Maryland Economy Rebounding

[ECONOMIC PULSE]  VENTURE CAPITAL SURGES IN MARYLAND; MD TOURISM JOB GROWTH BEST IN COUNTRY; HEALTHCARE SHINES IN MARYLAND

It appears that the economy is finally looking up for the state of Maryland according to some recent reports.  This comes as no surprise due to the resilience of the state and its many resources.

New data from PriceWaterhouseCoopers and the National Venture Capital Association (PWC & NVCA) show that the state’s investment in venture capital surged in the second quarter.  There was an influx of $101 million, which was an increase of 53% over the previous quarter.  This illustrates growing confidence in public markets and the economy, backed by the area’s strong bioscience and software sectors.

In relation to growing confidence, Maryland’s tourism industry grew by 5,800 seasonally adjusted jobs in June thanks to people beginning to travel again.  This was the most of any major sector and was driven by accommodation and food services.  This accounts for more than 60% of total Maryland job creation and greater than 80% of private job creation.  In addition, the professional/business service industry gained 2,800 jobs in June, while the construction industry added 1,300 jobs.

Lastly, the healthcare industry is one of Maryland’s largest industry sectors with 275,000 jobs in 2009.  The industry added nearly 15,000 jobs from 2007 to 2009 during the height of the recession.  This shows the essential need for healthcare and the strength of the industry in Maryland, not to mention that Johns Hopkins Hospital was once again named “America’s Top Hospital” by U.S. News and World Report.  In addition, numerous hospitals in the state are planning major additions and expansions including Mercy Medical Center, Franklin Square Hospital Center and Ann Arundel Medical Center.

To learn more about Maryland’s economy and industries, read these Economic Pulse articles: Venture Capital, Tourism and Healthcare.



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