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A leader in the tech workforce, Maryland is among the most educated states. And it’s no surprise since the state is home to 57 accredited colleges and universities including a world-known John Hopkins University, the University of Maryland, and Loyola University.
As such, the Old Line State is greatly maintained by federal government investments welcoming onboard a few dozen of statutory agencies and scientific institutions such as the National Institute of Standard and Technology and Food and Drug Administration.
In the meantime, special government programs and strong community support are aimed at nourishing a booming science sector and maintaining startuppers and beginner entrepreneurs to help their tech projects survive and thrive.
Ranked 27th in CNBC's “Top States for Business” rating in 2022, Maryland has higher taxes and a quite expensive cost of living. However, access to a high-quality labor market and high per capita incomes attract small enterprises (SMEs) that are central to the state economy.
According to Statista, Maryland’s GDP in 2021 was $364.24 billion. Up by 3% from 2020, it’s the 15th-highest gross domestic product in the nation;
Under the Bank of America research, more than 62% of businesses have reported recovery from the pandemic crisis in 2021, hence the significant GDP growth;
The biggest GDP feeders in 2021 are the government sector, finance and insurance, real estate, and professional and scientific services;
In 2020, SMEs ensure $5.2 billion (47.3%) of the entire state export worth $10.9 billion. And small private exporters account for nearly 88% of all MD exporters;
As of 2022, Maryland hosts 634.622 small enterprises making up 99.5% of all active businesses in the state;
SMEs are the most active in the professional, scientific, and technical service sector, with over 100.000 companies operating there, which is no wonder taking into account the education level in the state;
The mining, quarrying, and oil and gas extraction industry has the lowest number of SMEs, with only 109 private firms in it;
For the period from March 2020 to March 2021, there were 14.008 SME openings and 14.507 closings still showing a post-pandemic net loss of 499 entities;
The employment market shrank by 114.754 jobs for the same period;
Following Census Bureau data, as of 2022, SMEs employ 1.2 million Maryland residents and secure 49.2% of the entire employment market in the state;
Healthcare and social assistance with 177.957 employees and the professional, scientific, and technical services with 158.234 employees are the two most active private employer sectors;
Overall, about 18% of all SMEs in the state use hired workforce;
In 2022, the minimum hourly wage in the state is $12.50, with a forecast growth to $14 in 2024 which is almost twice the federal minimum;
An average hourly salary in the state is $19 and the top limit might hit $30 per hour;
Self-employed owners of registered businesses have an average annual income of $60.000 while sole proprietorships earn $29.00;