A new study by the Maryland Economic Development Association (MEDA) reveals that every dollar invested in county economic development programs in Maryland generates an impressive $9.17 in state and local tax revenue. This highlights the significant financial benefits of such initiatives in strengthening the state’s economy.
The study, conducted in collaboration with Salisbury University’s Business Economic and Community Outreach Network (BEACON) and MEDA’s Public Policy Committee, analyzed data from local economic development offices over the past two years. It focused on job creation and retention reported by these offices, alongside their respective funding for economic development activities.
While investment returns varied across different communities, the statewide average return underscores the effectiveness of economic development programs in generating tax revenue.
John Hickman, Director of BEACON, emphasized the study’s significance in showcasing the impact of Maryland’s economic development community. MEDA President Richard G. Griffin echoed this sentiment, highlighting the substantial return on investment achieved through these efforts.
Beyond the financial benefits, these investments play a crucial role in fostering job creation, strengthening the tax base, and enhancing community vitality. This study not only quantifies the tangible benefits of economic development programs but also underscores their critical importance for Maryland’s continued growth and prosperity.
MEDA, a non-profit organization established in 1961, remains committed to advocating for Maryland’s economic well-being through various initiatives. Alongside BEACON, they strive to improve the state’s business climate and professionalism within the economic development field.
For further information on the impact of economic development in Maryland and the contributions of MEDA and BEACON, please visit their respective websites.
