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Maryland Economy

​​​​​​​​​​​​​​​​​​​​​​​Maryland is the center of the Boston-Atlanta Corridor on the Atlantic seaboard, and borders Washington, D.C., the nation’s capital. Among the 50 states, Maryland ranks 42nd in size and 19th in population. Its median household income is the highest among the states. Maryland’s gross state product in 2016 was $378.3​​ billion. Maryland still retains its AAA bond rating, one of only eleven​​ states with the highly coveted rating from all three agencies.

The state’s diversified economy is rooted in high technology, biosciences and services, as well as advanced manufacturing and international trade. Professional and technical workers constitute 27.2 percent of the state’s work force—the second highest percentage among states. Maryland ranks third among the states in educational attainment—38.8 percent of Maryland’s population age 25 and above hold a bachelor’s degree or higher.
 
Maryland’s 168,000 businesses employ over 2.1 million workers with an annual payroll of $119 billion. More than 90 percent are small businesses (fewer than 100 employees) and they employ 36 percent of the state’s private sector workforce. 

Major employers include BAE Systems, General Motors, IBM, Johns Hopkins Institutions, Lockheed Martin, Marriott, McCormick, Northrop Grumman, Southwest Airlines and Verizon.

Quick Facts

  • While small in stature geographically, Maryland plays a formidable role in transportation throughout the eastern United States​. Maryland is located next to the Chesapeake Bay and Atlantic Ocean, the nation's capital and has major distribution routes along the East Coast, contributing to the region's economic vitality and quality of life.
  • Information technology and cybersecurity​, biohealth and life sciences​, telecommunications, and aerospace and defense are leading forces behind Maryland's economic growth. 
  • 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. 
  • Innovations in Maryland's economy are bolstered by research parks​ which facilitate joint research among universities, state and federal government institutions, and private industry. These parks include: The Science + Technology Park at Johns Hopkins, bwtech@UMBC, Shady Grove Life Sciences Center, Montgomery College Science and Technology Park, and University of Maryland M Square Research Park.

 

Additional Sources:

Workforce and Employment Stats: Department of Labor, Licensing, and Regulation

Socio-economic data about Maryland: 

 

Maryland Data Explorer