Maryland’s Economic Expansion: Key Industries Driving Growth in 2024

Maryland has the largest median household income in the country at $108,200. It has the lowest poverty rate (8.6%) and the lowest unemployment rate at 1.8%. As a result, MD is experiencing an inflow of people moving from other states, especially from California, New York, Florida and Pennsylvania.

The Old Line’s proximity to Washington D.C. is a major reason for its economic success. But which exact industries drive growth for Maryland? The following seven industries produce the most revenue and create the most employment opportunities in Maryland.

Agriculture and Fishing

Maryland is famously nicknamed ‘Little America’ due to its diverse landscape. This landscape features millions of acres of arable land. What do farmers produce the most in Maryland?

More than 70% of arable land in the Old Line state is used to produce corn. Soybeans rank second while wheat is third. Fruit and vegetables make up for around 20% of agricultural land in the state.

Beyond crops, Maryland is one of the biggest producers of poultry meat and eggs in the country. When it comes to fishing, Maryland is the country’s biggest producer of blue crabs. Fishing primarily takes place in the Atlantic Ocean. However, there are also aquafarms that help maximize seafood production throughout the state.

The fishing industry generate $600 million in annual revenue, mainly through the sale of blue crabs, striped bass, tilapia, catfish and trout fish. Maryland has hundreds of fish processing plants that employ more than 50,000 people.

Cybersecurity

Maryland is the country’s center for cybersecurity. Here’s why. It hosts 50 federal facilities involved in cybersecurity. They include the National Security Agency, the Electronics Command and the Army’s Communication.

Overall, Maryland is home to 200,000 government employees tasked with different cybersecurity jobs. It has a lot more people who work for private digital security companies.

Maryland’s dominance in cybersecurity can be attributed to the Federal Government’s presence in the state. As mentioned, the federal government has hundreds of thousands of cybersecurity who work in Maryland.

Many of them also own cybersecurity companies. Or, they branch to the private sector after they retire from civil service. Another reason for the state’s huge presence in the cybersecurity space has something to do the presence of multiple research agencies in the state.

There’s the Joh Hopkins University, Defense Information Systems Agency and the National Institute of Standards and Technology.

Online Gaming

Online gaming is an upcoming industry that has been creating jobs in Maryland left, right and center. We’ll be honest. The biggest gaming brands have headquarters elsewhere in the country.

However, some, like Bethesda, have offices in Maryland. Then there are startups like Protego Labs, Spread Karma, Vivanda and Aurion, all of which create mobile and PC games available throughout the country.

Video games aside, the Old Line State has a thriving online gambling sector fueled by offshore casinos. The best Maryland online casino sites offer a wide variety of slots and table games. They also give out bonuses to welcome new customers and keep their existing players happy.

Tourism

When you think about it, Maryland has almost everything a tourist would want. It has sandy beaches, theme parks, casinos, festivals, sports activities, mountains, forests, rivers and lakes.

The only natural landscape missing in the Old Line State is a desert. But then again, the state wouldn’t be an agricultural juggernaut if it had a vast desert. Tourism is $20 billion industry. It employs at least 120,000 jobs, representing 3% of all jobs in the state.

Thanks to the state’s varied landscape, tourist have no shortage of beautiful places to tour. Ocean City is popular with sunbathers—it has a 10-mile long beach and gentle waves that are perfect for swimming.

If you’re an avid historian, Frederick offers a lot to savor. It has ties with the civil war through the Monocacy National Battlefield and the National Museum of Civil War Medicine.

Manufacturing

Manufacturing is one of Maryland’s top industries. Baltimore is home to the state’s most well-known industries, some of which have been around since the 1800s.

Baltimore’s manufacturing space consists of automobile manufacturers, publishing and printing firms, machinery, food and chemical industries. Overall, the city if responsible for roughly 30% of manufacturing done throughout the city.

Last year, manufacturing contributed 6% of the state’s total output and employed 4% of the workforce. This translated to about $26 billion generated, making manufacturing one of the top five industries in the state.

Daystar Manufacturing is arguably the most famous manufacturing plants in the state. It specializes in creating thermoplastic injection molding products. Clark Machine Corporation, another major employer in Maryland, specializes in fabrications, welding, cutting, rolling and broaching services.

Manufacturing companies in Maryland are always hiring. Last year, these companies created over 10,000 new jobs. This year, the businesses will add a similar number of employment opportunities.

Life Sciences

This might come as a surprise to some, but Maryland has the second highest number of life science businesses in the country. Life science companies love Maryland because it has an incredibly talented workforce.

Think of John Hopkins University. It’s not only a prestigious university for learners, but it also hosts hundreds of talented scientists in matters to do with chemistry, biology and technology.

Most research labs owned by the Federal Government are located in Maryland. And that’s not all. Thousands of people who graduate from John Hopkins in biosciences tend to set up research firms in the state.

The industry employs about 54,000 people and is responsible for billions of dollars generated every year.

Aerospace and National Defense

Maryland is home to 9000+ space exploration and national defense facilities. These companies create aviation and defense products for the government.

These agencies and companies generate $35 billion to the state and country. And they work hard to secure the country.

Whether you’re looking for employment or want to invest in a space exploration company, Maryland has it all. As mentioned, defense companies love the state, with the military having facilities in a variety of locations in Maryland.