Gov. Wes Moore recently signed an executive order to promote Maryland’s economic future through the creation of the Maryland Economic Council. The council will serve as the command center for analysis and recommendations for the Moore-Miller Administration to target growth, diversify the workforce and merge state assets into growing industries.
Moore has appointed Will Castleberry as the chair of the Maryland Economic Council. Castleberry brings decades of experience to the position, most recently as head of Netflix’s State Regulatory & Production Policy team.
The Council’s strategies will aim to bolster the administration’s goals to drive new investments in Artificial Intelligence technology, help create jobs to achieve 100% clean energy by 2035, boost discovery in the quantum computing industry and leverage Maryland’s cybersecurity assets to build on the growing cybersecurity workforce.
The principal function of the council is to provide economic policy advice and recommendations to the governor by:
● Identifying and tracking the underlying economic factors impacting the macroeconomic environment (such as interest rates, systematic risks in the banking system, disruptions to the global supply chain, gross domestic product, unemployment rates and inflation).
● Analyzing the projected impacts of state policy issues, such as tax policy and specific investment proposals, on the competitiveness of the state’s economy and strengthening key economic metrics.
● Evaluating the state’s current economic development policies and activities to identify additional techniques to foster greater economic and business development and support commerce.
● Examining existing economic policy instrumentalities, boards and commissions within the state ― including, but not limited to, the Maryland Economic Development Corp., Maryland Technology Development Corp. and Maryland Economic Development Commission ― and developing a plan to coordinate each entity’s distinct mandates and identify potential areas for collaboration to meet desired goals.
● Reviewing current economic policies through an equitable lens to ensure fairness and help eliminate the racial wealth gap.
The council will consist of the heads of the following officials of executive departments and agencies that the governor may designate:
● Lieutenant Governor Aruna Miller
● Maryland Department of Budget & Management Secretary Helene Grady
● Maryland Department of Commerce Secretary Kevin Anderson
The council will have no fewer than five and no more than 15 members with training, knowledge and experience in analyzing and interpreting economic data, developments and trends, appraising programs and activities of the government. The council will recommend economic policy in light of the international, national and state macroeconomic environment, and proposing strategies to build a more equitable economy.
The Maryland Economic Council will submit an annual report to Moore on or before Jan. 1, 2024, and by Oct. 1 each year following. The annual report will outline the current economic conditions impacting the macroeconomic environment. The report will evaluate the macroeconomic environment’s impact on Maryland’s economy and will recommend courses of action consistent with the duties of the council.