Governor leads Maryland biotech mission to Israel
Governor O'Malley is wrapping up a very productive Maryland trade mission to Israel this week, leading a delegation of Maryland executives, state government officials and Jewish community leaders. The delegation focused on expanding the already substantial business ties between Maryland and Israel.
On Wednesday, the Governor announced that Teva Pharmaceuticals, Israel's largest bioscience company and the largest manufacturer of generic drugs in the world, has affirmed its commitment to Maryland. Teva said it plans to keep its current operations in Rockville, including approximately 80 scientists and professionals working in a state-of-the-art biotech facility. A day later the Governor announced that BioLineRx USA, Inc., a wholly-owned subsidiary of BioLineRx, one of Israel's leading drug development companies, has opened a U.S. office in Rockville.
The Governor met with Israeli Prime Minister Ehud Olmert and U.S. Ambassador Richard Joneson during the trip as well as a number of local businesses. Nearly 30 Israeli companies maintain offices in Maryland, including the US business development offices of Israel's largest defense contractors, Rafael and Israel Military Industries (IMI). Other Israeli companies in Maryland include Controp Precision Instruments, Verint Systems, Vuance, Compugen, and Medispec.
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| Annual MEDA conference
kicks off this weekend
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It's still not to late to register for the 2008 Annual MEDA Conference to be held at the Chesapeake Bay Hyatt Regency in Cambridge.  This year's conference starts with a Sunday golf tournament and gets down to business bright and early Monday morning. The program features a host of workshops and panel discussions on workforce development, transportation, the environment and quality of life issues.
This year's conference will feature a number of speakers including Jim Perdue of Perdue Farms, Paul Reed Smith of PRS Guitars, and Anthony Principi, former U.S. Secretary of Veteran Affairs and Director of the BRAC Commission. I hope to see many of you there for this very informative session.
Click here for registration and conference information.
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Job growth in education and health services remains strong
Job growth in education and health services remains strong in Maryland, posting three percent growth from April 2007 to April 2008. Maryland's health care sector contributed approximately 8,000 net new jobs in the same period. Maryland's leisure and hospitality sector also posted strong job growth, with 2.3 percent growth over April of last year. The industry, which includes recreation, arts, entertainment, accommodations and food service, added over 5,300 net new jobs in this period. Food services, including restaurants and bars, generated 3,800 net new jobs.
Click here to view the job data by sector.
Maryland-based employment in professional and business services increased at an annual rate of 1.8 percent from April 2007 to April 2008. The sector gained 7,000 net new jobs during the period, with the gains evenly distributed between professional, scientific and technical services and administrative support services. Educational services, which include instruction and training provided by schools, colleges, universities and training centers, showed a net gain of 2,900 jobs, largely due to employment growth at colleges and universities.
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Maryland's unemployment rate 13th lowest in U.S.
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Maryland's seasonally adjusted unemployment of 3.7 percent was the 13th lowest rate among states in April. The jobless rate in Maryland remains well below the national average of 5 percent. Locally, unemployment rates declined from March to April, according to Maryland's Department of Labor, Licensing and Regulation (DLLR).
DLLR reported that unemployment rates were the most noticeably improved in Allegany, Garrett and Worcester counties where declines of more than a full percentage point were reported. In Worcester County, early seasonal hiring helped to boost employment by nearly 1,400 persons and to lower the local unemployment rate from 9.0 percent in March to 7.0 percent in April.
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| MD's Monthly Economic Indicators
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Click to view the monthly tables.
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MD payroll employment up while U.S. economy struggles
Maryland payroll employment is up 1.2 percent over last year but the U.S. economy continues to struggle, as evidenced by the growing number of job losses in the first quarter of 2008. The U.S. economy lost 240,000 in the first three months of the year and an additional 20,000 in April. Nationally, employment continued to decline in construction, manufacturing, and retail trade, while jobs were added in health care and in professional and technical services.
The U.S. economy grew only 0.6 percent in first quarter 2008, mirroring the previous quarter. Consumer spending and residential investment slowed considerably from the previous quarter. Were it not for growth in net exports and increased inventory accumulation by business, GDP growth would have been negative.
The Federal Reserve, responding to developments in the economy, as well as to continuing problems in the credit markets, lowered the target Federal funds rate to 2 percent at the meeting of the Federal Open Market Committee on April 30. The committee has now lowered rates 3.25 percent since August 2007.
Economists see some positive signs in the most current economic data, however. Retail sales (excluding automobiles) exceeded market forecasts, rising 0.5 percent in April, and March's figures were revised upward as well. Also, the consumer price index for April rose less than expected, allaying some market concerns of inflation taking hold. This is causing some to predict only a brief recession, albeit one with a shallow recovery. |
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Governor announces economic boost for Olde Towne Gaithersburg
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This week Governor O'Malley announced that Olde Towne, Gaithersburg in Montgomery County will be the latest addition to Maryland's Enterprise Zone program. The designation will provide income and real property tax credits to businesses that locate in the approximately 300-acre site.
"Protecting and revitalizing Maryland's cites and small towns is a core mission for the O'Malley-Brown administration and central to our vision for growing One Maryland," said Governor Martin O'Malley. "Maryland's Enterprise Zone program is an effective and powerful incentive to help steer economic development to Maryland's established communities."
DBED approves the State's Enterprise Zones while local governments are responsible for their administration. Currently there are 29 Enterprise Zones established throughout the State.
Click here to view the press release.
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MD adds 31,500 jobs
Since last April, Maryland employers have added a net 31,500 jobs. In comparison, U.S. payroll employment increased 0.3 percent for the same period. States with the largest rates of growth include Wyoming, Texas, New Hampshire, Utah, and Colorado.
Click here to view the job growth chart.
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BRAC Job Fair To be held next week
The Department of Defense is recruiting experienced professionals to attend the BRAC Job Fair being held at Harford Community College on June 4.
Experienced candidates in Business, Engineering (Chemical, Electrical, Mechanical, and Computer), Logistics, Contracting, Security and Intelligence, I.T. and Operations Management should bring their resumes on Wednesday, June 4, from 2 to 7 p.m. Candidates will have an opportunity to meet with employers relocating from Fort Monmouth, New Jersey and additional DoD organizations currently located at Aberdeen Proving Ground.
For additional information please contact the Susquehanna Workforce Network at 410-939-4240.
APG Showcase highlights technology and R&D opportunities
Gary Martin, deputy to the Commander of the U.S. Army Research, Development and Engineering Command, headlines Harford Community College's Showcase of Aberdeen Proving Ground Technology and R&D Opportunities on June 18 and 19. Mr. Martin will discuss the transition of Aberdeen Proving Ground and the impacts for the base's industry and university partners.
The two-day event features presentations by the various commands moving to Aberdeen Proving Ground from Fort Monmouth, N.J., as well as Col. Jeffrey Weissman, APG's commanding officer. Pat Huber of the Army Contracting Agency, Northern Region, Aberdeen Proving Ground, will discuss opportunities for small business.
The event, which is open to the public, will take place at the Amoss Center, Harford Technical High School, 200 Thomas Run Road, Bel Air, Md. For additional information, contact Jennifer Labe by e-mail at jlabe@harford.edu or by phone at 443-360-9200. |
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