The first edition of The Annapolis Economic Development Corporation's State of the Annapolis Market focuses on employment and real estate within the city between January-September 2013.
Among the findings highlighted in the report is that 55 percent of jobs within the city are held by women.
The city's unemployment rate of 5.8 percent is also lower than the county and state estimates of 6.2 and 7.0 respectively.
“Annapolis fared well in the first three quarters of 2013, and we continued to see investment within our community throughout the entirety of 2014,” said Lara Fritts, President and CEO of the Annapolis Economic Development Corporation. “We continue to do well as an employment base."
Other findings of the report include:
- During the first three quarters of 2013, the retail vacancy rate on Main Street was one percent.
- The number of commercial and residential properties increased in 2012, but the assessed value decreased from 2011. The number of tax exempt properties in the City grew from 418 2011 to 429 in 2012.
- Retail vacancy rates in Q3 of 2013 were at 7.8 percent the same as it was during 2012 – which was a record six-year low.
- Transportation and maintenance was the big winner gaining the most in consumer spending.
- Office vacancy rates grew slightly in late 2013 due to the completion of new office building space on West street in anticipation of rising demand. Office rental rates are lower in Q3 2013 at $23.74 versus Q3 2012 which was $25.77 per square feet.
- The Maritime Industry in Annapolis continues to be a economic driver employing more than 3,193 persons.
- Nearly 26.7 percent of city residents have a bachelor’s degree or higher.
- First Annapolis Consulting moved its headquarters to Annapolis and brings more than 70 jobs into the community.