So, which states have best braved the five-year-old Great Recession — the most severe economic contraction the United States has experienced since the Great Depression?
Maryland was among the states that have been less successful in taming the recessionary conditions, ranked 35th in an analysis by 24/7 Wall Street. Current unemployment is at 6.7%, down 1.3 percentage points from the peak of 8%; and 2011 GDP growth was a mere 0.9%.
“The housing market crash hit Maryland harder than any other state in the Northeast. Between the second quarter of 2007 and the second quarter of this year, the median home price in the state fell by 27.2%,” 24/7 Wall St. pointed out.
“In the past year, while home prices began to recover nationwide, Maryland’s housing market continued to dip and is projected to decline at least through the midpoint of next year. The state’s job market has also been slow to recover.”