The Maryland Chamber of Commerce has released the 2023 Competitiveness Redbook, which provides a data-driven snapshot of Maryland’s economic health. The publication compares the state to the rest of the nation in a variety of key indicators, including population change; employment growth; opening and closing rates of establishments; wages; taxation; and economic, fiscal and regulatory freedom.
While it covers areas of strength, the publication reveals that Maryland and its businesses are struggling with issues including inflation, a workforce shortage, high taxes and economic, fiscal and regulatory policies that complicate efforts to attract and retain businesses, support growth and ensure Marylanders have plentiful job opportunities.
Some top insights from the data include:
● Maryland ranked 27th overall in CNBC’s Top States for Business, and 44th overall for cost of business.
● Maryland’s economic, fiscal policy and regulatory freedom ranked 44th, 24th and 47th, respectively, among all states in 2021.
● Maryland is ranked as the 19th most populous state, but ranks 40th for population growth, with a population loss of -0.12%.
● Maryland’s estimated net domestic migration was significantly negative, ranking the state 44th in this area.
● Maryland gained 68,800 non-agricultural jobs from August 2021 to August 2022, ranking 22nd in the number of jobs gained and 34th in percentage gained. When looking at job growth during the last 10 years, non-agricultural employment growth in Maryland ranks 28th in the nation, with 155,000 jobs added in this period.
● In 2021, Maryland was ranked 32nd for the rate of establishments opening and 19th for closings.
● Maryland ranks 8th in the nation for state and local taxes, and 35th in the nation for business taxes per employee as a share of all taxes and GSP.
The Maryland Chamber of Commerce advocates on behalf of more than 6,400 members and partners.