A ROADMAP TO AN EQUITABLE, ROBUST AND COMPETITIVE ECONOMY
Maryland’s Winning the Decade report provides recommendations toward a 10-year strategic plan that sharpens Commerce’s focus on the industries and programs that will generate the best economic returns for Maryland.
STRATEGIC FOCUS ON LIGHTHOUSE SECTORS
Computational Biology
Reframing biological systems into mathematical models to apply cutting-edge technologies for discovery of novel insights.
BOOST TARGET SECTORS
Applying quantum physics to drive exponential improvements in computation, sensing and communications.
KEY PRIORITIES
Cutting-edge technologies for precision guidance, navigation, and positioning equipment in aerial, terrestrial, maritime and space exploration.
• Lighthouse sector strategy: Prioritize two or three Lighthouse sectors that are forecast to have significant economic contributions, and provide proactive strategies, investments, and capabilities to deliver outsized performance.
• Strategic closing fund: Establish at-scale, catalytic incentive program focused on winning anchor deals in target sectors that can boost the state’s growth and competitiveness.
CREATE WORLD-CLASS INNOVATION PIPELINE
• Idea challenge: Launch statewide challenge to incentivize the translation of R&D technologies, potential startups and retention of top graduates.
• Commercialization unit: Create a unit with deep expertise in commercialization, deployed to support and coordinate among existing organizations.
• Venture catalyst: Develop network of local and regional funders, including venture capital and institutional investors, to spur investment in the state’s startups.
EXTEND OUR TALENT ADVANTAGE
• Bespoke talent solution programs: Build customized talent solutions as part of attraction or expansion deals, matching companies with world-class Maryland talent assets.
• Enhanced Talent Innovation Fund (TIF): Increase investment in the TIF to drive high-quality job training with a focus on high-salary jobs that require sizable upfront costs in skills training (e.g., nursing, cybersecurity, machinists).
TRACKING SUCCESS
• GDP growth, for state overall and by region
• Employment growth, for state overall and by region
• Jobs created and retained in target sectors
• Venture capital invested in Maryland startups, for state overall and by region
• Startup density
• Startup early job creation
• Labor force participation rate, for state overall and by region
• Share of workers in occupations that earn at or above the state’s living wage, for state overall and by region
• Number of people upskilled/reskilled, for state overall and by region
MARYLAND ANALYSIS
CONTEXT
STRENGTHS
3rd
Most educated state
1/10th
Incentive spending of leaders NC and NY, per GDP
3rd
Academic science and enginnering R&D
26th 2-year postsecondary graduation rates
1. 2023 ACS one-year estimate, from U.S. Census
$98k Median household income1
2.5x Life scientist specialization compared to U.S. 89% Top STEM roles regularly unfilled 3.1% Unemployment rate3
65.6% Labor force participation rate3
Federal agencies
50th Startup early job creation
Top 10 % Counties in the U.S. for Black and Hispanic well-being
25% Combined Black and Hispanic worker share in five highest-paid occupational categories
2. 2024 Q3 current-dollar GDP, seasonally adjusted at annual rates, from the Bureau of Economic Analysis (BEA)
3. November 2024, seasonally adjusted, from the Bureau of Labor Statistics (BLS)
For more information about the “Winning the Decade” Report, Maryland’s Strategic Plan for Economic Development, please contact karen.glennhood@maryland.gov.
Read the full report here.