3.06 out of 10 in Taxation and Regulation
6.38 out of 10 in Workforce Quality
6.38 out of 10 in Living Environment
An Urban Development Story
Baltimore is home to one of the largest urban economic development projects underway in the country. Port Covington is a $5.5 billion waterfront development that will serve as the new headquarters for Under Armour and will feature offices and manufacturing space. Construction is slated for the end of 2017 and, once completed, will reportedly create more than 26,000 jobs and have a $4.3 billion annual economic impact.
From the Governor
“Saying we are ‘open for isn’t just a catchy slogan on road signs….We said we were going to help our businesses grow, put more Marylanders to work and turn our economy around, and we have been doing exactly what we said we would do.” —Gov. Larry Hogan
Aerospace, Biotech, Construction, Education, Energy, Environmental Tech, Finance & Insurance, Healthcare, Hospitality & Tourism, I.T., Logistics, Manufacturing, Retail
T. Rowe Price
Maryland Economic Development Assistance Authority and Fund (MEDAAF): Offers below market, fixed-rate direct assistance to high-growth companies locating or expanding in priority areas.
Job Creation Tax Credit: Offers state income tax credits of up to $1,000 per job for businesses that create a minimum number of new, full-time positions in revitalization areas.
Economic Development Opportunities Fund (Sunny Day): Offers financial support for extraordinary economic development opportunities that create and retain employment and require significant capital expenses.
More Jobs for Marylanders—Manufacturing Tax Credit: Offers tax incentives tied to job creation for a 10-year period and encourages additional investment through accelerated and bonus equipment depreciation.
Maryland Economic Development Commission: commerce.maryland.gov/commerce/boards-and-commissions/economic-develop- ment-commission
Maryland Economic Development Association: medamd.com
Maryland Economic Development Corp.: medco-corp.com
Economic Alliance of Greater Baltimore: greaterbaltimore.org
Highlighted Program or Initiative
EARN Maryland invests in strategic industry partnerships from key sectors to coordinate across education, workforce and economic development initiatives to train skilled workers.
- Marriott International announced in October 2016 plans to relocate its global headquarters to a $600 million state-of-the-art facility in Bethesda as a home for more than 3,500 employees.
- Under Armour announced plans in August 2016 to hire 1,000 additional employees and open a $174 million, 1.3 million-square-foot distribution facility in Sparrows Point.
- Amazon announced plans to open an 855,00-square-foot regional distribution center in Baltimore and hire more than 1,500 new employees.
- Global retailer Lidl announced in August 2016 it would create 100 new jobs at a $100 million regional headquarters and distribution center to be constructed in Cecil County.
12 Fortune 500 companies headquartered in state, including:
Black & Decker Ciena
Johns Hopkins Medicine
“Marriott has been headquartered in Montgomery County, Maryland, for more than 60 years, and we intended to remain close to our roots….After a comprehensive review of many excellent options in Washington, D.C., as well as Arlington and Fairfax counties…[we] narrowed our search to downtown Bethesda, an area which offers multiple sites that meet our priority needs.” —Arne Sorenson, CEO, Marriott
“We selected Cecil County not only because it offers a central location for our distribution network, but also because it will be a great place for our employees to work and live.” —Brendan Proctor, President and CEO, Lidl U.S.
“We’re investing in our future and the 2U team with a new, state-of-the-art facility that will match our unique corporate culture. With the assistance of the Maryland Department of Commerce and Prince George’s County, our new headquarters will support our growth.” —Chip Paucek, CEO and co-founder, 2U