When it comes to finding a job, military veterans fare better in Maryland than in most states.
According to the U.S. Department of Veterans Affairs, an estimated 435,000 veterans make their home in Maryland and a total of 21.1 million in the United States. The veteran population in Maryland is 89 percent male and 11 percent female with an average age that is older than the general population. Nearly 70 percent of the veteran working-age population is over 55; meanwhile, 30 percent of the overall veteran population is over 55.
The economic situation of veterans varies by state, however, the overall rate of unemployed veterans remains lower than that of the general population. Veteran unemployment across the country ranges from a low of 2.1 percent in North Dakota to 10 percent in New Jersey. Maryland, along with a handful of other states, has one of the lowest rates of unemployed veterans at 5.3 percent.
As the veteran labor market mirrors overall economic conditions, it is unsurprising that the largest spikes in the veteran unemployment rate happened in the aftermath of the 2008 financial crisis. Since then, the unemployment rate has declined as the economy recovers.
In 2012, Maryland’s unemployment rate stood at 5.3 percent for veterans and 6.8 percent for the general population. Unemployment numbers have been relatively low compared to the general unemployment rate 2003 through 2008. The rate then increased for another year before starting to fall again. This recent positive trend underlines the story of Maryland’s overall economic recovery and improving job market, which by August of 2013 had recovered 100 percent of the jobs lost during the recession period.
– Courtesy of Maryland Department of Business & Economic Development