OPEN FOR BUSINESS
You’ve come to the right place. For those who dream of taking their business to new heights, for those who envision charting their own path, and for those who crave success built on both hard work and the right environment, Maryland is turning on the lights and opening the door. So take a look around. Take the first step in starting your own business, or simply the next step in the right direction. Grow your business in Maryland, and discover what Maryland can do for you.
The numbers don’t lie.
$
80,776
#
MEDIAN HOUSEHOLD INCOME — the highest in the nation
9.2B
1∕3
$
in exports (2017)
of U.S. population within an overnight drive
TOP
AAA bond rating from all 3 major rating agencies
#
2
highest share of all technology companies
1
science and technology workforce
56
accredited 2- and 4-year
COLLEGES and UNIVERSITIES
6M
POPULATION
#
2
among states in WalletHub’s Overall Most Innovative States
Shape your future in one move. The best thing you can do for your business.
Describe the ideal location for your business, and any real estate professional worth their saltwater will point you to Maryland. We’re at the center of the busiest U.S. corridor and home to the closest Atlantic seaport to the Midwest. Our central East Coast position provides you with easy access to major U.S. cities and connects you internationally by air, rail, road and water. It’s the kind of thing that comes in handy when your business goes global.
Home of the bold. Everywhere you look in Maryland, there are testaments to the life-changing discoveries made in our state. Start your path to success here, and you’ll be following in the footsteps of great minds and hard-working dreamers who have impacted the world.
Capital Gains With D.C. as our neighbor, Maryland businesses have an edge in federal funding and research. We also benefit from government contracts and well-paying jobs—Maryland comes in 1st per capita in federal jobs, generating over $14B in wages.
Home of: • 60+ federal agencies • 350 federal, academic and private research centers • 30+ incubators • 56 colleges and universities • U.S. Cyber Command • National Institutes of Health • University System of Maryland • Johns Hopkins University • JHU Applied Physics Lab • U.S. Naval Academy
Connected to it all. • One of only 4 East Coast ports capable of receiving Neopanamax ships • Foreign Trade Zone #74, with sites throughout the Baltimore metro area, named the North American winner among Global Free Zones of the Year in 2016 • One of the most productive U.S. container ports • #1 port of entry for autos Maryland is situated in one of the nation’s—and the world’s—most commercially vibrant corridors. Locate your business in Maryland, and you’ll be within an overnight drive to a 3rd of the U.S. population, a short drive to 4 international airports and a 2-hour train ride from Baltimore to New York City.
5
MAJOR highways
4
FOREIGN trade zones
2
CLASS I rail lines
Hire smart. If your business plan involves hiring smart, capable
employees, you’ve come to the right place. An award winning educational system supplies Maryland with a diverse and talented workforce.
Top of the class. • Percentage of professional and technical workers • Percentage of employed PhDs and engineers • STEM job concentration • Percentage of public high schools awarded a gold or silver medal by
U.S. News and World Report • Total National Centers of Academic Excellence in Cyber Defense Education and Research • Per capita and total federal obligations for R&D at $16.5B
Johns Hopkins University
1
st
• U.S. for granting doctorates in life sciences • Among universities in total NIH awards
• In federally funded research at $2.2B • In total R&D with $2.6B • Ranked graduate public health and biomedical engineering program in the nation according to
U.S. News and World Report
University of Maryland College Park • Renowned for computer science and engineering programs • Top 10 best value as rated by Kiplinger • Top 10 for undergraduate entrepreneurship programs by Princeton Review
University of Maryland, Baltimore County (UMBC) • 9th most innovative school according to
U.S. News and World Report
United States Naval Academy • 2nd among top public liberal arts colleges according to U.S. News and World Report • 4th in undergraduate engineering
Unimpeded growth. #
5
FAST-GROWING firms
3.9% effective tax rate compared to 4.5% for U.S.
