Pennsylvania & Maryland Economic Conditions Resource Center

Whether you are an owner of a business or real estate, one may find themselves overwhelmed by the myriad of factors that characterize the economic climate, across the greater South-Central PA and North-Central MD Super Region.

In an effort to alleviate some of this interstate border confusion, when comparing locations, our unbiased evaluation examines a range of key regional factors, which may be of use in making more informed strategic, real estate and other business decisions.

Our PA subject region (clockwise in Red above) includes Franklin, Perry, Dauphin, Lebanon, Lancaster, York, Adams and Cumberland counties; while our MD subject region (left to right in Red above) includes Washington, Frederick, Carroll, Baltimore and Harford counties. Unless otherwise noted, the statistical figures below are derived via an aggregate average of the eight individual PA county readings and the five individual MD county readings, respectively.

Factor South-Central PA North-Central MD National Average Footnote
Economics
Unemployment Rate
(as of May, 2018)
3.05% 3.70% 3.8% 1
Median Household
Income (2017)
$60,661 $78,505 $55,322 2
Cost of Living, per COLI
Index
(Average % of One Region
vs the Other, 2018)
10.28% Lower than North-Central MD 11.46% Higher than South-Central PA 3
Labor
Highest Level of Education
Achieved (Individuals 25
Years of Age or Older, 2018)
South-Central PA North-Central MD National Average
Less than High School 10.75% 7.80% 13.00%
High School GED 39.75% 29.20% 28.00%
Some College or
Associates Degree
24.25% 28.60% 29.00%
Bachelor’s Degree
or Higher
24.50% 34.20% 30.00%
4
All Occupations (May
2017)
South-Central PA North-Central MD National Average
Total Workforce 883,660 698,501 153 MM
Mean Hourly Wage $20.97 $22.44 $24.34
Mean Annual Wage $43,610 $46,675 $50,627
5
Median Annual Earnings
by Job Category
(16 Years of Age or Older;
Regularly Received
Wages; 2017)
South-Central PA North-Central MD National Average
Mgt, Business
and Financial
$62,337 $78,084 $68,795
Computer, Engineering
and Science
$68,503 $87,785 $77,718
Education, Legal, Community
Service, Arts, Media
$51,953 $56,097 $50,634
Healthcare Practitioners
and Tech
$58,239 $68,776 $61,680
Protective Service $54,713 $63,456 $50,605
Sales and Office $37,493 $43,610 $37,739
Natural Resources,
Construction, Maintenance
$44,766 $49,106 $41,197
Production, Transportation,
Material Moving
$39,594 $41,482 $36,291
6
Residential Real Estate
Median Value of Owner-
Occupied Housing Units
(2017)
$176,038 $270,860 $184,700 7
Median Monthly Rents
(Gross, 2017)
$846 $1,077 $949 8
Median Annual
Residential Real Estate
Taxex Paid (2017)
$2,064 $2,974 $2,197 9
Median Home Cost as %
of Median Earnings (2017)
399% 491% 411% 10
Commercial Real Estate
Average Sales Rate PSF (All Properties Sold, 2018) Due to a wide range of diverse, submarket-specific factors that impact Lease Rates and Sale Prices, it is impossible to provide reasonably accurate Commercial Real Estate figures, when aggregated across multiple County boundaries. Please share some location specifics, regarding your site of interest. The professionals at ROCK Commercial are here to promptly assist with any cost and valuation questions you may have.

Click Here to Contact an Experienced Member of Our Brokerage Advisory Team.

Average Starting Lease Rate PSF (All Leases Signed, NNN, 2018)
Tax Rates
Corporate Net Income Tax 9.99% 8.25% 11
Business Inventory and Equipment Tax None Imposed and Collected by
Local Governments:2.4 – 2.8 %
12
Business Privilege and Mercantile Tax 0.2 % Privilege; 0.1 % Wholesale and
0.15 % Retail Mercantile
None 13
Personal Income Tax 3.07% 2 – 5.75% (Graduated Rate) 14
Realty Transfer Tax 1% 0.5% + County Tax (Typically 1%) 14
State Sales Tax 6% 6% 14
Footnotes
1 Source: Bureau of Labor Statistics (BLS). Not seasonally adjusted. The official definition of unemployment is people who are jobless, actively seeking work, and available to take a job.

The official unemployment rate for the nation is the number of unemployed as a percentage of the labor force / work force (the sum of the employed and unemployed).

2 Source: US Census Bureau, American Community Survey (in 2017 dollars). Median Household Income is defined as Income in the Past 12 Months – Income of Households: This includes the income of the householder and all other individuals 15 years old and over in the household, whether they are related to the householder or not. Because many households consist of only one-person, average household income is usually less than average family income. Although the household income statistics cover the past 12 months, the characteristics of individuals and the composition of households refer to the time of interview. Thus, the income of the household does not include amounts received by individuals who were members of the household during all or part of the past 12 months if these individuals no longer resided in the household at the time of interview. Similarly, income amounts reported by individuals who did not reside in the household during the past 12 months but who were members of the household at the time of interview are included. However, the composition of most households was the same during the past 12 months as at the time of interview.

The median divides the income distribution into two equal parts: one-half of the cases falling below the median income and one-half above the median. For households and families, the median income is based on the distribution of the total number of households and families including those with no income. The median income for individuals is based on individuals 15 years old and over with income. Median income for households, families, and individuals is computed on the basis of a standard distribution.

3 Source: Council for Community and Economic Research (C2ER). Published since 1968, the Cost of Living Index (COLI) has been the most consistent source of city-to-city cost comparisons available. The average for all participating places equals 100, and each participant’s index is read as a percentage of the average for all places. The Index does not measure inflation (price change over time). Because each quarterly report is a separate comparison of prices at a single point in time, and because both the number and the mix of participants may change from one quarter to the next, Index data from different quarters cannot be compared.

While the BLS Consumer Price Index (CPI) measures price differences in goods and services over time, the COLI Index gauges price differences in goods and services from place to place. In other words, the CPI provides a measure of inflation, while the COLI Index provides cost comparisons between different cities, based on a given moment in time.

4 Source: 2018 American Community Survey. Highest level of education achieved, for all people in the area, 25 years of age or older.
5 Source: Bureau of Labor Statistics (May, 2017) not seasonally adjusted. The total labor force / work force is the actual number of people available for work in a given region, which is the sum of the employed and unemployed. Wages do not include self-employed workers.
6 Source: 2017 American Community Survey. Median earnings from the high-level job categories shown. Earnings are regularly received salary, wages or net income from self-employment for people 16 years of age and older, before any tax deductions.
7 Source: 2017 American Community Survey. Median home values indicate how much a property is worth, including house and lot, mobile home and lot, or condominium unit, if it was for sale. Home value provides information about the affordability of an area, as well as the wealth of the people who live there.
8 Source: 2017 American Community Survey. The median monthly rental amount for a rental unit in the given area.
9 Source: 2017 American Community Survey. The median real estate taxes paid by owners of homes in the area.
10 Source: 2017 American Community Survey. How much a property is worth, including house and lot, mobile home and lot, or condominium unit, if it was for sale, as a percent of the median earnings for a worker in the given area.
11 Source: Pennsylvania Department of Revenue and Comptroller of Maryland.
12 Source: Maryland Department of Assessments and Taxation.
13 Source: City of Harrisburg, Dauphin County, PA.
14 Source: Pennsylvania Department of Revenue and Comptroller of Maryland.