Investing in Maryland: A Safe Bet with High Returns
Investing in Maryland’s economic development operations has proven to be a worthwhile endeavor, according to a recent study by the Maryland Economic Development Association (MEDA). The study, conducted in collaboration with Salisbury University’s Business Economic and Community Outreach Network (BEACON), found that every dollar invested in county economic development operations in Maryland yielded an estimated return of $9.17.
The purpose of the study was to quantify the impact of economic development efforts and highlight the importance and value of economic development programs. By analyzing data on jobs added or retained and the funding invested by each county, the study demonstrated the significant return on investment across Maryland communities. The statewide average return for 2022 and 2023 was found to generate substantial state and local tax revenue for each dollar invested.
Lawrence Twele, president and founder of Eastport Partners and a member of MEDA for over 20 years, emphasized the significance of this study in showcasing the impact of the economic development community in Maryland. He stated, “We wanted to quantify it in terms of dollar amount on that return on investment.”
Capitalizing on the Assets of Wicomico County
As Maryland’s Eastern Shore experiences growth, it is essential to recognize the assets that contribute to its success. Wicomico County, for instance, benefits greatly from its strategic location. With two intersecting highways, a freight rail network, and the Wicomico River facilitating the movement of agricultural products and fuel, the county has a robust supply chain. Additionally, the presence of the Salisbury Regional Airport, which accounts for an estimated $150 million in return on investment and economic impact, further enhances the region’s economy.
David Ryan, executive director of Salisbury Wicomico Economic Development, highlighted the role of training programs, particularly in aviation maintenance, in addressing labor shortages and fostering economic growth. He also stressed the importance of attracting additional industries such as housing, utilities, and infrastructure to support the growing workforce.
Somerset County: Post-pandemic Opportunities
The pandemic brought its own set of economic challenges, but it also presented opportunities for rural areas like Somerset County. Daniel Thompson, executive director of Somerset County Economic Development, observed an influx of interest in the county as people started exploring rural parts of Maryland and reevaluated their business models. The county strategically positioned itself by promoting natural gas and investing in broadband internet infrastructure.
Thompson emphasized the county’s commitment to supporting investors’ business goals and providing incentives to attract long-term partnerships. By retaining existing jobs, attracting new ones, and collecting income and business taxes, the county has seen significant returns on its investments.
The Role of MEDA and BEACON
MEDA, in collaboration with BEACON, conducted this extensive study to shed light on the economic impact of investment in Maryland’s economic development programs. MEDA, a nonprofit organization of economic development professionals established in 1961, works to improve the state’s business climate and enhance the professionalism of individuals in the field. Its membership includes economic development practitioners from various sectors, including government, businesses, and chambers of commerce.
This study not only highlights the successes of economic development efforts in Maryland but also showcases the value of collaboration and investment in communities across the state. As the economic landscape continues to evolve, the findings of this study can serve as a guide for policymakers, businesses, and investors seeking opportunities in Maryland’s thriving economy.
Analyst comment
Positive news: Investing in Maryland’s economic development has generated high returns, with every dollar invested yielding an estimated return of $9.17. The study demonstrates the significant impact and value of economic development programs in generating state and local tax revenue.
Analyst prediction: The positive findings of the study are likely to attract policymakers, businesses, and investors to Maryland’s thriving economy, leading to increased investment in economic development programs and further growth in the state’s economy. This could result in the creation of more jobs and increased tax revenue for Maryland communities.
