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The U.S. Labor Department's recent announcement that more than 240,000 U.S. jobs were cut last month did more than boost the national unemployment rate to a 14-year high. It provided us all with the most chilling example yet of the severity of the global economic downturn. Compounded by reports of historic sales losses and poor projections for the faltering U.S. automotive industry, there isn't much to boast about on the national economic front.

Maryland is certainly not immune, and we are continuing to be vigilant as this economic crisis continues. But, as has been the case during previous downturns, Maryland is not experiencing the job declines that are hitting most of the rest of the country. In fact, we continue to generate jobs, 29,000 since last September, and maintain one of the lowest unemployment rates in the country at 4.6 percent. We are continuing to benefit from our relatively high share of employment in professional services, education, government and health care. And, while manufacturing job losses continue to plague other states, Maryland's technology-driven, knowledge-based economy is well diversified across many sectors, providing additional stability in tough times.

Despite the impact from the national economy, we are continuing to move Maryland forward. Our business pipeline remains strong, and we are working with close to 100 companies, both small and large, that are looking to expand or locate in Maryland. These prospects have the potential to bring 1,800 new jobs and more than $2 billion in capital investment to Maryland. We are also seeing a tremendous surge in international business, with Maryland's export sector up 35 percent as of August, and on track to have another record year.

Since July, we have welcomed six new international companies to Maryland, proof that our aggressive efforts to attract foreign direct investment into the state are paying off. And, we are continuing to make smart investments in our future, like the $1.3 billion BIO 2020 initiative, that will keep Maryland strong for generations to come by attracting and growing biotechnology companies in the state.

While Maryland continues to outperform many of its neighbors and the national average in job growth and unemployment, this is not to say that we won't face our share of economic challenges in the months ahead. Preliminary reports from Maryland's Department of Labor, Licensing and Regulation show the number of initial unemployment claims in the third quarter up about 44 percent over last year's levels. Coupled with falling housing prices, lack of available credit and reduced consumer confidence, the road ahead will surely be bumpy.

However, all Marylanders should find some comfort in knowing that, despite the doom and gloom from Wall Street, Maryland is weathering the economic storm better than most states and that the state is making the right investments now to grow our diverse, resilient economy, expand our highly skilled workforce and improve Maryland's position in the global economy.

David W. Edgerley is secretary of the Maryland Department of Business and Economic Development.