Maryland Incentive Programs Target ‘Wide Range’ Of Companies

The Maryland Department of Commerce can tailor support services to the ‘sectors where it will have the greatest impact,’ according to Secretary Kevin Anderson.

By Kari Williams
From the March/April 2024 Issue

 

Maryland’s creation and retention of nearly 10,000 jobs statewide during fiscal year 2023 is due, in part, to finance and tax incentive programs from the Maryland Department of Commerce, according to a recent report.

The “2023 Consolidated Incentives Performance Report,” produced by the Department of Commerce, determined that more than 780 businesses used the programs, four of which accounted for the majority of new and retained jobs—Job Creation Tax Credit, More Jobs for Marylanders, Partnership for Workforce Quality, and the Small, Minority and Women-Owned Business Account-Video Lottery Terminal Fund.

Maryland Department of Commerce Secretary Kevin Anderson said there’s no “one-size-fits-all approach” for supporting businesses.

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Baltimore, MD Inner Harbor (Photo: Adobe Stock/Tierney)

 

“That’s why Maryland Commerce’s finance and tax credit programs are targeted to assist a wide range of companies, from small businesses who need a helping hand to established companies who are making significant investments in new facilities and everything in between,” Anderson said. “This allows us to tailor our support to the sectors where it will have the greatest impact, make adjustments when we need to, and deliver the best value to Maryland taxpayers.”

AstraZeneca and Conair are among the companies that have broken into the Maryland economy in recent months, solidifying interest in growing life sciences, cybersecurity and cleantech industries.

AstraZeneca will invest $300 million to establish a manufacturing facility in Rockville, MD. The biopharmaceutical company plans to use the site to “launch its life-saving cell therapy platforms in the U.S. for critical cancer trials and future commercial supply,” according to the Department of Commerce.

“While Maryland’s pool of talented life science professionals continues to grow, so does the amount of career opportunities in the industry,” Anderson said. “We are very grateful to AstraZeneca for planning to bring approximately 150 new jobs to Montgomery County over the next few years.”

The facility will be located within five miles of an AstraZeneca global research and development center and in Montgomery County’s life sciences corridor, according to the Department of Commerce.

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(Source: Office of the Comptroller: Maryland 2023 State of the Economy, U.S. Bureau of Labor Statistics, Maryland Bureau of Revenue Estimates)

 

Conair, a health and beauty product and kitchen appliance manufacturer, will create 700 jobs at a new distribution center in Washington County, MD over the next decade.

John Barr, President of the Board of County Commissioners, said the $75 million investment will “significantly benefit” the local economy and workforce.

“This announcement further verifies Washington County is a strategic hub for interstate commerce,” Barr said, “and we are proud to add Conair to the list of internationally recognized companies who have put their roots down in our wonderful community.”

In the tech industry, Carroll County, MD has implemented a new pilot program. The Mid-Atlantic Gigabit Innovation Collaboratory (MAGIC) created StartUp Lab to “foster growth, innovation, collaboration, and community within the local tech ecosystem” in collaboration with the Maryland Department of Commerce, Maryland Technology Development Corp., and Startup Portal. The yearlong program, according to MAGIC, has support from the Carroll County Department of Economic Development.

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EVAPCO, Inc., an evaporative cooling and industrial refrigeration production company, will add 45,000 square feet of office space to its Taneytown site over the next two years. The expansion will create 275 jobs.

“This a win-win-win for Maryland, Carroll County, and, of course, EVAPCO,” Anderson said. “We’re proud that a strong, innovative company like EVAPCO has made its home in Maryland, and we look forward to continued growth and partnership in the future. We thank them for investing in Maryland once again.”

Maryland also generates roughly $9.17 in state and local tax revenue for every dollar invested in county economic development, according to a Salisbury University study by the Business Economic and Community Outreach Network and Maryland Economic Development Association’s Public Policy Committee. It included annual county economic development survey data from the past two years.

Check out all the latest news related to Maryland economic development, corporate relocation, corporate expansion and site selection.

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