The economy of Maryland is strong and diverse. It is driven by the state’s strategic location, robust infrastructure, highly educated workforce, and world-class research centers. With a GDP of approximately $440 billion in 2017, Maryland ranks 19th in the nation for GDP per capita and has the 5th highest median household income.
Maryland is a leader in technology and innovation, with more than 11,000 technology companies located throughout the state. The state’s high-tech industry is centered around the Washington DC metropolitan area and Baltimore-Washington corridor. The University of Maryland in College Park is a major contributor to this sector as well as being a major employer in the state.
The federal government remains a major economic driver for Maryland with many federal agencies located in or near Washington D.C. This includes several branches of the U.S military services as well as numerous federal agencies such as NASA, National Institutes of Health (NIH), National Security Agency (NSA) and Department of Homeland Security (DHS). Government contractors are also a significant part of Maryland’s economy providing goods and services to these agencies and military installations throughout the region.
Maryland also has strong educational institutions including Johns Hopkins University which provides students with access to cutting edge science, medicine, technology, engineering and business education programs that prepare them for successful careers after graduation. The University System of Maryland also provides access to higher education opportunities at 12 public universities throughout the state including Towson University, Morgan State University and Frostburg State University among others.
Maryland’s economy is further bolstered by its burgeoning healthcare industry which accounts for approximately 12 percent of total employment in the state with over 500 medical facilities spread across both urban and rural areas providing medical care to all citizens regardless of their economic status or location within the state. In addition to healthcare providers such as hospitals and clinics there are also numerous biotechnology companies located throughout Maryland that engage in research on new drugs treatments for diseases such as cancer, HIV/AIDS among others that help drive economic growth within this sector .
The agricultural sector remains an important part of life in rural areas across Maryland providing jobs to farmers while supplying produce to local markets across the state while tourism continues to be an important part of both urban centers such as Baltimore or Annapolis while outdoor recreation activities provide additional revenue streams within rural communities across Maryland each year drawing visitors from around country who come seeking outdoor activities ranging from fishing or hunting on one end while attending festivals or visiting historic sites on other end adding additional revenue streams into local economies throughout this region every year .
Overall, despite its small size compared to other states within US, the economy of Maryland continues remain strong thanks largely due its strategic location ,robust infrastructure ,highly educated workforce & world class research centers making it one most economically successful states within US.
Top 3 Counties in Maryland
According to countryaah.com, main counties in Maryland include:
1. Montgomery County: Located in the central part of Maryland, Montgomery County is the most populous county in the state. It’s home to a diverse population of over 1 million people and is known for its high quality of life, excellent schools, and vibrant cultural attractions. The county includes several large cities such as Bethesda, Silver Spring, and Rockville. Montgomery County has a strong economy with a variety of industries including technology, healthcare, and retail. It also boasts some of the best public schools in the nation and is home to numerous colleges and universities including Johns Hopkins University and University of Maryland College Park.
2. Baltimore County: Home to over 800,000 residents, Baltimore County is located on the northern border of Maryland and shares its border with Pennsylvania. The county is largely suburban but still offers a variety of urban amenities such as shopping centers, restaurants, museums, and entertainment venues. In addition to its strong economy based on services and manufacturing industries, Baltimore County also has some great educational opportunities such as Towson University and Goucher College.
3. Frederick County: Located in western Maryland near Washington DC., Frederick County is home to over 250 thousand people making it one of the fastest growing counties in the state. The county includes several small towns with a rural feel as well as larger cities such as Frederick city which offer plenty of amenities for both visitors and residents alike. Frederick county also has a strong agricultural industry with many farms producing crops like corn or soybeans while also boasting some great outdoor recreational activities like hiking or fishing at nearby Catoctin Mountain Park or Cunningham Falls State Park.