CEO Guide to Site Selection

#32

Maryland

CEO Rank on Best & Worst States for Business

NEW LIFE SCIENCES IN THE OLD LINE STATE

Maryland continues to attract bio health and life sciences companies with big announcements by TCR2 Therapeutics, Ellume and Vigene in the past year. The state is now expanding its pandemic recovery by doubling down on its Opportunity Zones. Gov. Hogan says the state’s 149 zones are the most competitive in America and have already received more than $33 million in equity investments. The state is now striving to expand opportunities with more workforce training in the Appalachia region.

“A skilled workforce is essential to attracting private sector investment. One of our top priorities is the development of a highly competent and well-educated workforce. Our administration has provided a blueprint for an effective and efficient workforce system across the state, focused on collaboration among state agencies, effectively leveraging resources and providing opportunity for all jobseekers, including a new generation of workers through education and apprenticeships.”
Larry Hogan
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

No

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Advantage Maryland: Offers a variety of grants, loans and investments to support economic development initiatives.

Job Creation Tax Credit: Offers an income tax credit of up to $3,000 per new job to businesses that create at least 60 full-time jobs. Credit increases to $5,000 for location in a revitalization area.

Small, Minority and Women-Owned Business Ac- count VLT (Video Lottery Terminal) Fund: Offers loans from the proceeds of video lottery terminals to assist small, minority and women-owned businesses across the state.

Biotech/Cybersecurity Investment Incentive Tax Credit: Offers an income tax credit to investors who invest in a qualified Maryland biotechnology or cybersecuritycompany.

ExportMD Program: Offers up to $5,000 in reimbursement for expenses associated with international marketing projects for small and mid-sized businesses.

EDCs

Maryland Economic Development Commission
commerce.maryland.gov

Economic Alliance of Greater Baltimore
greaterbaltimore.org

Ann Arundel Economic Development Corporation
aaedc.org

Montgomery County Economic Development Corporation
thinkmoco.com

HIGHLIGHTED PROGRAM OR INITIATIVE

The Maryland Soft Landing Program aims to match international prospects with local incubators throughout the state. It provides international companies an opportunity to test out new markets at an affordable rate with access to business resources, educational programs, mentors, advisors and networking events.

BIG DEALS

  • TCR2 Therapeutics announced a new cell therapy man ufacturing facility and 175 new jobs in the Shady Grove Life Sciences Center in Rockville.
  • Vigene Biosciences announced in February 2021 an expansion and 245 new jobs in Montgomery County.
  • Capital Electric announced in April 2021 a new office in Prince George’s County which will add to existing workforce of 230 associates in the state.
  • Global biotech company Ellume announced in May 2021 a $231 million manufacturing facility and 1,500 new jobs in Frederick.
  • Penguin Random House announced in August 2021 a second distribution center and 150 new jobs in Carroll County.

BIG COMPANIES

Five Fortune 500 headquarters in the state:

  • Lockheed Martin
  • Marriott International
  • Rowe Price
  • Sinclair Broadcast Group McCormick