Last week the Chamber hosted the State of the County luncheon and address by the Board of County Commissioners. This week our department briefed the Commissioners on the state of the local economy in preparation for the annual county budget process. Some of the information has already been reported as new information from the 2010 decennial census continues to be released. We reviewed status and trends in population, income, employment, and development.
A few weeks ago we discovered that St. Mary’s County ranked 4th in the entire nation out of some 2,000 counties in fastest median household income growth between 2007 (before the recession) and 2010. At 20.1% and an absolute increase of almost $15,000 to $88,444, we trail three smaller college town counties in income growth. Monongilia County, WV, home of West Virginia University in Morgantown; Muskogee County, OK, a former Indian territory, thus Bacone Indian College; and Scioto County, OH, home of Shawnee State University, share this attribute which we’ve learned of late is good insurance during recessionary times. To our benefit, the quality of defense-related jobs tends to be better. Our median household income is more than twice each of these three counties. Note that during this same period the state and nation both experienced declines in real median household income. In fact, incomes are at their lowest points nationally and statewide since the high water mark in 1999. Locally this last decade, our county incomes are ahead by 59% while Leonardtown lead all jurisdictions with a 72% growth in incomes.
Why this is of course is the blessing of more than 10,000 jobs created at NAS Patuxent since the BRAC rounds of the 1990s. These jobs have multiplied twice over or more in related products and services occupations outside the fence line.
Overall, the state of the local economy is relatively strong. Maryland’s First County continues to earn this title for more than historic reasons. Not only do we lead the state in income growth rate, but also in population growth rate. We rank in the top tier of counties in lowest unemployment rates. We have an entrepreneurial climate that finds more women business owners per capita than most places in the country. We have great schools at the primary, secondary, and higher education levels. We award pre-school diplomas and PhD degrees.
At the same time, our economy is slow. As it is everyw
