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Maryland is the 41st Best State for Business 2014

Maryland is considered a “top 5” state for biotech. The state counts more than 33,000 bioscience jobs and more than 1,800 enterprises specializing in research and pharmaceuticals. Its drug and pharma sector has grown by 37 percent since 2001.

Previous State: Rhode Island Next State: Pennsylvania

No. 41 Maryland

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 0.0
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -0.1

Unemployment

  • Unemployment Rate Dec. 2013 %: 6.1
  • Comparison with Nat’l Rate (6.70%): -0.6

Domestic Migration

  • Domestic Net Migration 2013: -8,525
  • Rank: 40

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 4,543
  • State & Local Gov’t Employees per 10k Residents: 535.2

State-Local Tax Burden

  • Rate (%): 10.2%
  • Compared to Nat’l Avg. (9.9%): 0.33%
Key Companies
  • Lockheed Martin
  • Constellation Energy
  • Marriott
Development Trend Indicator: Negative
Push for minimum-wage boost and paid family leave unsettles businesses.
CEO Comments
“I worked in Harrisburg PA. for most of 2013. There was a lot of opportunity, but the competition was challenging. I have worked in MD for the last four months and have had a lot of success. NY does not appreciate small business. NY punishes well-run businesses and rewards only very large, well-connected businesses. Businesses are punished for growing and hiring workers.” 

“Maryland is bad for business because it over-regulates and over-taxes. They think if you make money you then need to give it all back to those who should be better educated so that they can earn a better living.”


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

About JP Donlon

JP Donlon is the Editor-in-Chief of Chief Executive magazine.