MARYLAND AT A GLANCE

ECONOMY

[photo, Tugboat, Curtis Bay, Baltimore, Maryland]
  • High Tech Base
  • Maryland Business Express
  • Port of Baltimore

  • Department of Commerce
  • Maryland Department of Labor
  • Department of Planning

    • Tugboat, Curtis Bay, Baltimore, Maryland, August 2000. Photo by Diane F. Evartt.

    Employers

    Employment

    Income

    Manufacturing

    Origin

    Taxes

    Trade

    Workforce

    Maryland's economy continues to outperform the country as a whole. Information technology, telecommunications, and aerospace and defense are leading forces behind Maryland's economic growth. In the biotechnology area, Maryland is a noted leader and is at the center in the mapping of the human genome and commercial applications that result from its research.

    Maryland continues to invest in education in order to prepare the State for growth in sectors requiring highly educated workers. Maryland is poised to gain both defense and nondefense contracts for medical research, aircraft development, and security.

    As of May 2024, Maryland still retains its AAA bond rating. It is one of only fourteen states to achieve this highest award.

    In 2023, Maryland's Gross Domestic Product (GDP) was $512.3 billion, up from $480.1 billion in 2022. The largest sector in 2023 was government, followed by finance, professional and business services, social services, and construction.

    Several Maryland companies ranked among the nation's 500 largest companies in the annual Fortune 500 list in 2023. These include Lockheed Martin (60), Warner Bros. Discovery (118), and Marriott International (192). Others on the list include T. Rowe Price (537), McCormick (548), and Sinclair Broadcasting (754).

    Maryland's Eastern Shore was listed among National Geographic's "Best of the World 2022." The selections are based on five categories: adventure, culture, family, nature, and sustainability.

    In July 2021, Maryland ranked as the most improved state for business in CNBC's listing of America’s Top States for Business.

    Among Maryland cities, Baltimore significantly contributes to the State's economy. In May 2023, Baltimore was chosen as a Workforce Hub under a new federal initiative with the goal of creating good jobs for those in the local communities through hire agreements, apprenticeships, and other work programs. The Baltimore Workforce Hub will receive federal, state, and private-sector investments to improve transportation, particularly rail service through the Amtrak Frederick Douglass Tunnel, a vital part of the Northeast Corridor.

    [photo, Under Armour Global Headquarters, 1020 Hull St., Baltimore, Maryland] The IESE Business School at the University of Navarra in Spain ranked Baltimore no. 68 of world cities on its 2022 "Cities in Motion Index." The ranking was based on nine categories, including economy, environment, governance, mobility and transportation, technology, and urban planning.

    In July 2014, Fodor's Travel ranked Baltimore as one of the "World's 15 Best Waterfront Cities."

    Under Armour Global Headquarters, 1020 Hull St., Baltimore, Maryland, June 2019. Photo by Diane F. Evartt.

    HIGH-TECH BASE

    Maryland ranked as the sixth most innovative state in WalletHub's 2024 edition of "    Most & Least Innovative States." Two main areas, Human Capital and Innovation Environment, are analyzed using twenty-two metrics, including numbers of tech companies and Science, Technology, Engineering, and Math (STEM) professionals; research and development spending; and venture capital funding.

    According to CompTIA’s State of the Tech Workforce 2024 report, Maryland ranked 15th for net tech jobs in the total workforce with 228,266 workers, 8% of overall employment. There were some 15,683 tech businesses in Maryland. The tech industry contributes $37.8 billion, or 8.9%, to Maryland's economy.

    In October 2023, the Economic Development Administration of the U.S. Department of Commerce named the greater Baltimore region a federal Tech Hub. The region includes Baltimore City and its seven surrounding counties. The Administration's Regional Technology and Innovation Hubs program aims to expand manufacturing and investment in regions with high growth potential to make them globally competitive in emerging technologies. The Baltimore Tech Hub will combine artificial intelligence and biotechnology to develop and improve health care technologies.

    In its 2023 Innovation Scorecard, the Consumer Technology Association ranked Maryland tenth of "Innovation Champions".

    In 2022, Maryland ranked fourth in the Milken Institute's State Technology and Science Index for its ability to foster and sustain a technology sector, which is considered a major indicator in determining a state's economic health. The Index examines human capital investment; research and development inputs; risk capital and entrepreneurial infrastructure; technology and science workforce; and technology concentration and dynamism.

    In 2020, Maryland ranked fourth in the Information Technology and Innovation Foundation's State New Economy Index, which evaluates state economies on 25 factors, including economic dynamism, globalization, and innovation.

    The Bloomberg U.S. Innovation Index in 2019 ranked Maryland fifth in the nation. The Index evaluates states in six categories, including clusters of technology firms, patent activity, people with science and engineering degrees, productivity, research and development intensity, STEM employment.

    CSO United States, an IDG Communications publication, placed Maryland fifth in its 2019 list of Top 10 Global Cybersecurity Hubs.

    In 2015, Maryland was ranked third in the nation in "Innovation & Entrepreneurship" by the U.S. Department of Commerce in its annual Enterprising States report. Maryland ranked first for concentration of businesses and jobs in science, technology, engineering, and mathematics (STEM).

    Aiding the State's growth is the InvestMaryland Program, which is overseen by the Maryland Venture Fund Authority.

