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  F E B R U A R Y  6,  2 0 1 4
Economic Pulse - An Overview of Maryland's Economic Indicators

Maryland adds 7,300 jobs in December
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Maryland 1st in millionaires per capita
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$663M in venture capital investment in Md. in 2013
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Maryland creates 7,300 jobs in December

Total employment in Maryland increased by 7,300 jobs in December, which ranked the state as third in the country in terms of job creation for the month. More importantly, 7,000 of those jobs came from the private sector, completing the year in a continuing trend of private sector job growth in Maryland with a total of 34,100 jobs added to the state's economy over the last year. Of these jobs, the Professional and Business Services sector contributed 15,400 jobs, while the subsector of Professional, Scientific and Technical Services added 10,700. Learn more.

Venture Capital
Venture capital funding is on the rise in Maryland
Venture Capital funding increased by 63% in Maryland in 2013, according to the latest MoneyTree Report by PricewaterhouseCoopers LLP. More than $663.4 million was invested in 71 deals in the state in 2013. Maryland’s uptick in capital venture funding propelled the state to the 6th largest share of investment per capita among states. The life sciences and biomedical sectors are the largest recipients of dollars and deals in Maryland, while nationally, activity in the Internet and software sectors have surpassed biotech investment. California remains the largest recipient of VC dollars, followed by New York, which surpassed Massachusetts.

Employment Trends image
Employment projected to grow 10.8% from 2012 to 2022
U.S. Employment is projected to grow 10.8 percent from 2012 to 2022, adding 15.6 million jobs, according to the U.S. Bureau of Labor Statistics. Occupations and industries related to healthcare are projected to add the most new jobs. Growth is expected to be fastest in occupations that typically require postsecondary education. The occupational outlook includes profiles of new occupations including information security analysts. The outlook for those jobs is 37% growth through 2022, much faster than average. Report highlights.

Maryland Innovation
IPOs raise $600 million for Md. companies in 2013
Initial public offerings (IPOs) are one route to funding growth for fast-growing companies seeking to raise capital. IPO activity slowed during the recession but 2013 marks the best year for IPOs since 2000. A number Maryland companies went public last year, including Intrexon, Hannon Armstrong Sustainable Infrastructure Capital, and Fidelity & Guaranty Life Insurance, raising over $160 million each in their IPOs. Rockville-based MacroGenics also went public, raising $80 million, which it will use to further fund clinical development. More recently, GlycoMimetics in Gaithersburg raised $56 million in an IPO and plans to use the proceeds to further fund clinical trials.

Maryland is the 2nd most research-oriented state
Research & development spending in Maryland grew to $19.2 billion in 2011, according to the National Science Foundation National Patterns of R&D Resources survey. NSF’s figures include R&D investment in the state from all sources, including the federal government, private businesses, academic institutions and others. Using NSF's measure of R&D Intensity, $6.30 was spent on research for every $100 in GDP in 2011, 2nd most among states. Despite a small decline in research investment in 2011, New Mexico continues to have the country's most research-focused economy.

Economic Trends
Need info about Maryland’s workforce?
The Maryland Workforce Exchange (MWE) Virtual Labor Market Information website is a powerful labor market information system. It was designed for employers, job seekers, researchers and analysts, and others seeking economic and workforce information. It contains the most up-to-date information available on unemployment, wages, jobs and training in Maryland and the region. The system provides fast access to a complete set of data tools in one web site. Major features of the site include labor market data, real-time analysis, historical trends, career exploration, publications and the ability to download data tables.

Economic Snapshot
Maryland Economic Snapshot
  • Maryland gains 7,300 jobs in December
  • Maryland December unemployment rate 6.1%
  • 2013 home sales increase 13% over 2012
  • 2013 car sales increase 6% over 2012
  • $663M in venture capital investment in Maryland in 2013

Featured Event

MEDA 2014 Annual Conference
April 27 | Cambridge

Save the date for the MEDA 2014 Annual Conference. This year’s conference theme is “Research to Revenue: Harnessing Maryland’s Intellectual Capital for Economic Growth”. Reserve rooms prior to March 25; conference agenda will be online in early February 2014. Click here to register.

Secondary event
CRTC TechAwards 2014
March 26 | Linthicum Heights
Join more than 400 technology executives at the ninth annual Chesapeake Regional Tech Council TechAwards, sponsored by 2013 Tech Company of the Year, Mindgrub Technologies. Learn more.
Secondary event
Maryland Arts Day
Feb. 12 | Annapolis

Participate in the 2014 Maryland Arts Day and learn how the arts community impacts Maryland’s culture and economy. The event will feature a variety of speakers and an award dedication to Gov. O’Malley for his support of the arts. Learn more.
Click here to register your business!
Bonus Bulletins
+ Maryland 1st in millionaires per capita
+ Maryland among top ten states for internet access
+ UMD Program Wins 1st Place for Excellence in Entrepreneurship Education
+ 15 Maryland companies make Technology Fast 500 list
+ UMD ranked #1 public university in tech entrepreneurship

+ Maryland graduation rate rises to 85 percent
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