Maryland is strategically located on the Atlantic Seaboard, close to Washington DC, the nation's capital. The capital city is Annapolis and Baltimore is the state's largest city. Baltimore is only 50 miles north of Washington, DC and the Washington-Baltimore Metropolitan Area is well connected. Many foreign diplomats choose to live in Maryland, because of our proximity to nearly 180 foreign embassies and U.S. government decision-makers. Our state is incredibly diverse and welcoming, with 1 out of every 7 residents born overseas.
Maryland has maintained its first place ranking in the ratio of millionaire households for 2016. Maryland ranks 6th in the 2017 State New Economy Index and its GDP reached $393.6 billion. With a median household income of $78,945 in 2016, which is 37% above the national median, Maryland households are currently the wealthiest in the country. At the same time, Maryland is not an expensive place to live: the cost of living in the Baltimore metro area is 75% of Washington, D.C. and 50% of New York City.
A diverse business community, including Fortune 500-headquartered Constellation Energy, Host Hotels and Resorts, Legg Mason, Lockheed Martin, Black & Decker and Marriott International, helps drive the economy. Maryland also actively attracts foreign investment. The favorable investment environment has attracted over 900 foreign enterprises to Maryland, which has become one of the regions with the highest density of foreign enterprises. In order to encourage the development of foreign investment, the Maryland government provides investment incentives, matching funds, as well as technical support and training for businesses.
In 2017, Maryland’s total trade with China was $4,075 million, with an export volume of $600 million and an import volume of US$3,475 million. China is Maryland’s 3rd largest export market and third largest source of imports.
Biotechnology & Health Care
Maryland is home to one of the largest biotechnology industry clusters in the world and the site of FDA and NIH, as well as Johns Hopkins University.
Maryland’s aerospace, computer modeling, encryption, gaming and simulation software; and satellite, wireless and fiber optics communications clusters are among the industries’ strongest.
Maryland is headquarters to two of the world’s major investment services companies, as well as regional and support operations of many of Wall Street’s largest entities.
Maryland also has an excellent performance in new energy and advanced manufacturing.
Manufacturing & Logistics
Maryland is strategically located with excellent logistics. With the massive redevelopment of Tradepoint Atlantic, companies like FritoLay, Amazon, FedEx, Under Armour, and UPS are establishing new facilities.
Education & Workforce
Maryland is the second most educated state overall, and is ranked first for the concentration of STEM professionals, doctoral scientists, and engineers. Maryland has outstanding education resources, including 11 campuses of the University System of Maryland, as well as the Johns Hopkins University, which has particular strengths in information sciences and biotechnology. These institutions have created over 250 research centers and institutes in science and technology.
The Baltimore Washington International Airport consistently ranked as one of the best in the country. Both Reagan National and Dulles Airports are within 30 kilometers of the State’s border, while Philadelphia International Airport is convenient for residents of northern Maryland. The Port of Baltimore is the farthest inland major port of the East Coast, and it is the top U.S. port for automobiles (roll-on, roll-off). There are four foreign trade zones in the state, and five major interstate highways, including the intersection of two major East Coast interstate highways: I-95 (North/South) and I-70 (East/West).