Friday Five
April 3, 2026 | This week's latest on Maryland business and government
1 — Maryland politicians closed a shortfall, but they didn’t fix the state’s budget woes
Maryland lawmakers are finalizing a nearly $71 billion budget that closes a $1.4 billion deficit and creates a $250 million surplus through spending cuts and one-time financial maneuvers, while avoiding new tax increases in an election year. Despite the balanced budget, projections show structural deficits growing to nearly $4 billion by 2030, driven in part by major spending commitments like the Blueprint for education. Lawmakers from both parties acknowledge tougher decisions on spending and potential revenue changes will likely be needed in the coming years to address the state's long-term fiscal challenges.
In the not-so-distant future: The Department of Legislative Services projects the budget shortfall to grow to $2.3 billion starting as soon as July 2027 and $3 billion the year after if unaddressed.
2 — Maryland House and Senate keep diverging on energy bill
Maryland’s House and Senate are diverging significantly on key components of a sweeping energy package, particularly around how to regulate gas infrastructure costs and utility rate-setting practices. The House has pushed for stricter limits on cost recovery and more aggressive consumer protections, while the Senate is considering a more flexible approach that gives regulators greater discretion and scales back some provisions. These differences, along with debates over programs like EmPOWER and rules for large energy users such as data centers, set up negotiations between the chambers as lawmakers work to reconcile competing priorities on affordability and energy policy.
Time is ticking: A compromise must be made before as Maryland's 2026 legislative session ends on Monday, March 13.
3 — 40% of Marylanders cite affordability as top worry, poll shows
A new UMBC poll shows affordability has become Marylanders’ top concern, with nearly 40 percent citing rising costs — including groceries and utility bills — as the biggest issue facing the state, and about 70 percent saying their electric bills are less affordable than a year ago. The results come as lawmakers debate a major energy package, with some questioning whether proposed relief measures will meaningfully address the scale of the problem.
On competitiveness: Never has it been more critical for our state officials to address affordability concerns through the lens of Maryland's regional economic competitiveness.
4 — Samsung Biologics completes Maryland acquisition, establishes first U.S. manufacturing site
Samsung Biologics has acquired a biologics manufacturing facility in Rockville, Md. from GSK, establishing its first U.S. production site and expanding its global manufacturing capacity. The facility will continue producing for GSK while supporting broader contract manufacturing and future expansion, including additional investment and technology upgrades. The move, welcomed by Maryland's business community, strengthens supply chain resilience and reflects growing demand for localized biopharmaceutical production.
What we think: This investment by Samsung Biologics reinforces Maryland’s position as a global leader in life sciences and highlights the state’s ability to attract major international companies. Continued growth in advanced manufacturing and biotech strengthens our economy, supports high-quality jobs and enhances Maryland’s competitiveness in a critical industry.
5 — U.S. jobless aid filings fall to 202,000, layoffs remain low despite uncertainty of Iran conflict
U.S. jobless claims fell slightly last week to 202,000, indicating layoffs remain relatively low despite a slowing labor market and rising energy costs driven by the conflict in Iran. Overall hiring has slowed over the past two years, and revisions to earlier payroll data show a weaker employment picture, with the unemployment rate rising to 4.4 percent. Persistently elevated inflation and global uncertainties are contributing to economic strain, leaving many job seekers facing challenges even as the labor market shows historically low turnover.
Current conditions: The American labor market appears stuck in what economists call a “low-hire, low-fire” state that has kept the unemployment rate historically low, but has left those out of work struggling to find a new job.
Advancing inclusive partnerships for a Maryland where all businesses and their communities thrive
The Maryland Chamber of Commerce is the state’s leading business advocacy organization — committed to working with our alliance of partners on critical public policy issues. With a focus on economic development and grassroots advocacy, we impact policies that directly affect Maryland business.
