New study highlights economic development impacts in Maryland

MARYLAND – “When people hear economic development, it’s hard to understand what that is. It’s wide and diverse. This brings some actual research and data to the table,” Twele said.

A recent study from The Maryland Economic Development Association (MEDA) in collaboration with the Business Economic and Community Outreach Network (BEACON) at Salisbury University revealing a $9.17 return on investment for every dollar spent on economic development in Maryland. “Those efforts can come in the form of attracting new companies, helping existing companies expand, workforce development, and various financing that helps companies stay in your local communities and grow,” MEDA Public Policy Committee member Lawrence Twele said. “All of that goes to helping improve the ability of the local jurisdiction to reinvest those dollars in public safety, or health, or even education.”

John Hickman with BEACON tells us those findings were based on 2022-2023 data from the county’s economic development funding invested into those projects and on job creation and retention. “So those are people who are earning wages who can then go out and support the retail economy around them, purchase homes, and invest in things to help their children grow,” Hickman said.

Hickman added the data also proves that the shore is making impacts propionate to those to any of the larger counties across the bay. “Our local economic developers may have a smaller county and population, but they’re out attracting companies and helping business grow in our economy,” he said.

BEACON also told us that most of the economic development offices are planning for the same results for FY24.

According to that survey, more than $156 million in federal small business grants were awarded in 2022. Some of the highest GDP sectors included government, finance, and insurance.