Household Budget Expenditures

(Billions 2012$)

Trends 2012-2023
Household budget expenditures increased by over 13% from 2012 to 2023. ​Household budget expenditures have grown steadily, with the exception of a sharp decline from 2019 to 2020 caused by the COVID-19 pandemic, followed by a significant increase in 2021 from stimulus payments. Since 2021, household budget expenditures have slightly​ declined.

Calculation

Household Budget Expenditures for the State of Maryland were taken from the Bureau of Economic Analysis Personal Consumption Expenditures by state and are representative of the total household expenditures in any given year. This is the starting point for measuring well-being in Maryland, with subsequent costs or benefits adding or subtracting to this basic measure of spending. ​Household Budget Expenditures are adjusted for inflation. Personal Consumption Expenditure data includes services that are provided to households by nonprofit institutions, calculated as the gross output of these nonprofits less their sales to households. These services are deducted from Household Budget Expenditures since the value of libraries and art institutions is calculated in Services from Human Capital.

What are we measuring?

Household budget expenditures are the sum of everything we spend money on, including food, shelter, schooling, and entertainment. This is the starting point from which we measure well-being; the other indicators serve to either increase or decrease the base spending at the household level in Maryland.