Calvert County Department of Economic Development Releases 2002 State of the Economy

PRINCE FREDERICK, Md., -- March 25 , 2003 -- The Calvert County Department of Economic Development announces the availability of the 2002 State of the Economy. The annual report, begun in 1996, is prepared by the Calvert County Department of Economic Development to outline the state of Calvert County’s economy and highlight factors affecting the economy and business community. The report also acts as a guide on general statistics and trends in the local and regional economy.

Statistics included in the report show that the Calvert County labor force continues to expand in tune with the DC region as a whole. As of June of 2002, the labor force had grown by over four percent to 40,188 and the unemployment rate increased to over three percent. Private sector job growth in Calvert County grew by 6.7 percent. Private employment now accounts for 81.6 percent of all jobs in the County versus 81.4 percent in 1990. Professional and business service jobs saw the largest increase of all private sector jobs with over 23 percent, accounting for over 11 percent of total private sector jobs.

The Median Household Income in Calvert County grew by just over 15 percent between 1999 and 2001. Calvert’s Median Household Income continues to rank in the top five counties statewide.

While the number of commercial building permits has remained steady, commercial permit values have risen dramatically since 1999, increasing from $29.5 million to $93.7 million in 2002. This in an increase of almost 218 percent and is most likely the result of a number of large projects beginning the construction phase.

The commercial portion of the tax base has risen tremendously in Calvert County, from $210,682,500 in FY 1991 to $595,008,468 in FY 2002, and an estimated $634,008,468 in FY 2003, but residential growth has kept pace, therefore, the recent tax base relationship has remained constant at 9.9 percent of total.

Tourism continues to be a vital part of Calvert County’s economy. The number of visitors increased one percent from FY 2001, despite terrorism concerns, while total visitors to the key visitor sites increased almost eight percent. Between 2000 and 2001, state sales taxes collected in Calvert County from hotels increased almost 11 percent, from restaurants over six percent, and from shopping and amusements almost 13 percent.

Click here to obtain a complete copy of the report in .pdf format (Adobe Acrobat) or contact the Calvert County Department of Economic Development, 410-535-4583 or 301-855-1880. Email cced@co.cal.md.us

For more information on the Calvert County, Maryland Department of Economic Development, our visitor sites and attractions and the services available to assist County businesses, call 410.535.4583, 800.331.9771 or 301.855.1880; or send an e-mail to info@ecalvert.com