State’s Economic Development Agency Releases FY 2012 Annual Report
Marking a year that positioned Maryland as a trailblazer in the Innovation Economy, launched programs and policies to create and retain jobs and celebrated the State’s history and culture, the Maryland Department of Business and Economic Development (DBED) released its FY 2012 Annual Report. The publication, which is released each year in the fall, highlights accomplishments from the Department’s divisions, showcases business success stories, and provides an overview of the number of businesses that were helped and jobs created and retained through the Department’s financing, tax credit and business assistance programs.
“Our work in FY 2012 remained focused on creating and retaining jobs; supporting businesses large and small; building on our core industry strengths; driving tourism, film and arts and spurring a culture where entrepreneurship and innovation can thrive,” said DBED Secretary Christian S. Johansson. “We are continuing that progress in FY 2013 by investing in the State’s most promising companies, making it easier to do business in Maryland through online business registration and working hand in hand with our business community to identify opportunities for growth.”
The year’s highlights include the continued progress of InvestMaryland, a State venture capital program for which $84 million was raised through an online auction of tax credits to fuel promising start-up companies; the passage of InnovateMaryland, which brings State government together with its top research universities to move groundbreaking research out of its university labs and into the commercial marketplace; two trade and investment missions led by Governor Martin O’Malley to India and Asia, which combined netted more than $145 million in foreign direct investment and deals for Maryland companies; the revival of the Maryland Advisory Commission on Manufacturing Competitiveness, which identifies ways to encourage new and expanding manufacturing enterprises in Maryland; and the development of a number of web tools for businesses, including a mobile-friendly website, an online site selection database, an interactive map and the launch of Finance Tracker, which provides information on the Department’s financing deals.
DBED helped create or retain more than 7,335 jobs and leveraged $661 million in capital investment through 111 projects, including the attraction of specialty food manufacturer Protenergy Natural Foods to Dorchester County and the expansion of defense contractor Smiths Detection in Harford County. In addition, Maryland visitors spent $13.1 billion on travel expenses in 2010 (most recent data available), a 4.3 increase from the previous year, and hosted several events, including the Bicentennial of the War of 1812, the Sesquicentennial of the Civil War and the Centennial of Harriet Tubman along with the installation and dedication of the 9/11 Memorial of Maryland. The Maryland State Arts Council awarded more than $11 million in grants to individual artists, arts organizations and county arts councils.
ABOUT DBED: The Maryland Department of Business and Economic Development stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing workforce training and financial assistance to Maryland companies. The Department promotes the State's many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. For more information, visit www.ChooseMaryland.org.