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Maryland Survey of Business Activity

March 27, 2025

Reports of business activity from Maryland firms softened in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The general business conditions index decreased from −4 in February to −15 in March. Meanwhile, the forward-looking index fell notably from 19 to −19 in March. The current sales index edged down from 11 to 7 in March, while the forward-looking index decreased but remained solidly in positive territory.

The employment and wages indexes were unchanged at 4 and 22, respectively, in March. Meanwhile, the forward-looking wages index increased to 59. The index for the availability of workers with the necessary skills decreased to −7 in March, while the corresponding forward-looking index rose from −11 in February to 4 in March.

On average, year-over-year growth in prices paid and price received increased notably. Firms expected growth in prices, especially growth in prices paid, to increase further over the next year.

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Past Reports

Feb. 27, 2025
Business Activity in Maryland Remained Soft in February
Jan. 30, 2025
Business Activity in Maryland Remained Soft in January
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Regional Survey Team