4 42 CONNECTICUT 6.4
8 OKLAHOMA 3.9 25 NORTH CAROLINA 5.4 43 ALASKA 6.5
10 IOWA 4.0 25 OREGON 5.4 43 CALIFORNIA 6.5
11 HAWAII 4.1 28 ARKANSAS 5.6 43 NEW JERSEY 6.5
11 MONTANA 4.1 28 MICHIGAN 5.6 46 LOUISIANA 6.6
11 WYOMING 4.1 28 MISSOURI 5.6 46 WEST VIRGINIA 6.6
14 COLORADO 4.2 31 ALABAMA 5.7 48 SOUTH CAROLINA 6.7
14 KANSAS 4.2 31 FLORIDA 5.7 49 MISSISSIPPI 6.8
14 TEXAS 4.2 31 NEW YORK 5.7 50 NEVADA 7.1
17 DELAWARE 4.6 34 INDIANA 5.8 51 DISTRICT OF COLUMBIA 7.7
Source: U.S. Bureau of Labor Statistics

22. Unemployment
Rates,
20
Largest
Metros
(NSA)
February
2015
Source: U.S. Bureau of Labor Statistics
Rank MSA UR Rank MSA UR
1
Minneapolis-St. Paul-Bloomington, MN-WI
Metropolitan Statistical Area 4.0 10
Tampa-St. Petersburg-Clearwater, FL
Metropolitan Statistical Area 5.5
2
Dallas-Fort Worth-Arlington, TX Metropolitan
Statistical Area 4.1 12
Philadelphia-Camden-Wilmington, PA-NJ-DE-
MD Metropolitan Statistical Area 5.8
3
Houston-The Woodlands-Sugar Land, TX
Metropolitan Statistical Area 4.3 12
Baltimore-Columbia-Towson, MD
Metropolitan Statistical Area 5.8
4
San Francisco-Oakland-Hayward, CA Metropolitan
Statistical Area 4.5 14 St. Louis, MO-IL Metropolitan Statistical Area 6.0
5
Boston-Cambridge-Nashua, MA-NH Metropolitan
NECTA 4.8 15
Atlanta-Sandy Springs-Roswell, GA
Metropolitan Statistical Area 6.1
6
Washington-Arlington-Alexandria, DC-VA-MD-
WV Metropolitan Statistical Area 4.9 16
Detroit-Warren-Dearborn, MI Metropolitan
Statistical Area 6.3
7
Miami-Fort Lauderdale-West Palm Beach, FL
Metropolitan Statistical Area 5.3 17
New York-Newark-Jersey City, NY-NJ-PA
Metropolitan Statistical Area 6.5
7 San Diego-Carlsbad, CA Metropolitan Statistical Area 5.3 18
Chicago-Naperville-Elgin, IL-IN-WI
Metropolitan Statistical Area 6.7
9
Phoenix-Mesa-Scottsdale, AZ Metropolitan Statistical
Area 5.4 19
Riverside-San Bernardino-Ontario, CA
Metropolitan Statistical Area 6.8
10
Seattle-Tacoma-Bellevue, WA Metropolitan Statistical
Area 5.5 20
Los Angeles-Long Beach-Anaheim, CA
Metropolitan Statistical Area 7.0

23. MD
County
Unemployment
Rates
February
2015
Source: U.S. Bureau of Labor Statistics
Rank Jurisdiction UR Rank Jurisdiction UR
1 Howard County 4.0 13 Talbot County 6.3
1 Montgomery County 4.0 14 Caroline County 6.6
3 Calvert County 4.7 15 Cecil County 6.7
4 Anne Arundel County 4.8 15 Washington County 6.7
5 Carroll County 4.9 17 Kent County 7.2
6 Frederick County 5.0 18 Allegany County 7.8
7 Charles County 5.2 19 Garrett County 8.1
7 Queen Anne's County 5.2 20 Wicomico County 8.3
7 St. Mary's County 5.2 21 Baltimore City 8.4
10 Prince George's County 5.3 22 Dorchester County 9.1
11 Harford County 5.5 23 Somerset County 10.1
12 Baltimore County 5.9 24 Worcester County 15.0

24. Nightmare
on
Elm
Street

25. Taxes
MaUer
–
They
are
the
Item
that
is
Easiest
to
Quan<fy
and
Compare
Source: Forbes
• Between
2007
and
2012,
MD
raised
taxes
and
fees
24
times
• From
2000
to
2010,
66,000
residents
along
with
$5.5
billion
in
taxable
income
left
the
State
on
net.
! Virginia,
by
comparison,
experienced
positive
net
migration
over
the
same
period

