Economic Insights: Montgomery County’s 2023 Employment Estimates

In recent news, the U.S. Bureau of Labor Statistics (BLS) released its preliminary estimates for county employment in 2023 through its Quarterly Census of Employment and Wages (QCEW) program. This program relies on employer reporting to state unemployment insurance agencies to calculate employment, establishments, and wages paid by industry, state, and county. As a journalist, I will be analyzing this data to gain insights into the economy of Montgomery County and compare it with its competitors.

To begin my analysis, I will ask three crucial questions: How did we perform last year? How do we compare to the pre-pandemic era? What are the long-term trends? These questions will be applied to four specific data series measured by the QCEW program: total employment, private employment, establishments, and wages paid.

It is important to note that the data from the QCEW program comes from employers and applies only to their payrolls. It does not measure non-employment income or non-payroll work such as self-employment. While Montgomery County excels in proprietors and proprietor income in the D.C. region, this data does not capture that information accurately. The U.S. Bureau of Economic Analysis measures proprietor activity, non-employment income, and gross domestic product by county but with a lag period.

Furthermore, it is essential to understand that these estimates are preliminary and subject to revision. Past revisions have not significantly altered long-term trends.

As I continue my analysis of Montgomery County’s economic performance in Part Two of this report, I will delve deeper into these questions and quantify relative performance across time periods.

Overall, while Montgomery County’s economic fortunes did not drastically improve last year compared to previous years, there were some positive developments in certain measures and time periods. Neighboring jurisdictions also faced economic challenges with one experiencing a significant downturn.

Stay tuned for more details on how Montgomery County compares against other counties in terms of economic performance in Part Two of this report!