Maryland shows increase in economic activity

Businesses proposed plans to add more than 15,000 jobs last year

March 03, 2011|By Hanah Cho, The Baltimore Sun

Maryland businesses announced plans in 2010 to add more than 15,000 jobs and make $4 billion in capital investment, according to a state study released Thursday.

The 2010 New & Expanding Businesses in Maryland report, compiled by the Maryland Department of Business and Economic Development, examined new economic activity based on public announcements made by new and existing businesses in the state. The data does not measure actual net job growth in the state.

Net job growth in the state in 2010 was larger than what the report found. At the end of last year, the state had about 25,000 more jobs, compared to the same period in 2009, according to preliminary estimates by the U.S. Labor Department.

The report is "clear evidence that Maryland's economy is moving in the right direction and that the investments we have made in job creation initiatives are paying off," DBED Secretary Christian S. Johansson said in a statement.

The report found that 364 projects in Maryland were announced last year, up nearly 25 percent from 2009. Of that total, Montgomery County reported the most projects with 61.

The industry sectors with the most new activity were professional services; accommodation and food services; and manufacturing and wholesale trade.

The businesses that proposed the most job creation were military and federal government agencies. For instance, the U.S. Defense Information Systems Agency, which is relocating from Virginia to Ft. Meade due to the Base Realignment and Closure process, said it was bringing 4,380 jobs to the state.

Hanah.cho@baltsun.com

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