Maryland Commerce Programs Bolster State Economy, Supporting 24,000 Jobs in FY25

The Maryland Department of Commerce’s financial and tax incentive programs were instrumental in supporting an estimated 24,000 jobs throughout the state during Fiscal Year 2025, according to data released by the Office of Governor Wes Moore. These initiatives played a significant role in both the creation of new employment opportunities and the retention of existing ones, directly impacting the livelihoods of thousands of Marylanders. Over the fiscal year, more than 830 businesses leveraged these programs, contributing nearly $434 million in private capital investments to various projects across Maryland.

The figures, detailed in the 2025 Consolidated Incentives Performance Report, highlight the broad reach and impact of the Department of Commerce’s offerings. The report encompasses nine distinct programs designed to foster economic growth. While 13,000 of the supported jobs represent direct employment within Maryland, the remaining positions are categorized as indirect and induced jobs, reflecting the wider economic ripple effect of these investments. Since Fiscal Year 2023, these programs have collectively supported an estimated 55,800 direct, indirect, and induced jobs across the state, demonstrating a sustained commitment to economic development.

Several key programs were particularly effective in generating and preserving employment. The Advantage Maryland program, the Job Creation Tax Credit, More Jobs for Marylanders, the Partnership for Workforce Quality, and the Small, Minority and Women-Owned Business Account – Video Lottery Terminal Fund were among the top contributors. These initiatives are designed to encourage business expansion and job creation by offering financial incentives and tax relief. The Research and Development Tax Credit, which encourages businesses to invest in innovation within Maryland, was the most frequently awarded incentive.

Analyzing the impact across different industries, Maryland’s manufacturing sector emerged as a leading beneficiary, with Commerce programs supporting the creation and retention of over 8,460 jobs. The retail trade sector followed, with approximately 944 jobs being supported. The professional, scientific, and technical services sector, which includes vital fields such as biotechnology, cybersecurity, and research, ranked third, with 894 jobs receiving support. This diverse impact underscores the department’s commitment to supporting a wide range of Maryland businesses and industries.

The Maryland Department of Commerce is dedicated to offering financial incentives to a broad spectrum of businesses, from agricultural specialists to entrepreneurs transitioning from military service. The department actively collaborates with legislative partners to enhance its program offerings and ensure they provide maximum benefit to local communities and deliver a strong return on investment for the state. Each program within the Commerce Department is tailored to achieve specific objectives, and their impacts are assessed based on these unique goals and timeframes, as detailed in the full performance report. Businesses interested in learning more about the financial incentives and resources available through the Maryland Department of Commerce are encouraged to visit commerce.maryland.gov.

Article by Mel Anara, based upon information from the Office of Governor Wes Moore

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