26. Fastest/Slowest
Growing
MD
Municipali<es
Popula#on
Growth
April
2010
–
July
2013
Source: State Department of Planning, Maryland Data Center
TOP 20 BOTTOM 20
Rank City/Place County % Rank City/Place County %
1 Upper Marlboro town Prince George's County 25.8% 141 Ridgely town Caroline County -1.4%
2 Leonardtown town St. Mary's County 19.5% 142 Friendsville town Garrett County -1.4%
3 Emmitsburg town Frederick County 10.3% 143 Luke town Allegany County -1.5%
4 Gaithersburg city Montgomery County 9.7% 144 Preston town Caroline County -1.7%
5 Takoma Park city Montgomery County 6.0% 145 Federalsburg town Caroline County -1.7%
6 Fruitland city Wicomico County 5.3% 146 Cumberland city Allegany County -1.8%
7 Centreville town Queen Anne's County 4.7% 147 Greensboro town Caroline County -2.0%
8 Rockville city Montgomery County 4.5% 148 St. Michaels town Talbot County -2.0%
9 North Chevy Chase village Montgomery County 4.3% 149 Lonaconing town Allegany County -2.1%
10 Poolesville town Montgomery County 4.3% 150 Queen Anne town (pt.) Talbot County -2.1%
11 Walkersville town Frederick County 4.2% 151 Trappe town Talbot County -2.1%
12 Havre de Grace city Harford County 4.0% 152 Barton town Allegany County -2.4%
13 Thurmont town Frederick County 3.9% 153 Galena town Kent County -2.5%
14 Kensington town Montgomery County 3.9% 154 Vienna town Dorchester County -2.5%
15 Somerset town Montgomery County 3.9% 155 Oxford town Talbot County -2.6%
16 Woodsboro town Frederick County 3.9% 156 Midland town Allegany County -2.7%
17 Salisbury city Wicomico County 3.8% 157 Westernport town Allegany County -2.7%
18 Garrett Park town Montgomery County 3.8% 158 Millington town (pt.) Kent County -2.8%
19 Chevy Chase View town Montgomery County 3.8% 159 Betterton town Kent County -2.9%
20 Myersville town Frederick County 3.8% 160 Frostburg city Allegany County -3.1%

27. Months of Inventory by Maryland County
February 2015
Source: MAR
0
5
10
15
20
25
30
35
40
Maryland:
6.4
Months

28. 15-­‐Year
&
30-­‐Year
Fixed
Mortgage
Rates
April
1995
through
April
2015*
Source: Freddie Mac
2.92%
3.65%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
Apr-­‐95
Sep-­‐95
Feb-­‐96
Jul-­‐96
Dec-­‐9
May-­‐9
7
Oct-­‐97
Mar-­‐9
Aug-­‐9
Jan-­‐99
Jun-­‐99
Nov-­‐9
Apr-­‐00
Sep-­‐00
Feb-­‐01
Jul-­‐01
Dec-­‐01
May-­‐0
Oct-­‐02
Mar-­‐0
Aug-­‐03
Jan-­‐04
Jun-­‐04
Nov-­‐0
Apr-­‐05
Sep-­‐05
Feb-­‐06
Jul-­‐06
Dec-­‐0
6
May-­‐0
Oct-­‐07
Mar-­‐0
Aug-­‐0
Jan-­‐09
Jun-­‐09
Nov-­‐0
Apr-­‐10
Sep-­‐10
Feb-­‐11
Jul-­‐11
Dec-­‐11
May-­‐12
Oct-­‐12
Mar-­‐13
Aug-­‐13
Jan-­‐14
Jun-­‐14
Nov-­‐14
Apr-­‐15
Rate
15-­‐yr
30-­‐yr
*Week
ending
4/23/2015

29. U.S.
New
Home
Sales
January
1999
through
March
2015
Source: U.S. Census Bureau
March
2015
481K
0
200
400
600
800
1,000
1,200
1,400
1,600
Thousands,
SAAR

