From the Governor
“We cleared away the table of regulatory undergrowth and paved the way for historic economic growth and record job creation. More businesses are open and more people are working than ever before in the history of our state, and we have had one of the best economic turnarounds in America.” —Gov. Larry Hogan
Prosperous Times in the Free State
A July 2019 report by USA Today ranked the Free State one of the top state economies in the nation, based on its five-year GDP annual growth rate, unemployment rate and percentage of adults with at least a bachelor’s degree. Under Armour is currently constructing its new headquarters at Port Covington while Volvo, Amazon, and Smithfield Foods have all invested in new projects in the state in the past year
Advantage Maryland: Offers a variety of funds, grants, loans and investments to support economic development initiatives for business attraction and retention, infrastructure support and brownfield development.
Job Creation Tax Credit: Offers an income tax credit of $3,000 per new job to a business that creates at least 60 full-time jobs. Credit increases to $5,000 per job for a minimum of 25 jobs if the business locates in a revitalization area.
Small, Minority and Women-Owned Business Account–Video Lottery Terminal Fund: Offers loans from the proceeds of video lottery terminals to assist small, minority and women-owned businesses in targeted areas.
Partnership for Workforce Quality: Offers matching training grants and support services to improve the competitive position of small and mid-sized manufacturing and technology companies.
ExportMD Program: Offers up to $5,000 in reimbursement for expenses associated with an international marketing project that promotes Maryland’s small and mid-sized businesses.
Maryland Department of Commerce: commerce.maryland.gov
Economic Alliance of Greater Baltimore: greaterbaltimore.org
Montgomery County Economic Development Corporation: thinkmoco.com/communities/silver-spring
Anne Arundel Economic Development Corporation: aaedc.org
Highlighted Program or Initiative
Maryland is one of the first states to expand the federal Opportunity Zones program by passing additional incentives that can be “stacked” on top of the federal incentives. Businesses can receive a 10-year tax credit for each job created by a company that locates or expands in a Maryland Opportunity Zone. These companies will also be eligible for an additional $6 million in tax credits, have 100% of their state property taxes exempted and have all business recording, filing or special fees waived.
- Amazon.com hosted the grand opening of its fourth Maryland Facility in August 2018. The $225 million project employs more than 2,000 people.
- Cybrary announced plans in November 2018 to create 200 jobs and open a 25,000-square-foot facility in Prince George’s County.
- Floor & Décor announced in January 2019 it will create 150 jobs at a new 1.5 million-square-foot distribution center in Baltimore County.
- Smithfield Foods announced in April 2019 it will create 240 jobs at a new 420,000-square-foot distribution center in Cecil County.
- Volvo Group North America announced in July 2019 a
$43 million expansion and 85 new jobs at its powertrain plant in Hagerstown.
12 Fortune 500 companies headquartered here:
Host Hotels & Resorts
McCormick & Company
T. Rowe Price
Sinclair Broadcast Group
“We are proud to become part of the business community in Maryland, a location that provides strategic advantages for our business and improves our ability to provide high-quality product to our customers and consumers.” —Kenneth M. Sullivan, President and CEO, Smith- field Foods
“We continue to find [innovation-minded people] right here in Maryland and we are proud to expand our operations in a place that we’ve called home for nearly 110 years. The state of Maryland and Baltimore County have been strong partners throughout this expansion process, and are working hard to help our innovative, high-performing company grow in Maryland.” —Jeff Ansell, President of Global Tools and Stor- age, Stanley Black & Decker