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MARYLAND AT A GLANCE

ECONOMY

[photo, Tugboat, Curtis Bay, Baltimore, Maryland]

Employers

Employment

Income

Jobs

Manufacturing

Workforce
  • Maryland's Economic Pulse
  • Port of Baltimore
    • Tugboat, Curtis Bay, Baltimore, Maryland, August 2000. Photo by Diane F. Evartt.
    [photo, World Trade Center (a pentagonal building), East Pratt St., Baltimore, Maryland] On the Eastern seaboard, Maryland is strategically located for trade. It borders the District of Columbia, the nation's capital, to the south and is within hours by land of New York, Philadelphia, and Pittsburgh. Nearly 90% of the State's population (5,296,486 in 2000) resides within the Washington-Baltimore Consolidated Metropolitan Statistical Area (CMSA), the fifth largest retail market in the country. Maryland's transportation infrastructure includes the Port of Baltimore, the Baltimore-Washington International Airport, two primary class I rail carriers (CSX Transportation & Norfolk Southern) and several arterial interstate highways. Maryland's highly developed transportation infrastructure is ranked sixth nationally in both interstate and freeway miles.

    Maryland has four foreign trade zones, (federally mandated, duty free sites). They are located at the Collington Business Center near Bowie in Prince George's County (#63); near BWI Airport (#73); and Baltimore Harbor (#74); and seven sites in Washington County (#255). Maryland also has 29 State Enterprise Zones, and a Federal Empowerment Zone. All zones offer businesses economic or tax incentives.

    World Trade Center (a pentagonal building), East Pratt St., Baltimore, Maryland, August 2001. Photo by Diane F. Evartt.

    Through the first quarter of 2004, Maryland's economy continued to outperform the country as a whole. Biotechnology, software development and applications, and defense and security-related businesses maintained a strong presence, helping the State achieve relative stability despite tensions abroad and an uncertain near-term business outlook at home. During last year's stock market fluctuations, the Maryland stock index jumped 53%, and several other industry sectors exhibited job growth. Maryland's investment in education should prepare the State for growth in sectors requiring highly educated workers; it also should offset losses in the manufacturing sector. In the nation, Maryland ranks first in the percentage of professional and technical workers and is poised to gain both defense and nondefense contracts for medical research, aircraft development, and security. Throughout this time, Maryland has retained its AAA bond rating.

    Federal agencies located in Maryland have been a catalyst for the State's technology base. These include the National Institutes of Health, the National Institute of Standards and Technology, the National Aeronautics and Space Administration, Goddard Space Flight Center, and Department of Defense operations. Advanced technology enterprise is especially strong in telecommunications, computer sciences, and biotechnology.

    Research parks facilitate joint research among universities, State and federal government institutions, and private industry. These parks include: The Johns Hopkins Bayview Campus (life sciences research) in Baltimore; and Shady Grove Life Sciences Center (biomedical & life sciences research) in Montgomery County, which holds the Center for Advanced Research in Biotechnology, part of the University of Maryland Biotechnology Institute. Other members of the Institute are the , the Center for Biosystems Research, the Center of Marine Biotechnology, the Medical Biotechnology Center, and the Institute of Human Virology. Also significant are the Applied Physics Laboratory in Laurel and the Space Telescope Science Institute in Baltimore, both affiliated with The Johns Hopkins University. The University of Maryland Baltimore County Research Park and Technology Center (life sciences & high technology research) on the Catonsville campus opened in 1996 to support high technology business development. In addition, the University of Maryland Baltimore County is leading a consortium of universities and private sector companies to develop the Goddard Earth Sciences and Technology Center. Center faculty and staff collaborate with Goddard scientists in studying the earth's surface, atmosphere, and oceans.

    WORKFORCE

    Maryland ranks first among the states in the percentage of professional and technical workers (25.1%) in the workforce with 200,000 workers employed in professional, scientific and technical service industries.

    Among all states, Maryland's workforce is the best educated. Over one- third of its population aged 25 or older hold a bachelor's degree or higher (first among all states), while 13.7% have a graduate or professional degree (second highest among states).

    Most Marylanders (86%) work in the widely defined service-providing sector. This category ranges from government positions to transportation-related professions, from wholesale trade to the finance and insurance industry. In 2002, some 18.5% of the workforce was employed by federal, State and local governments, while professional and business services accounted for 13% of employment. A substantial number of workers (53,402) are employed in information industries, with over 22,000 in telecommunications. Nonetheless, 81.5 percent of workers are employed in the private sector with 13.5% (328,847) employed in 22,244 goods-producing business establishments. Of private sector employees, 8.6% are union members.

    EMPLOYERS

    In 2002, more than 150,000 businesses employed 2.4 million workers who earn an annual payroll of $95 billion. In the manufacturing sector, nineteen of twenty industrial categories are represented with corporate headquarters of well-known businesses, such as Black & Decker, McCormick, and Sweetheart Cup located in Maryland. Financial services is a growing sector in the Maryland economy. Brokerage firms, insurers, and other financial companies maintain their home operations or a significant presence in the State.

    In 2004, major employers included Giant of Maryland, Helix Health System, Home Depot USA, The Johns Hopkins Hospital, The Johns Hopkins University, Northrop Grumman, Safeway, United Parcel Service, Verizon Maryland, and Wal-Mart Associates.