    Federal agencies located in Maryland have been a catalyst for the State's technology base. These include the National Institutes of Health, the National Institute of Standards and Technology, the National Aeronautics and Space Administration, Goddard Space Flight Center, and Department of Defense operations. Advanced technology enterprise is especially strong in telecommunications, computer sciences, and biotechnology.

    Innovations in Maryland's economy are bolstered by research parks which facilitate joint research among universities, State and federal government institutions, and private industry. These parks include: The Johns Hopkins Bayview Campus (life sciences research) in Baltimore; and Shady Grove Life Sciences Center (biomedical & life sciences research) in Montgomery County. Also significant are the Applied Physics Laboratory in Laurel and the Space Telescope Science Institute in Baltimore, both affiliated with The Johns Hopkins University. The research park and technology center at University of Maryland Baltimore County (bwtech@umbc) on the Catonsville campus opened in 1996 to support life sciences and high technology research, and high technology business development. In addition, the University of Maryland Baltimore County leads a consortium of universities and private sector companies to develop the Joint Center for Earth Systems Technology. Center faculty and staff collaborate with Goddard scientists in studying the earth's surface, atmosphere, and oceans.

    [photo, World Trade Center (a pentagonal building), 401 East Pratt St., Baltimore, Maryland]

    TRADE

    Located on the Eastern seaboard, Maryland is in an ideal location for trade. Accessible through the Chesapeake Bay and the Chesapeake and Delaware Canal, the     Port of Baltimore is the closest East Coast port to the Midwest. It is one of only two Eastern U.S. ports where the main shipping channel reaches a depth of 50 feet. The Port also links to several major interstate highways. Cargo leaving the Port of Baltimore by truck is within an overnight drive of one-third of America's population.


    World Trade Center (a pentagonal building), 401 East Pratt St., Baltimore, Maryland, February 2008. Photo by Diane F. Evartt.

    In 2023, Maryland exports were valued at $18.4 billion. Top export destinations included Canada, France, Netherlands, Germany, and Japan. Key exports included transportation equipment, coal, natural gas, chemicals, machinery, computer and electronic products, and fabricated metal products.

    Maryland's imports in 2023 were valued at $55.2 billion. These included autos, light trucks, sugar, gypsum, and farm and construction equipment. Maryland imported primarily from Germany, Japan, Mexico, Canada, and China.

    Maryland borders the District of Columbia (the nation's capital), and is within hours by land of New York, Philadelphia, and Pittsburgh. Nearly 90% of the State's population (6,203,394 in 2023) resides within the densely populated corridor between Baltimore and Washington, DC. The corridor is part of the Washington-Baltimore-Northern Virginia Combined Statistical Area, the third most populated such area in the nation.

    Four foreign trade zones (federally mandated, duty-free sites) are found in Maryland. They are located at the Collington Business Center near Bowie in Prince George's County (#63); near BWI Thurgood Marshall Airport in Anne Arundel County (#73); and Baltimore Harbor (#74); and seven sites in Washington County (#255). As of 2023, Maryland has 34 Enterprise Zones that offer economic or tax incentives for businesses.

    [photo, CSX coal freight train, Wagners Point, Baltimore, Maryland] Transportation Infrastructure. Maryland's transportation infrastructure wisely uses the State's location to support trade. Indeed, the Port of Baltimore, the Baltimore-Washington International Thurgood Marshall Airport, two primary class I rail carriers (CSX Transportation & Norfolk Southern), and several arterial interstate highways facilitate commerce.


    CSX coal freight train, Wagners Point, Baltimore, Maryland, September 2018. Photo by Diane F. Evartt.

    [photo, Grain silos, Wye Mills (Queen Anne's County), Maryland]

    Agriculture plays a vital role in Maryland's highly diversified economy. Of Maryland's nearly 8 million acres of total land area, some 2 million acres are farmland. In 2022, gross cash income from commodity (crop & animal) receipts and other farm-related work was approximately $3.8 billion, while net cash income was about $1.5 billion, or $124,112 per farm. Total production expenses were approximately $2.4 billion, or $194,864 per farm, while net farm income exceeded $1.5 billion, $124,132 per farm. In 2022, the cash receipts of all agricultural products totaled approximately $3.3 billion.

    Grain silos, Wye Mills, Maryland, September 2007. Photo by Diane F. Evartt.

    [photo, Oyster shells, Shady Side, Maryland] Commercial Fishing. In addition to agriculture, Maryland's commercial fishing activities in the Chesapeake Bay add a unique feature to its diverse economy. The harvesting of blue crabs, clams, and oysters are essential in the economic contribution of the Chesapeake Bay. The Bay provides half of the nation's blue crab harvest, and the seafood industry adds nearly $600 million to Maryland's economy.


    Oyster shells, Shady Side, Maryland, October 2011. Photo by Diane F. Evartt.

    [photo, Commercial building near Somers Cove, Crisfield, Maryland]

    Sources for this data and additional information about Maryland's economy are available from the Department of Commerce, and the Maryland Department of Labor. Socio-economic data about Maryland may be found through the Projections and State Data Center, Department of Planning. Regional economic data may be found at the U.S. Bureau of Economic Analysis.

    Maryland's plan to revitalize older developed areas and discourage sprawling development into the State's rural areas, is overseen by the Smart Growth Subcabinet.


    Commercial building near Somers Cove, Crisfield, Maryland, June 2018. Photo by Diane F. Evartt.

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