When it comes to choosing a location for your business, choose a state that not only allows your business to thrive, but supports and advances it with training resources, business incubators and accessible lending— not to mention a low effective tax rate on economic activity. It’s no wonder so many businesses have set up shop here. • Longest running AAA rating with a stable outlook from S&P Global, dating back to 1961 • Partnership for Workforce Quality provides grants and support services to increase the skills and employment stability of workers at manufacturing and technology companies • WorkSmart program connects 16 community colleges to provide customized business training • More Jobs for Marylanders program provides tax incentives for manufacturing business that create jobs
Fearless Baltimore, Maryland
Maryland is home to the
7th
highest concentration of Inc. 5000 companies among the states
In good company. Maryland is home to some of the best-known brands in the nation. These companies saw a golden opportunity in our state and leapt at the chance to be a part of it. With help from our business-friendly environment, they’ve grown into globally recognized names. Move to Maryland and you’ll be calling them your neighbors.
Visionaries belong here.
2
#
among the states
IN WALLETHUB’S Overall Most Innovative States
• 3rd in the Milken Institute’s State Technology and Science Index • 6th in the Information Technology and Innovation Foundation’s State New Economy Index • 5th in the Bloomberg U.S. Innovation Index Maryland’s education system, workforce and access to research funding feed our strong entrepreneurial spirit. The state ranks 4th overall and 3rd among larger population states in the Kauffman Index of Growth Entrepreneurship, based on startup growth and density. Our entrepreneurial community is diverse, too, with the state ranking 2nd in the percentage of women-owned firms and 3rd in African American– owned businesses.
Titan of industries.
Maryland’s location and business-friendly environment provide the perfect conditions for any business to succeed; however, we thrive in several key areas.
BIOHEALTH ADVANCED MANUFACTURING CYBERSECURITY AGRIBUSINESS FINANCIAL SERVICES AEROSPACE
$
1.6B
In Federal R&D procurement, the highest in the nation
$
JHU #1 in nation
674M in NIH R&D awards
Qiagen Gaithersburg, Maryland
Biohealth 1st
in federal obligations for research and development
#
1
concentration of doctoral scientists and engineers
• 350 federal, academic and private research centers • Biotechnology investment incentive tax credit • 74 federal laboratories • 1st rapid test for Ebola and 1st FDA-approved test for colon cancer developed here • 2,300 life science companies • Home to NIH, FDA, USDA, NIST A leader in vaccine development and adult stem cell production, Maryland is home to one of the largest life sciences clusters in the U.S. The state’s rapidly growing bio-ecosystem includes biopharma, biodefense, genomics, medical devices, nutraceuticals, personalized and regenerative medicine and more.
Advanced Manufacturing 3,900
manufacturing businesses generate
$23.4B IN GROSS STATE PRODUCT
• Access to 20+ military facilities and thousands of major defense customers • Maryland companies export to 209 countries • Lucrative site-specific tax incentives and abatements • Resources for training and apprenticeships More than half of Maryland’s manufacturers are advanced, producing low-volume, high-mix technology products. Using advanced materials, processes, and machinery, companies develop heavily engineered, customized products such as sensors, unmanned and autonomous systems, medical devices, defense electronics, aeronautics, specialty chemicals and capital equipment.
ELTA North America Annapolis Junction, Maryland
Cybersecurity 16
NSA/DHS CERTIFIED
Centers of Excellence in Cyber Defense, the most in the nation
• 11,800 IT businesses • $11B in federal contracts generate $42B in economic activity • #1 concentration of computer network support specialists • #2 concentration of information security analysts A hotbed of software services, electronics, telecommunications firms and a mass of 117,000 workers in cybersecurity-related businesses converge in Maryland. The NSA, U.S. Cyber Command, NIST’s National Cybersecurity Center of Excellence, and Lockheed Martin’s NexGen Cyber Innovation & Technology Center have forged a culture of collaboration that benefits us all.