30. U.S.
Housing
Starts
March
1999
through
March
2015
Source: U.S. Census Bureau
0
500
1,000
1,500
2,000
2,500
Mar-­‐9
Jul-­‐99
Nov-­‐9
9
Mar-­‐0
Jul-­‐00
Nov-­‐0
Mar-­‐0
Jul-­‐01
Nov-­‐0
Mar-­‐0
Jul-­‐02
Nov-­‐0
Mar-­‐0
Jul-­‐03
Nov-­‐0
Mar-­‐0
Jul-­‐04
Nov-­‐0
Mar-­‐0
Jul-­‐05
Nov-­‐0
Mar-­‐0
Jul-­‐06
Nov-­‐0
Mar-­‐0
Jul-­‐07
Nov-­‐0
Mar-­‐0
Jul-­‐08
Nov-­‐0
Mar-­‐0
Jul-­‐09
Nov-­‐0
Mar-­‐1
Jul-­‐10
Nov-­‐1
Mar-­‐11
Jul-­‐11
Nov-­‐11
Mar-­‐1
Jul-­‐12
Nov-­‐1
Mar-­‐1
Jul-­‐13
Nov-­‐1
Mar-­‐1
Jul-­‐14
Nov-­‐1
Mar-­‐1
Thousands,
SAAR
1
Unit
5
units
or
more
March
2015:
1
Unit:
618K
5
Units
or
more:
287K

31. Source: U.S. Census Bureau
U.S. Homeownership
2014
Q4:
63.9%
60%
62%
64%
66%
68%
70%
Q4-­‐1980
Q4-­‐1981
Q4-­‐1982
Q4-­‐1983
Q4-­‐1984
Q4-­‐1985
Q4-­‐1986
Q4-­‐1987
Q4-­‐1988
Q4-­‐1989
Q4-­‐1990
Q4-­‐1991
Q4-­‐1992
Q4-­‐1993
Q4-­‐1994
Q4-­‐1995
Q4-­‐1996
Q4-­‐1997
Q4-­‐1998
Q4-­‐1999
Q4-­‐2000
Q4-­‐2001
Q4-­‐2002
Q4-­‐2003
Q4-­‐2004
Q4-­‐2005
Q4-­‐2006
Q4-­‐2007
Q4-­‐2008
Q4-­‐2009
Q4-­‐2010
Q4-­‐2011
Q4-­‐2012
Q4-­‐2013
Q4-­‐2014

32. Source: U.S. Census Bureau
U.S. Private New Multifamily Construction
February 1993 through February 2015
$0
$10
$20
$30
$40
$50
$60
Feb-­‐9
3
Feb-­‐9
4
Feb-­‐9
5
Feb-­‐9
6
Feb-­‐9
7
Feb-­‐9
8
Feb-­‐9
9
Feb-­‐0
0
Feb-­‐01
Feb-­‐0
2
Feb-­‐0
3
Feb-­‐0
4
Feb-­‐0
5
Feb-­‐0
6
Feb-­‐0
7
Feb-­‐0
8
Feb-­‐0
9
Feb-­‐10
Feb-­‐11
Feb-­‐12
Feb-­‐13
Feb-­‐14
Feb-­‐15
$
Billions
(SAAR)

33. U.S.
Housing
Building
Permits
March
1999
through
March
2015
Source: U.S. Census Bureau
0
500
1,000
1,500
2,000
2,500
Mar-­‐9
Jul-­‐99
Nov-­‐9
9
Mar-­‐0
Jul-­‐00
Nov-­‐0
0
Mar-­‐0
Jul-­‐01
Nov-­‐0
1
Mar-­‐0
2
Jul-­‐02
Nov-­‐0
Mar-­‐0
Jul-­‐03
Nov-­‐0
Mar-­‐0
Jul-­‐04
Nov-­‐0
Mar-­‐0
Jul-­‐05
Nov-­‐0
Mar-­‐0
Jul-­‐06
Nov-­‐0
Mar-­‐0
Jul-­‐07
Nov-­‐0
7
Mar-­‐0
Jul-­‐08
Nov-­‐0
Mar-­‐0
Jul-­‐09
Nov-­‐0
Mar-­‐1
Jul-­‐10
Nov-­‐1
Mar-­‐11
Jul-­‐11
Nov-­‐11
Mar-­‐1
2
Jul-­‐12
Nov-­‐1
Mar-­‐1
Jul-­‐13
Nov-­‐1
Mar-­‐1
Jul-­‐14
Nov-­‐1
Mar-­‐1
Thousands,
SAAR
1
Unit
5
units
or
more
March
2015:
1
Unit:
636K
5
Units
or
more:
378K

34. 0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
1.3%
2.1%
2.5%
2.9%
4.6%
4.7%
4.9%
5.7%
5.9%
7.8%
8.1%
8.3%
8.4%
12-­‐Month
%
Change
S&P/Case-Shiller Home Price Indices for Select Metros
January 2015, 12-Month Percentage Change
Source: Standard & Poor’s

