ECONOMIC DEVELOPMENT IN MARYLAND
Economic Development in Maryland is a stated goal of the State Government. Since 1984, Maryland has offered coordinated services to businesses for the purpose of expansion, modernization and retention of Maryland businesses. Developing vacant or unused industrial sites is one goal. Developing property through the State is also a long term goal to facilitate and encourage private development.
High Tech is hot in Maryland
The State of Maryland purchases and develops property which is leased to businesses under favorable terms. Expanding, modernizing and business retention is facilitated through the Maryland Economic Development Corporation. Corporations borrow money and receive bonds from the Corporation.
ECONOMIC DEVELOPMENT OF THE REGION
Maryalnd is strategically located for trade and is in close proximity to
other vital markets of the District of Columbia,
New York, Philadelphia and Pittsburg, which together include 90% of the
area population.
Maryland also is a partner in four foreign trade zones, duty free sites. These sites are located in the Collington Business Center near Bowie in Prince George's County, near BWI Thurgood Marshall Airport in Anne Arundel County and the Baltimore Harbor, in Baltimore City. Maryland 29 of these State Enterprise Zones, all serving to reduce costs and tariffs to business development. Business tax incentives help Maryland businesses grow.
MAJOR BUSINESSES IN MARYLAND
Maryland consistently outperforms many geographical areas in the US. By
providing a good investment climate
for businesses, Maryland has attracted new businesses in the fields of
biotechnology, software development
and applications, defense contractors, security related companies and other
businesses serving the Department
of Homeland Security.
Maryland maintains an AAA bond rating and the Maryland stock index has grown approximately 50% yearly.
MARYLAND WORK FORCE
The Maryland work force is one reason companies are attracting to investing
in Maryland's economy.
Maryland ranks first in the percentage of professional and technical
employees with over 200,000
professional, scientific and technical services industries. Maryland's
work force is highly educated.
Maryland ranks first among the states in the percentage of professional and technical workers (25.1%) in the workforce with 200,000 workers employed in professional, scientific and technical service industries.