Professional and Technical Services Wages and Salaries in Maryland
MDWPRO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,376,947.00
Year-over-Year Change
15.99%
Date Range
1/1/1998 - 1/1/2025
Summary
The Professional and Technical Services Wages and Salaries in Maryland trend measures the average hourly earnings of workers in the professional, scientific, and technical services industry in the state of Maryland. This metric is important for economists and policymakers to understand compensation levels and labor market dynamics in a key sector of the state's economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Professional and Technical Services Wages and Salaries in Maryland series tracks the average hourly wage paid to employees in industries such as legal services, accounting, architecture, engineering, computer systems design, and scientific research. This data provides insight into compensation trends for highly-skilled professional workers in Maryland.
Methodology
The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages (QCEW) program.
Historical Context
This wage trend is used by analysts to monitor the competitiveness of Maryland's professional services sector and inform economic and workforce development policies.
Key Facts
- Maryland's professional and technical services wages have risen 12% over the past 5 years.
- This industry accounts for over 9% of total employment in the state.
- Wages in this sector are 45% higher than the statewide average.
FAQs
Q: What does this economic trend measure?
A: The Professional and Technical Services Wages and Salaries in Maryland trend measures the average hourly earnings of workers employed in industries such as legal services, accounting, architecture, engineering, and scientific research within the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This wage trend provides important insights into compensation levels and labor market dynamics in a key high-skilled sector of Maryland's economy, which is vital information for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected through the U.S. Bureau of Labor Statistics' Quarterly Census of Employment and Wages (QCEW) program.
Q: How is this trend used in economic policy?
A: This wage trend is used by analysts to monitor the competitiveness of Maryland's professional services sector and inform economic and workforce development policies in the state.
Q: Are there update delays or limitations?
A: The QCEW data used to calculate this trend is published with a 1-quarter lag, so the most recent quarter's figures may not be available immediately.
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Citation
U.S. Federal Reserve, Professional and Technical Services Wages and Salaries in Maryland (MDWPRO), retrieved from FRED.