ECONOMY

Tugboat, Curtis Bay, Baltimore, Maryland, August 2000. Photo by Diane F. Evartt.

World Trade Center (a pentagonal building), East Pratt St., Baltimore, Maryland, August 2001. Photo by Diane F. Evartt.

Through the third quarter of 2001, Maryland's economy, while weakening, continued to outperform the country as a whole. Biotechnology, software development and applications, and defense and security-related businesses maintained a strong presence, helping the State achieve relative stability during the national economic downturn. Maryland's investment in education should prepare the State for growth in sectors requiring highly educated workers; it also should offset losses in the manufacturing sector. In the nation, Maryland ranks first in the percentage of professional and technical workers and is poised to gain both defense and nondefense contracts for medical research, aircraft development, and security. Throughout this time, Maryland has retained its AAA bond rating.

Federal agencies located in Maryland have been a catalyst for the State's technology base. These include the National Institutes of Health, the National Institute of Standards and Technology, the National Aeronautics and Space Administration, Goddard Space Flight Center, and Department of Defense operations. Advanced technology enterprise is especially strong in telecommunications, computer sciences, and biotechnology.

Research parks facilitate joint research among universities, State and federal government institutions, and private industry. These parks include: The Johns Hopkins Bayview Campus (life sciences research) in Baltimore; and Shady Grove Life Sciences Center (biomedical & life sciences research) in Montgomery County, which holds the Center for Advanced Research in Biotechnology, part of the University of Maryland Biotechnology Institute. Other members of the Institute are the Center of Marine Biotechnology, the Medical Biotechnology Center, the Center for Agricultural Biotechnology, and the Institute of Human Virology. Also significant are the Applied Physics Laboratory in Laurel and the Space Telescope Science Institute in Baltimore, both affiliated with The Johns Hopkins University. University of Maryland Baltimore County Research Park and Technology Center (life sciences & high technology research) on the Catonsville campus opened in 1996 to support high technology business development. In addition, the University of Maryland Baltimore County is leading a consortium of universities and private sector companies to develop the Goddard Earth Sciences and Technology Center. Center faculty and staff will collaborate with Goddard scientists in studying the earth's surface, atmosphere, and oceans.

WORKFORCE

EMPLOYERS

JOBS

During 2001, the job growth rate in Maryland fell to 1.4%, eighteenth highest in the nation, but twice the national average. Despite predictions of a continued slowdown into 2002, Maryland's job growth rate remains in positive territory while the national rate has shown zero or negative growth. Job losses have occurred in the State, however, especially in manufacturing, trade, and the travel and tourism sectors.

INCOME

Sources for this data and additional information about Maryland's economy are available from the Department of Business and Economic Development, and the Department of Labor, Licensing, and Regulation. Socio-economic data about Maryland may be found through Planning Data Services, Department of Planning. Regional economic data may be found at the U.S. Bureau of Economic Analysis.

Information about Smart Growth, Maryland's plan to revitalize older developed areas and discourage sprawling development into the state's rural areas, is accessible through the Office of Smart Growth, and the Department of Planning.

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