A new study from TEDCO that details the contributions of its six core programs reveals that the economic development organization created nearly $2.7 billion in statewide economic activity as of 2023.

Conducted by the University of Baltimore’s Jacob France Institute, the economic impact study revealed that TEDCO has invested in and/or supported the growth of a portfolio of 442 of Maryland’s technology companies, more than doubling the number of companies identified in the first TEDCO impact study in 2008.

“The most recent study reinforces TEDCO’s impact on the Maryland innovation ecosystem,” said TEDCO CEO Troy LeMaile-Stovall. “As one of the top five Small State Business Credit Initiative investors in the country, according to the U.S Department of the Treasury, we are pleased to say that our efforts have supported significant returns in Maryland, where portfolio companies have grown and our ecosystem continues transforming, becoming more sustainable and diverse. Seeing these changes really solidifies the importance of creating a connected suite of resources, programs and opportunities for entrepreneurial success.”

The study reveals TEDCO’s significant economic and fiscal returns to Maryland’s ecosystem. In 2021, the direct job creation impact of the 442 portfolio companies supported by TEDCO’s six core research and investment vehicles was 10,433 and increased by 16% to 12,082 in 2023.

Similarly, these companies have also produced a sizable increase in their economic impact, from $2.3 billion in 2021 to $2.7 billion in 2023.

The study also reports the generation of an estimated $140.3 million in state and local government revenues, including more than $80 million in estimated state of Maryland revenues, an amount that exceeds TEDCO’s fiscal 2023 appropriation of $50.5 million, as well as earning $1.1 billion in labor income.

To read the study, visit www.tedcomd.com/sites/default/files/2024-02/2023%20Economic%20Impact%20Study.pdf.