Maryland's Economic Competitiveness

Key Takeaways

Our neighbors are outpacing and outranking us, creating a pressing need for action. Without immediate improvements, Maryland will continue to lose ground, making it increasingly difficult to attract and retain businesses and talent.

Immediate steps must be taken to address declining rankings and foster a more business-friendly environment. Failure to act now will result in long-term economic challenges that will be increasingly difficult to overcome. For business leaders, this means advocating for change; for policymakers, it means implementing policies that make Maryland a more attractive place to do business.

Maryland's competitiveness is in steep decline, facing mounting challenges like domestic migration to other states, a stagnant population, lackluster business growth and a growing budget deficit. If we do not act now, these challenges will lead to a deteriorating economy, diminished job creation and further budgetary challenges for our state.

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Key Takeaways

Maryland's stagnant population growth and migration losses reveal deeper challenges in attracting and retaining residents and talent. With the decline in the prime working-age group (ages 25-54), both consumer spending and tax revenues are taking a hit. Meanwhile, states like North Carolina and Georgia, with their booming economies, offer strong competition, having discovered successful strategies for rapid growth.

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Key Takeaways

Maryland's slow job growth, coupled with stagnant population growth, points to deeper challenges in attracting and retaining both residents and businesses. High costs, burdensome regulations, high taxes and workforce issues are discouraging businesses from investing, expanding, or relocating here. Together, these factors create a less competitive business environment, limiting opportunities for job seekers and making Maryland less appealing to new and growing businesses. This, in turn, weakens the state's attractiveness as a place to both live and work.

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Key Takeaways

Maryland’s tax climate is driving away businesses, jobs and residents, posing a serious threat to the state’s long-term economic viability. Baltimore’s high property tax rates deter urban renewal and business growth, compounding both the city and state’s economic challenges. Neighboring states are positioning themselves to capitalize on Maryland’s tax weaknesses, which could further accelerate our economic decline.

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Key Takeaways

Maryland's transportation infrastructure is underfunded, leading to long commute times, deteriorating roads and strained public transit systems. These challenges directly impact the state's economic competitiveness by reducing productivity, hindering talent attraction and increasing costs for businesses. Without addressing these infrastructure issues, Maryland risks further economic stagnation and declining quality of life.

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Key Takeaways

Small business creation in Maryland is currently lagging behind neighboring states in key metrics. Addressing these challenges is crucial for improving the state's economic competitiveness and fostering a more robust business environment. To boost small business creation and support, Maryland should focus on lowering operational costs, easing barriers to entry, implementing lower taxes, creating a more business-friendly environment and improving infrastructure. These measures can help attract and retain small businesses, helping drive economic growth.

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