View this email online. | Subscribe to our e-pubs!

You're receiving this email because of your relationship with the Maryland Department of Business and Economic Development. If you no longer wish to receive our emails, update your preferences.

S E P T E M B E R 2 2, 2 0 1 1

MD Inc. 5000 firms create 20K jobs
Learn more.

Third in biotech strength
Learn more.

State adds 1,200 construction jobs
Learn more.

Governor Hosts ExecConnect; Honors GEICO
Gov. O’Malley honored GEICO CEO Tony Nicely with a citation for 50 years of service (left) and joined Maryland Economic Development Commission members at the inaugural ExecConnect, an executive level open discussion about industry and economic issues. With corporate headquarters in Chevy Chase, GEICO employs 2,300+ workers in Maryland and 24,000 worldwide. Financial and professional services are the state’s largest industry sector with 41,000 businesses employing more than 400,000 people. Proximity to New York City and D.C.’s industry regulators offer business leaders access to major policy and decision makers.

MD Inc. 5000 Firms Created 20,000+ Jobs
Firms in Inc’s list of the 5000 fastest growing private companies, measured by three-year revenue growth, added an average of 87 new workers per company from 2007 to 2010. Maryland was the 5th largest job creating state with 20,074 jobs generated by Inc. 5000 companies over the past three years. State companies adding the most jobs included Presidio, a Greenbelt network solutions company and Thompson Creek, a Lanham window manufacturer and installer. The average company on this year's list grew 10 times faster than the economy.

Third in Biotechnology Strength
In the 2011 Business Facilities Rank ing Report, Maryland surged from 9th to 3rd in biotechnology strength. The ranking is based on R&D and venture capital investment, employment, incentives, facilities, patents and higher education. Maryland also ranks first in education climate, fourth in average wages, and seventh in

workforce health and safety.

D.C., Balt. Tops in Educated Workers, Job Creation
Washington, D.C. ranks first for potential job creation and Baltimore 14th among the 100 largest U.S. metropolitan areas, according to the Brookings Institution. The ranking evaluates the gap between the level of education required by an area’s industries and the education of the area’s workforce, and finds that Washington and Baltimore are among metros with the best blend of educated workers and resilient industries to create new jobs. Health care services is an example of a resilient industry that fared relatively well from 2007 to 2009.

Transportation Investments Generate Returns
Maryland is one of just five states leading the way in tracking how transportation system investments are advancing policy goals and creating a strong return for taxpayers, according to a transportation report by the Pew Center on the States and the Rockefeller Foundation. State transportation systems are essential to shortand long-term economic growth. DBED analysis shows that every $1 million investment in state projects creates an average of 7.3 construction jobs. Maryland spent an estimated $3.37 billion on transportation in fiscal year 2010, including federal funds.

Obama’s Economic Plan Could Add 20K MD Jobs
President Obama recently addressed the nation to promote the American Jobs Act, a plan to spur job growth. Consolidated White House and DBED estimates indicate that the teacher, police, firefighter and construction portions of this plan alone would create, support or preserve almost 20,000 Maryland jobs, including roughly 13,700 construction jobs and 6,000 teacher or first responder jobs [Table 1]. The plan would also give employers hiring the long-term unemployed a $4,000 tax credit per hire and extend expiring federal unemployment benefits. Read more...

Gov’t, Construction, Manufacturing Lead Sectors
Leading Maryland sectors showing growth in August included local government (6,600), construction (1,200) and manufacturing (600). State job levels (seasonally adjusted) fell by 2,500, for a 0.1% rate of loss. Maryland would most likely have gained jobs except for a two-week strike at Verizon. Maryland’s unemployment rate (seasonally adjusted) rose by 0.2 percentage points to a year-high 7.3%. This increase is part of a regional trend, as unemployment rose in both Virginia and D.C. They have experienced their highest unemployment rates in six months and 20 years, respectively. Read more... TechCouncil of MD CyberMaryland

Economic Outlook Conference
Nov. 9 | Towson University Hear the economic forecast for the region presented by Towson University’s Dr. Daraius Irani including discussion on the impact of the 2010 Census on Maryland's economy. Learn more.

Forum Sept. 28 | Hanover, MD
The forum is open to anyone with an interest in the cyber security industry. The content will cover the latest developments in the state’s initiative to be the “Epicenter for Information Security and Innovation” and other hot topics in the cyber security industry. Learn more.

2nd Annual BRAC, Cyber, & Ft. Meade Summit Sept. 29 | Hyatt Regency
We are proud to bring Baltimore our Second Annual BRAC, Cyber, and Ft. Meade Summit! Join us to hear our experts discuss where BRAC stands, what’s hot with cyber, and what’s going on at Ft. Meade. Learn more.

Bonus Bulletins + Read and subscribe to our MDbiz Media blog + MPT State Circle Interview with DBED Secretary Christian Johansson [video] + Expanding MD businesses created 140 jobs, invested $67M in August + BWI posts its best month ever + Port of Baltimore tops for auto cargo in first half of 2011 + Maryland housing sales up again in August + Takoma Park coffee company is among first ‘benefit corporations’ in state

Economic Pulse Archive

Sign up to vote on this title
UsefulNot useful