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  J U N E   2 3,  2 0 1 1
Economic Pulse - An Overview of Maryland's Economic Indicators

Jobs
Academic research in bio generates 8,000+ jobs
Learn more.
Rankings
Baltimore Top 10 metro for IT expansion
Learn more.
Sectors
1,300 legal services jobs best in nation
Learn more.

Gov. O'Malley speaks at the ICBN logistic center opening.
 

One Maryland Broadband Network Facility Opens

Gov. O’Malley joined federal, state and local officials at an Elkridge industrial park last Monday to open a key hub for the Central Maryland portion of a $158 million statewide broadband network. The Inter-County Broadband Network will connect 715 schools, colleges, hospitals, public safety facilities and libraries with 1,300 miles of new cable. ICBN represents a $93 million segment of the larger One Maryland Broadband Network that will directly create or save 1,800 jobs and bring broadband to all of Maryland’s 24 counties. Read more....

 

Sector Snapshot image
 
Academic Research $1.4B per year Industry
A new Life Sciences Maryland report by the Agencyto be released June 28 at BIO International in Washington, DC, finds that more than $1.4 billion per year in life sciences academic research generates 8,000+ jobs. In addition, most of Maryland’s 33,000+ private life sciences jobs are concentrated in research, testing and medical laboratories. The study also noted nearly 30,000 federal life sciences jobs at 15 facilities. The state’s strategic plan for life sciences, BioMaryland 2020, calls for $1.3 billion to enhance Maryland’s position in this fast-growing sector.

Superlatives image
 
Baltimore among Top Metros for Tech Talent
A recent report by KLG Advisors identifies Baltimore as one of the top 10 metros for IT expansion. Baltimore rates high in its concentration of IT talent and pipeline of university talent compared to other metro areas. KLG also notes that Baltimore provides a competitive advantage for employers looking to hire recent university graduates due to a strong relevant talent pool and found that the area is coupled with much less intense competition and dramatically lower employment costs than in most traditional IT centers.

Maryland Innovation image
 
In Life Sciences, NIH is Economic Engine
The National Institutes of Health supported nearly 487,900 jobs and generated $68 billion in new economic activity across the country in 2010, including 16,491 Maryland jobs, according to a new report from United for Medical Research. Maryland received $1 billion+ in research funds via the regular NIH budget in FY 2010 and ranks fourth in Small Business Innovation Research Program awards from NIH. This funding creates a knowledge base that supports private investment in capital equipment, and new medicines, tests and procedures.

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Several MD Sectors Shine Amidst Natíl Slowdown
Slowing national job growth in May did not prevent several Maryland economic sectors from continuing to add jobs at a robust pace. In May, the federal government added 1,400 nonfarm payroll jobs (seasonally adjusted) in Maryland, for 1.0% monthly growth, largely due to the Base-Realignment and Closure (BRAC) process. This rate gave Maryland the 5th best fed. job growth rate in the nation. Maryland gained 800 arts, entertainment and recreation jobs, for a 2.2% monthly growth rate, tied for the 7th best growth rate in the country. Read more...

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Maryland GDP Grew 2.9% in 2010
Real gross domestic product (GDP) increased in 48 states and D.C. in 2010, according to new statistics from the U.S. Bureau of Economic Analysis. Maryland real GDP grew 2.9% in 2010, the 16th highest in the nation. From 2007 to 2010, Maryland real GDP grew 3.1% while U.S. real GDP by state declined 0.3%. Real estate, durable-goods manufacturing, government, and professional and technical services led the state’s economic growth. Maryland’s per capita real GDP of $45,878 was the 13th highest in the nation, 8% above the national average.

Featured Event

DISA Customer & Industry Forum
August 15-18 | Baltimore Convention Center

The annual Defense Information Systems Agency conference brings together decision-makers and subject-matter experts from the military services, combatant commands, industry and academia to share information and ideas that are critical to helping DoD achieve mission success. Learn more.

Secondary event
June TechFocus Seminar: Innovation
June 30 | Capitol College, Laurel
Learn how your company can create what your customers want from the people that literally "wrote the book" on innovation, SRI International, at this seminar hosted by the Chesapeake Regional Tech Council. Learn more.
Secondary event
MEDA 2011 Chesapeake Basic Economic Development Course
July 25-29 | Sheraton Baltimore City Center

This IEDC accredited week-long course provides an introduction to the fundamentals of economic development. This year will include tours of the West Side development in downtown Baltimore and Federal Hill. Learn more.
Tip of the month
Bonus Bulletins
+ Read and subscribe to our MDbiz Media blog
+ Maryland preparing to inject as much as $75M into tech firms
+ Gov O'Malley touts economic development trip to Asia
+ Maryland lands $7.7M grant to connect workers with federal jobs
+ Chinese planning officials visit Talbot County
+ Business in natural disasters
+ U.S. Open a winner for Montgomery County
+ Martek Biosciences part of Dutch conglomerate's vision

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