    JOBS

    In 2004, Maryland was ranked fourth in the nation in the fields of technology and science (Milken Institute index).

    In 2000, Maryland's high technology sector provided 163,742 jobs. There are over 6,500 technology companies with an estimated payroll of $11 billion in Maryland. State and local revenues of approximately $629 million are generated by these companies. Average weekly wages for technology companies reached $1,235 in 2000, with the biotechnology and biomedical sector recording the highest wage at $1,350 per week. St. Mary's County led all other counties in Maryland in its percentage of high technology jobs (19.4%), followed by Montgomery County (14.8%), Howard County (13.2%) and Anne Arundel County (11.1%).

    In January 2004, the job growth rate in Maryland improved to .9%, fourteenth highest in the nation, out performing the national average for the fifth straight year. Maryland's job growth rate remains in positive territory while the national rate has shown zero or negative growth. Jobs increased in several sectors including construction, health care, financial activities, research and development, retail, and leisure and hospitality. Employment in the leisure and hospitality sector grew 3.7% in 2003 while the national growth rate was .6%.

    INCOME

    Per-capita personal income grew 2.9% in 2002 and ranked 4th in the nation at $36,298 per year. In January 2004, Marylanders earned an average $669 per week and worked a 40.6-hour week. The unemployment rate in January 2004 was 4.7%, well below the 6.3% national average.

    ANNUAL HOUSEHOLD MEDIAN INCOME*
    2000 2001 2002 2003
    Maryland $56,250 $57,450 $58,300 $59,200

    1992 1993 1994 1995 1996 1997 1998 1999
    Maryland $42,500 $43,150 $44,300 $45,450 $46,750 $48,550 $50,850 **$52,850

    * Measured in year-prior dollars. A median average is a "middle" number below and above which there are an equal number of values.
    **Highest in the nation and 28.3% above the national average.


    PERSONAL INCOME (per capita)

    2000 2001 2002 2003 2004
    Maryland $34,060 $35,279 $36,303 $37,446 $39,247
    U.S. $29,760 $30,413 $30,941 $31,472 $32,937

    1992 1993 1994 1995 1996 1997 1998 1999
    Maryland $23,609 $24,400 $25,405 $26,896 $27,844 $29,222 $30,850 $32,517
    U.S. $20,631 $21,365 $22,180 $23,562 $24,651 $25,874 $27,322 $28,542


    PERSONAL INCOME (per capita)

    1997 1998 1999 2000 2001 2002
    Maryland $29,112 $30,557 $32,517 $34,060 $35,279 $36,303
    AlleganyCounty $19,742 $20,429 $21,453 $21,224 $22,199 $22,703
    AnneArundelCounty $29,559 $30,827 $32,607 $34,987 $36,747 $39,273
    Baltimore City $23,501 $24,750 $26,665 $26,430 $26,702 $26,629
    Baltimore County $31,033 $32,269 $34,236 $35,169 $36,442 $38,159
    Calvert County $26,255 $27,063 $28,888 $30,268 $31,563 $32,732
    Caroline County $17,387 $18,375 $19,431 $20,432 $20,962 $22,502
    Carroll County $26,075 $27,389 $28,888 $32,086 $33,501 $34,117
    Cecil County $22,968 $24,646 $25,333 $26,002 $27,323 $29,078
    Charles County $25,613 $26,725 $27,701 $29,574 $30,300 $32,254
    Dorchester County $19,667 $20,766 $21,916 $22,532 $23,405 $24,725
    Frederick County $27,181 $30,021 $32,174 $32,134 $33,423 $34,478
    Garrett County $17,791 $18,293 $19,360 $20,403 $20,879 $23,686
    Harford County $25,372 $26,613 $27,907 $29,690 $30,970 $33,249
    Howard County $34,859 $36,294 $38,212 $41,474 $43,191 $45,464
    Kent County $24,888 $26,128 $28,165 $30,336 $31,587 $32,730
    Montgomery County $40,388 $42,393 $45,595 $49,107 $50,919 $51,750
    Prince George's County $26,815 $27,996 $29,547 $30,340 $31,037 $30,489
    Queen Anne's County $26,386 $26,878 $29,952 $32,513 $33,635 $35,172
    St. Mary's County $25,096 $27,354 $28,263 $31,061 $32,481 $30,658
    Somerset County $15,063 $16,006 $17,360 $18,077 $18,641 $19,594
    Talbot County $30,952 $32,754 $35,359 $37,809 $39,675 $42,497
    Washington County $22,141 $23,282 $24,162 $24,655 $25,404 $27,052
    Wicomico County $22,033 $22,929 $24,227 $23,988 $25,229 $25,708
    Worcester County $24,298 $25,109 $26,471 $26,266 $27,335 $29,637

    Sources for this data and additional information about Maryland's economy are available from the Department of Business and Economic Development, and the Department of Labor, Licensing, and Regulation. Socio-economic data about Maryland may be found through the State Data Center, Department of Planning. Regional economic data may be found at the U.S. Bureau of Economic Analysis.

    Information about Smart Growth, Maryland's plan to revitalize older developed areas and discourage sprawling development into the state's rural areas, is accessible through the Office of Smart Growth, and the Department of Planning.

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