Investing in Maryland is a safe bet, according to a recently released Maryland Economic Development Association study.
A January report completed in partnership with Salisbury University's Business Economics and Community Support Network found that for every dollar invested in economic development projects in Maryland counties, there is an estimated return of $9.17. found.
“This is a great opportunity to showcase the impact of Maryland's economic development community,” said BEACON Director John Hickman.
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This study was conducted to better quantify the impact of economic development efforts using empirical data to demonstrate the importance and value of economic development programs. Data compiled by BEACON's research team focused on jobs added or retained as reported by county economic development offices and funds invested by counties to support economic development projects.
Modeling and analysis of 2022 and 2023 data provided by participating county economic development offices using IMPLAN, a regional economic analysis software application, reveals that returns on investment vary by community. . Estimated statewide average returns for 2022 and 2023 show that every dollar invested generates state and local tax revenue.
“As a trade association for professionals at all levels in the state, it is our partners who contribute to economic development. “We wanted to quantify that in dollars,” says John, president and founder of Eastport Partners and an association member for more than 20 years. said one Lawrence Tuell.
Make economic forecasts for the Eastern Shore
Forecasting the economic needs of the growing Eastern Shore means valuing its assets. In Wicomico County, much of our success comes down to location.
“This survey provides a sense of the broader investments that can be communicated to legislative bodies that require this data,” said David Ryan, executive director of Salisbury-Wicomico Economic Development. “Our major assets are the two highways that intersect in Salisbury, the freight rail system, and the Wicomico River, which transports agricultural products, fuel, and construction aggregates. We still have a regional airport.”
Salisbury Regional Airport will have an estimated return on investment and economic impact of $150 million, Ryan said.
Training programs like those for aviation mechanics are key to addressing the labor shortage over the next 20 years. The creation of high-wage jobs also attracts a workforce that requires additional industries such as housing, utilities, and other infrastructure. More importantly, a healthy tax base will be strengthened.
“(This is) an opportunity to grow the aviation sector. Our region's economy includes agriculture, health care, higher education and manufacturing. You can add other sectors to this, and all It’s not like we have an airport in our community,” Ryan said.
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'Influx of interest in Somerset County' after pandemic
Somerset County Economic Development Executive Director Daniel Thompson similarly expressed concerns about the labor shortage, noting that the pandemic comes with its own economic challenges and surprises.
“Because it's a rural area with a small population, the workforce tends to come from outside the county to keep the business growing,” Thompson said. “Before the pandemic, we were competing with more metropolitan areas in the state, but during the pandemic we really saw a flurry of interest in Somerset County, with a lot of people pulling out of the business model. We started looking at rural Maryland.”
It coincided with aggressive market positioning to bring natural gas and related infrastructure to the county. County commissioners also doubled down on investment in broadband internet.
“We created incentives like Enterprise Zones and Opportunity Zones and marketed them. Things like quality of service and contact relationships were important. It wasn't just about getting companies there, it was about long-term It was about getting there,” Thompson said. .
Concerns about cyclical issues were allayed with assurances that the county would continue to support investors' business goals.
Investments are rewarded with jobs, tax revenue, etc.
“The impact of these investments is that every project the county takes on retains jobs, attracts new jobs, and those jobs, along with the income taxes they create and the taxes those businesses pay, all come in as revenue. It's about coming back. This tells the story of that return,” Touré said.
The association supporting this research in collaboration with BEACON is a nonprofit association of economic development professionals. Founded in 1961, her MEDA membership promotes Maryland's economic prosperity by working to advance the state's business environment and the professional development of those in the economic development field.
MEDA's membership includes economic development professionals employed by government, business, and the Chamber of Commerce, as well as other professionals interested in Maryland's economy.
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