Agribusiness 85
wineries, breweries and distilleries
3rd
largest poultry producer in the nation (Perdue)
• Number of craft breweries doubled in 3 years • Wineries and vineyards tax credit • Horse industry is projected to total $1.5B in economic impact and account for 11,000 jobs in the state by 2020 A veritable feast, Maryland’s agribusiness industry spans the spectrum from wineries and microbreweries, to cheese makers, poultry producers and crab harvesters, to the world’s leading spice maker.
Over
12,250 farms
87
%
of Maryland entrepreneurs were employed here before starting new businesses
Financial Services • more than 8,000 financial services
companies employ nearly 93,000 people and generate upwards of $20B in gross state product • National leader in startup growth, new business survival and scale-ups • Class A office space, a separate power grid from NYC and a robust, fiber-rich telecommunications network Some of the biggest names in financial services got their start in Maryland—think T. Rowe Price and Legg Mason. Where are they today? Still here. Because they saw the value of a state that supports business growth with tax credits, a venture fund and the longestrunning AAA bond rating in the nation.
Aerospace 9,500
aerospace and defense businesses generate
$35.1B ANNUALLY
• 15 of top 20 aerospace companies • Home to NASA Goddard and the Hubble Space and James Webb Space Telescopes • 20+ military installations • Home to NASA’s New Horizons mission, Naval Air Station Patuxent River, F-35 Joint Strike Fighter and the Shadow V2 • National leader in concentration of aerospace engineers in the workforce • #4 in the nation in the concentration of aerospace engineers in the workforce, more than twice the average for the U.S. The best minds in aerospace land in Maryland. A thriving base for space exploration, satellite technology and manufacturing of drones and robotics, the industry also includes Department of Defense–related activities such as biodefense, cybersecurity, avionics, informatics and ordnance and weapons testing.
15 20 OF THE TOP
Aerospace companies are located in Maryland
Headquarters: Hunt Valley, Maryland
International Business 900 Home to
INTERNATIONALLY owned businesses
7,000 Maryland businesses export to 209 countries
• Maryland operates international offices around the globe • ExportMD assistance program helps businesses reach new markets • International business centers across Maryland offer short-term leases • Weekend and evening schools offer language and culture classes created by local Chinese, Japanese, Indian and Korean communities Our proximity to the nation’s capital allows us immediate access to foreign embassies, regulators and elected leaders. Our Mid-Atlantic location also offers us proximity and access to key U.S. and international decision makers, partners and agencies in the technology, biosciences, finance and manufacturing industries. Maryland is wellpositioned for growth in the global market through both foreign investment and exports.
Your best life starts here. What does a well-rounded life look like to you? In Maryland, it looks like an award-winning school system and reasonable living costs. It looks like a culturally diverse workforce and environment—one that allows you to take to the mountains one day and hit the beaches the next. It looks like outstanding healthcare resources, bolstered by the 3rd best hospital system in the U.S., and an abundance of family-friendly neighborhoods and upand-coming cities.
Most wanted.
Maryland and many of its individual communities have been recognized for their high quality of life. Here, hard work pays off in every aspect. In fact, Maryland has the highest median household income and one of the lowest poverty rates in the nation. And they’re not ones to keep it to themselves—Marylanders are generous, ranking 2nd in charitable donations.
SILVER SPRING, GAITHERSBURG, GERMANTOWN and ROCKVILLE
TOP 10 Most Culturally Diverse Cities in U.S.
BALTIMORE Dynamic city living at a fraction of the cost 78% of Boston 75% of Washington DC 50% of New York City
Cost of Living Index U.S. Metropolitan Areas
Make your move.
OPEN FOR BUSINESS is part of our culture. It’s an assurance that when you are ready to start or grow your business in Maryland, regardless of its size or success level thus far, we will be here to support you with an educated workforce, generous funding, quality infrastructure and a prime location.
Don’t rely on chance to land your business in the right place. Make a move. Bring it to Maryland and watch business boom.
LET’S TALK BUSINESS.
03-2019
Maryland Department of Commerce Open.Maryland.gov 1-888-246-6736
Open.Maryland.gov