Economic growth comes to places where discovery is put to work. Entrepreneurship incompanies of all sizes, ages, and industries is the engine of this translation. Innovation
new products, new processes, and new ways of doing things
drives company competitiveness and expansion. Fast growth companies of all ages are responsible for the majority of job creation.
At the beginning of the second decade of the 21
century, U.S. and global economies are slowlyemerging from a profound recession. There is debate as to what the next several years will bring: asustained trough of low growth, a double-dip, or a surprisingly robust rebound. Maryland has been
spared the worst of the recession’s impact, yet of course is inexorably tied to a global eco
nomy. How dowe best position the state? Based on its conversations with businesses across the state and analysisconducted specifically for this process, the Maryland Economic Development Commission has developedan economic development strategy for the next several years. The Commission spent over a year
organizing “town hall” type meetings and
hearing from residents and businesses across the state. Weexamined a variety of data and information to gauge the state
’s performance and prospects
. Ourconclusion: Maryland enjoys attributes that have served as a bulwark against the worst ravages of therecession, and much more to the point of this strategic plan, provide the basis for meaningful growth
and prosperity ahead. The commission’s focus in this plan is to “connect the dots” between government
and business, among diverse state assets, and among regions. Our aim is to foster and encourage arobust entrepreneurial climate in Maryland.
MD economy snapshot
2010 2011 2012 2013 2014
Personal income growth projection
2.9% 5.6% 5.1% 7.2% 6.6%MD unemployment rate
7.4% 7.3% 6.5% 5.9% 4.8%Net migration (000):
28.4 21.3 2.9 -2.7 -4.0Single-family permits
9,309 19,702 20,132 28,865 29,859House Price Index (1980Q1=100)
433.9 417.4 420.9 435.4 461.9Median household income:
vs. $49,777 US (
Source: Census, 2008)
Source: Moody’s Analytics January 2011
Most current indicators, such as unemployment and personal income growth, show Marylandoutperforming national rates. Indicators such as net migration and housing permits and price indexsuggest steady improvement for the State by 2013.
Acknowledging the significance of a broad set of factors affecting Maryland’s future, t
his documentcannot and does not cover every salient issue connected with economic development. We haveorganized the content of this plan on the premise that Maryland has a technology-driven economy, andfocused on four leading strategies that build on our strengths. These four resonated most strongly withthe Commission, and grew out of its meetings with businesses and citizens around the state.