35. Maryland
Median
Home
Sale
Prices
February
2005
through
February
2015
Source: Maryland Association of Realtors
-­‐20%
-­‐15%
-­‐10%
-­‐5%
0%
5%
10%
15%
20%
25%
30%
Feb-­‐05
May-­‐05
Aug-­‐05
Nov-­‐05
Feb-­‐06
May-­‐06
Aug-­‐06
Nov-­‐06
Feb-­‐07
May-­‐07
Aug-­‐07
Nov-­‐07
Feb-­‐08
May-­‐08
Aug-­‐08
Nov-­‐08
Feb-­‐09
May-­‐09
Aug-­‐09
Nov-­‐09
Feb-­‐10
May-­‐10
Aug-­‐10
Nov-­‐10
Feb-­‐11
May-­‐11
Aug-­‐11
Nov-­‐11
Feb-­‐12
May-­‐12
Aug-­‐12
Nov-­‐12
Feb-­‐13
May-­‐13
Aug-­‐13
Nov-­‐13
Feb-­‐14
May-­‐14
Aug-­‐14
Nov-­‐14
Feb-­‐15
Year-­‐over-­‐year
%
change
Trend
Line
Feb. 2014 v. Feb. 2015: -3.7%

36. Psycho

37. -­‐22.0%
-­‐1.9%
0.3%
2.5%
2.7%
3.8%
3.9%
4.0%
4.9%
5.1%
5.2%
6.3%
7.7%
-­‐30.0%
-­‐20.0%
-­‐10.0%
0.0%
10.0%
20.0%
Gasoline Stations
Electronics & Appliance Stores
General Merchandise Stores
Food & Beverage Stores
Clothing & Clothing Accessories Stores
Furniture & Home Furn. Stores
Internet, etc. Retailers
Miscellaneous Store Retailers
Health & Personal Care Stores
Sporting Goods, Hobby, Book & Music Stores
Motor Vehicle & Parts Dealers
Building Material & Garden Supplies Dealers
Food Services & Drinking Places
12-­‐month
%
change
Sales Growth by Type of Business
March 2014 v. March 2015*
Source: U.S. Census Bureau
*March
2015
advanced
estimate

38. Conference
Board
Leading
Economic
Indicators
Index
August
2007
through
March
2015
Source: Conference Board
-­‐1.5%
-­‐1.0%
-­‐0.5%
0.0%
0.5%
1.0%
1.5%
Aug-­‐07
Nov-­‐07
Feb-­‐08
May-­‐08
Aug-­‐08
Nov-­‐08
Feb-­‐09
May-­‐09
Aug-­‐09
Nov-­‐09
Feb-­‐10
May-­‐10
Aug-­‐10
Nov-­‐10
Feb-­‐11
May-­‐11
Aug-­‐11
Nov-­‐11
Feb-­‐12
May-­‐12
Aug-­‐12
Nov-­‐12
Feb-­‐13
May-­‐13
Aug-­‐13
Nov-­‐13
Feb-­‐14
May-­‐14
Aug-­‐14
Nov-­‐14
Feb-­‐15
One-­‐month
Percent
Change
March
2015
=
121.4
where
2010
=
100

39. Tell-­‐Tale
Heart
• Economy
gained
momentum
over
the
course
of
last
year;
• Tailwinds
included
booming
stock
market,
lower
gasoline
prices,
stabilizing
global
economy,
and
consumer
expenditures
on
interest
rate
sensitive
durable
goods
like
autos;
• The
current
year
is
associated
with
greater
certainty
regarding
monetary
policy
–
that
helps;
• The
world
is
not
perfect
-­‐
black
swan
threats
remain:
(1)
Iran
(2)
Israel/Iran
(3)
Europe
(4)
contagion
(5)
cyber
(6)
EMP;
• Market
is
nervous,
but
perhaps
for
the
wrong
reasons
(more
people
benefit
from
lower
oil
price
than
are
hurt);
and
• Our
time
in
the
wilderness
is
over
–
the
themes
of
job
creation,
income
growth,
fiscal
sustainability,
private
industry,
diversification,
and
One
Maryland
are
back
in
style.

40. Thank
You
! Follow
us
on
Twitter
@SagePolicyGroup
! You
can
always
reach
me
at
abasu@sagepolicy.com
! Please
look
for
updates
of
information
at
www.sagepolicy.com.
! Also,
if
you
need
us
in
a
hurry,
we
are
at
410.522.7243
(410.522.SAGE)
! Please
contact
us
when
you
require
economic
research
&
policy
analysis.