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  O C T O B E R   2 7,  2 0 1 1
Economic Pulse - An Overview of Maryland's Economic Indicators

Jobs
Private firms add 10K jobs
Learn more.
Rankings
Technology sector 4th in nation
Learn more.
Sectors
MD fed. expenditures total $96.3B
Learn more.

Gov. O'Malley speaks at the Maryland Cyber Challence and Conference
 

Cyber Challenge Draws 800 Attendees

CyberMaryland joined UMBC, SAIC, the Tech Council of Maryland and the National Cybersecurity Alliance as founding sponsors of the inaugural Maryland Cyber Challenge and Conference (MDC3) at the Baltimore Convention Center. Eight six-person teams in each category – professional, college and high school – competed for $100,000 in prize money and scholarships. Gov. O’Malley (left) spoke at the conference that featured cutting-edge Maryland cybersecurity companies and 800 attendees over two days. Learn more about Maryland’s fourth-ranked tech sector in this issue.

 

Superlatives
 
Tech Sector Fourth in Nation
Maryland ranks fourth in the nation in the concentration of tech industry employment, with 87 of every 1,000 private sector workers employed in the high tech sector, according to TechAmerica’s Cyberstates 2011 report. High tech accounts for 170,000 jobs in Maryland, ranked 11th nationally. These workers earn an average of $90,300, 89% higher than the average private sector wage in the state. Within the high tech sector, Maryland ranks fourth in space and defense systems manufacturing with 10,000 jobs and sixth with 62,000 jobs in computer systems design.

Income and GDP
 
MD Federal Expenditures Total $96.3B
With its proximity to Washington, D.C., Maryland is a leader in providing goods and services to the federal government. Maryland ranks ninth among the states in federal expenditures, totaling $96.3 billion in FY 2010 and third per capita with $16,673 for every resident of the state. Maryland’s rank per capita for procurement of goods and services ranked second ($4,594), with total procurement of $26.5 billion ranking fourth among states. The Census Bureau’s Consolidated Federal Funds Report also found Maryland ranks sixth in total DOD expenditures at $18.7 billion.

Employment Trends
 
Private Jobs Growth Rate 2nd Fastest in Nation
Maryland job levels (seasonally adjusted) rose by 6,800 in September for a 0.3% growth rate—tied for the seventh best monthly growth rate in the country. The private sector led the growth, adding 10,000 jobs for a 0.5% growth rate—tied for second fastest in the country [Table 1]. Maryland’s unemployment rate (seasonally adjusted) rose by 0.1 percentage points to 7.4%, its highest since December 2010—despite there being 3,900 more people with jobs in Maryland than in December 2010. Read more...

Maryland Innovation
 
Expo Set to Celebrate and Nurture Entrepreneurs
The death of Steve Jobs raised anew the discussion of what makes an entrepreneur and how that culture of innovation can be nurtured. Leading up to Global Entrepreneurship Week (GEW) in November, DBED is partnering with the Greater Baltimore Tech Council to create a survey and learn more about entrepreneurship in Maryland. In related news, the 2011 Entrepreneur Expo, a nationally featured GEW event dedicated to promoting and celebrating Maryland entrepreneurs, is set for Nov. 14 at BWI Marriott.

Economic Trends image
 
Baltimore’s High-Tech Office Market Strong
A report by Jones Lang LaSalle assessed how key markets are positioned in the high-tech growth cycle and found that San Francisco at 15.7% and Baltimore at 9% are experiencing the strongest high-tech services job growth in the industry. The report finds that high-tech jobs have grown nearly four times faster than overall economy during the past 18 months and concludes that continued job growth in the high-tech sector, particularly on the services side, drives office market demand.

Sector Snapshot
 
Sector Snapshot: Professional and Biz Services
Maryland’s Professional & Business Services (PBS) industry accounts for 86% of the 21,500 jobs the state has gained since September 2009, compared to 55% for the US. Additionally, 70% of the 14,900 jobs created this year compares to 35% nationwide [Table 2]. Maryland’s PBS includes some of the state’s best educated workforces, including firms engaged in scientific research and consulting, computer systems design, engineering and law. PBS’s leading role in Maryland job growth confirms the advantages of the state’s highly educated workforce. Read more...

Featured Event

Contract Connections
Dec. 5 | Turf Valley Resort

This unique event hosted by DBED helps businesses connect with more federal contracting opportunities. Attendees will hear Civilian and DOD federal agencies present industry forecasts, learn about subcontracting and participate in a match-making session where businesses can present directly to federal procurement officers.  Learn more and register.

Secondary event
2011 Entrepreneur Expo
Nov. 14 | BWI Airport Marriott
Entrepreneur Expo: Harnessing the Power of Innovation in Maryland will kick-off a week of exciting Global Entrepreneurship Week (GEW) programming in Maryland. The Expo will be the first large-scale event dedicated to promoting and celebrating the key to Maryland's innovation economy, its entrepreneurs. Learn more.
Secondary event
Economic Outlook Conference
Nov. 9 | Hyatt Regency

Hear the economic forecast for the region presented by Towson University’s Dr. Daraius Irani including discussion on the impact of the 2010 Census on Maryland's economy. Learn more.
Tip of the month
Bonus Bulletins
+ Read and subscribe to our MDbiz Media blog
+ WhiteOak Group earns Inc. Magazine ranking
+ Boeing opens cyber security research center in Annapolis Junction
+ Allegany County celebrating economic development success in 2011
+ O’Malley asked, folks responded on business
+ Washington Co. adopts 'pad-ready' development stimulus program

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