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N O V E M B E R 2 9, 2 0 1 2
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Economic Impact of Sandy
Maryland was spared the worst of Hurricane Sandy, but still many areas of the state were shut down most of October 29-30 by the storm system that devastated New York and New Jersey. Based on economic output, total losses in Maryland are estimated to be $350- to $600-million. Damages in Crisfield (left) alone are estimated to be in excess of $40 million. Gov. O’Malley announced on Nov. 20 that federal disaster aid will be available to 18 Maryland counties to support state and local recovery efforts. Maryland was named one of the top states in preparedness for climate change based on greenhouse gas reduction plans and adaptation.
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Maryland Adds 14,000 Jobs in October
Maryland added 14,000 nonfarm payroll jobs in October (seasonally adjusted), helping to cut the state’s unemployment rate from 6.9% to 6.7%. October’s 0.5% monthly growth rate tied Maryland for the fourth- fastest growth among states and followed on September’s job growth surge. Just as in September, virtually every major sector added jobs except government and manufacturing (see Figure 1). In the past two months, the construction and retail sectors have joined professional business and health services as leading job producers for the state.
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12 MD Firms on Deloitte Technology Fast 500
The Technology Fast 500™ ranks the fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America based on revenue growth from 2007 to 2011. Maryland is home to 12 of the companies and half are software firms. The 12 companies averaged revenue growth over 1200% from 2007 to 2011. New to the list is Millenial Media at #25. Zenoss and Osiris Therapeutics are also in the top 100. Zenoss is one of three companies on the Fast 500 list that received investment financing from DBED ranging from $100,000 to $650,000 per company. With the implementation of InvestMaryland, the state will be positioned to support even more cutting edge companies.
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3rd Q Venture Capital Rises in Maryland
The latest venture capital survey from PricewaterhouseCoopers shows that nationally, venture investment in the third quarter of 2012 declined both in terms of dollars and deal volume. Meanwhile, 20 Maryland companies received a total of $158 million in venture capital investments in the third quarter, the most since 2007. Eight of Maryland’s investments went to the software industry, accounting for $107 million of capital. Eleven early-stage and startup companies received investments totaling $38 million. Bethesda-based Telcare, which provides glucose monitoring devices for patients and healthcare providers, received $25 million in new funding from multiple investors.
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Canal Expansion Could Generate $39.8M
The Panama Canal expansion in 2014 will result in expanded cargo activity and the Port of Baltimore is poised to be one of two Eastern Seaports capable of handling Super Post Panamax vessels. EAGB commissioned the Regional Economic Studies Institute of Towson University to perform an economic impact analysis on the potential impacts on the Port of Baltimore. The study finds that the completion of the proposed Baltimore-Washington Rail Intermodal facility is imperative for the Port to accommodate the increase in containerized cargo. With the intermodal facility, the Port could see an increase in containerized cargo up to 25% and generate $39.8 million in economic activity for the State.
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Personal Income Grows Across US in 2011
Personal income rose in 2011 in all of the nation’s 366 metropolitan statistical areas (MSAs) for the first time since 2007, according to estimates by the U.S. Bureau of Economic Analysis. Personal income growth ranged from 14.8% in Odessa, TX to 1.0% in Rochester, MN. Personal income in the United States rose 5.2% in 2011, up from 3.8% in 2010. Personal income in the Baltimore metro area rose 5.5% in 2011, up from 3.5% in 2010. Washington DC metro area income rose 5.3% while Hagerstown-Martinsburg, Cumberland and Salisbury rose 5%, 4% and 3.4% respectively. Read more...
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MD Certified Organic Sales Total $9M
In response to the growing interest in organics among consumers, farmers and businesses in the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS) conducted an in-depth survey of USDA Certified organic farming in the United States. The 2011 Certified Organic Production Survey counted 9,140 USDA Certified organic farms in the United States. In Maryland, NASS counted 72 USDA Certified organic farms during 2011 totaling 8,200 acres. Maryland certified organic sales totaled $9.0 million. Approximately 30% of Maryland organic sales were direct to consumers, via farms stands, farmers’ markets, Community Supported Agriculture (CSA’s) and other arrangements compared to the national average of 6%.
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