As we look back on 2025, the Greater Annapolis market is settling into a more measured phase. The data reflects a transition away from rapid expansion toward normalization, with steadier labor conditions, more intentional consumer behavior, and increased selectivity across commercial real estate sectors.
In our latest Thomas Park Q4 Market Report, we break down what this recalibration means across labor, consumer trends, and commercial real estate activity.
Anne Arundel County ended the year with unemployment near 3.9 percent. Labor conditions remain healthy, with employers hiring selectively.
Consumer behavior has turned pragmatic. Holiday traffic remained healthy, while purchasing decisions skewed toward value. Shoppers traded down, and retailers relied more heavily on promotions to preserve unit volumes, compressing margins. The consumer remains employed and increasingly price sensitive.
Demand remains present, but more carefully allocated. Markets tied to necessity, convenience, and experience continue to capture spending. Entering 2026, the Greater Annapolis economy has moved into a rational pause following a period of unusually rapid growth.