Introducing the 2023 Competitiveness Redbook for Maryland
Featuring data comparing Maryland to the rest of the nation in key indicators including population change, employment growth, wages, taxation and more.
The 2023 Competitiveness Redbook is a data-driven snapshot of Maryland’s economic health, comparing 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.
As you’ll see in the data, while there are areas of strength, our state and our businesses are struggling with issues including inflation, a crippling workforce shortage, high rates of taxation, and burdensome economic, fiscal and regulatory policies that are making it difficult to attract and retain businesses, support growth, and ensure Marylanders have plentiful opportunities to secure great jobs.
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 over 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.
We encourage you to use this data to understand the realities facing Maryland’s economy and business community. By working collaboratively to remove obstacles, update policies and create a pro-business atmosphere where both businesses and communities thrive, we can make Maryland a top competitor for business with an economy that leaves no one behind.
The 2023 Competitiveness Redbook is produced by the Maryland Chamber of Commerce, the leading voice for business in Maryland that advocates on behalf of more than 6,400 members and partner to develop strong public policy ensuring sustained economic growth for Maryland businesses, employees and families.
Explore key insights from the competitiveness data, along with a look at the trends the data reveals and what it means for Maryland business leaders, industry and policymakers, with our data snapshots. Click on each snapshot for more information about the data and what it reveals.
Economic Indicator Spotlight: Maryland’s Business Friendliness
EXPLORE THE BUSINESS CLIMATE DATA
Economic Indicator Spotlight: Maryland’s Population, Workforce & Employment
EXPLORE THE POPULATION & WORKFORCE DATA
Economic Indicator Spotlight: Maryland’s Effective Tax Rate Data
Economic Indicator Spotlight: Maryland’s Minimum Wage
Economic Indicator Spotlight: Maryland’s Housing Values & Home Ownership
Economic Indicator Spotlight: Examining Education in Maryland
Economic Indicator Spotlight: Maryland’s Transportation & Infrastructure Indicators
Economic Indicator Spotlight: Energy Costs, Resources and Regulations in Maryland
Economic Indicator Spotlight: Maryland’s Gross Domestic Product & Exports
The 2023 Redbook is published with support from the following organizations:
Supporting Sponsors: Giant Food, Maryland Bankers Association, McCormick & Company
To order additional copies of the 2023 Redbook, contact the Maryland Chamber of Commerce at 410.269.0642 or email@example.com