Maryland Jobs Recovered Since Great Recession Bottom
Maryland Unemployment Rate
National Unemployment Rate
Maryland Job Growth Since Post Recession Bottom
Maryland vs National Unemployment Rate
In-State Renewable Energy Generating Capacity (Actual and Projected)
Are We Meeting Our Goals?
According to the most recent report from the Bureau of Labor Statistics on April 18th, Maryland gained 2,300 jobs in March. In addition, February's estimate was revised upward from a loss of 600 jobs to an increase of 1,000. To date, Maryland has gained 138,600 jobs since employment bottomed out during the recession in February 2010. The State has recovered 93.6 percent of the 148,000 jobs it lost during the economic downturn and is still on track to reach the Administration's jobs goal. Maryland's private sector has grown by 10,900 jobs in the past year, and the number of unemployed Marylanders has declined for nine consecutive months. The unemployment rate in March was 5.6 percent, which is the lowest rate since November 2008. The April state employment report from the BLS will be released in May 16, 2014.
Maryland continues to be one of the nation's leaders in providing education and opportunity in the modern economy. According to a recent study by Pew Center for the States, Maryland is one of the top three states in the country for upward economic mobility. The U.S. Chamber of Commerce ranks Maryland #1 for entrepreneurship and innovation and the Milken Institute ranks our State #1 in research and development per capita. The nonpartisan group, The States Project, says we're #2 for economic opportunity, and the Information Technology and Innovation Foundation ranks us among the five states best positioned to succeed in the new economy.
Actions Taken Towards Goal
- In 2013, the Department of Business and Economic Development (DBED) successfully recruited Amazon to Baltimore. The company will build a 1-million-square-foot distribution center in Southeast Baltimore, creating over 1,000 middle class jobs. The new distribution center is expected to open in late 2014.
- The O'Malley-Brown Administration launched InvestMaryland in 2012, the largest venture capital investment initiative in Maryland's history. Through an online tax credit auction, InvestMaryland raised $84 million to reinvigorate the State-run Maryland Venture Fund (MVF) and build a pipeline of venture capital to support the growth of young Maryland companies in biotechnology, cybersecurity, e-commerce, and other high-growth industries. Invested by the MVF and the State's private venture capital partners, those dollars can leverage up to 5 to 10 times that amount in private equity dollars, or roughly $420-$840 million.
- DBED also launched the InvestMaryland Challenge in 2013, the State's national business competition that awards prizes including cash grants, office space in incubators, and other business services to startup companies. Throughout the Challenge, participants are provided numerous networking opportunities with potential investors, partners, and customers. Maryland's focus on public and private funding for early stage companies helped increase venture capital investment in Maryland companies by 63 percent in 2013.
- The O'Malley-Brown Administration created BioMaryland 2020, a strategic plan to grow Maryland's life sciences industry with $1.3 billion in structured, strategic investments over 10 years. The strategy included the opening of the BioMaryland Center (BMC) in 2009, which serves as a "one-stop" portal to Maryland's vast array of programs and resources for bio companies and investors. Through the Biotechnology Investment Incentive Tax Credit, which was expanded to $10 million in FY2013, $55 million in credits have also been issued to help more than 65 companies raise nearly $110 million in private funding.
- Tourists spent roughly $14.9 billion in Maryland last year according to the Office of Tourism Development. Visitor spending has increased by at least four percent in each of the past three years, and the tourism industry now employs more than 135,000 Marylanders. The O'Malley-Brown budget for FY2015 makes record investments in tourism and the arts to support this growing industry.
- DBED and the Economic Alliance of Greater Baltimore (EAGB) selected five companies to participate in Advance Maryland in 2013. The program helps second-stage companies move beyond the startup phase by providing them with a network of highly skilled research specialists who can offer strategic advice on growth development and job creation.
- Maryland's Film Tax Credit has helped attract the Emmy award-winning HBO series "VEEP" and the hit Netflix series "House of Cards" to Maryland. Since the program began in 2011, roughly 2,500 Maryland crewmembers, cast, and extras have earned jobs, and approximately 6,000 businesses have been positively impacted by the tax credit. The Governor's proposed FY2015 budget invests $11 million in the tax program next year.
- The O'Malley-Brown administration expanded the Research and Development Tax Credit in 2013 to $8 million. Created in 2000, the R&D Tax Credit encourages companies in high-growth industries to keep high-paying jobs in Maryland.
- Governor O'Malley and representatives from DBED went on three trade missions in 2013 to the Middle East, Paris and Ireland, and Central and South America. Trade missions help expand business opportunities for Maryland companies abroad and promote the value of opening a business in the State. DBED also established three new foreign trade offices last year in the large and growing markets of Brazil, Nigeria, and the United Arab Emirates.
- Read the 2013 delivery plan to achieve the State's jobs goal.
How Can I Get Involved?
- Access the Maryland Workforce Exchange and use its tools to find employment.
- Visit one of Maryland's nationally recognized One Stop Career Centers to use state-of–the-art technologies to find a job match.
- If you are a veteran, use the Mil2FedJobs site or meet in person with a veteran representative at a One Stop Career Center.
- Become an apprentice or an apprenticeship sponsor through the Maryland Apprentice and Training Program.
- Find out more about starting a business in Maryland through BLIS, Maryland’s Business License Information System.
- Move or expand your business in Maryland by taking advantage of the “Move Your Business” and business resources available on the Department of Business and Economic Development website.
- Start a business in Maryland using the new Central Business Licensing portal.