Maryland has a wide range of industries,
which includes transportation, manufacturing, environment protection,
aerospace industry, information technology, public health and biotech
industry.
In the recent years, international trade is playing a more and more
important role in economy. In 2008, Maryland enjoyed a commodity
export volume of $8.85 billion. We have important international
trading relationship with Canada, China Economic Zone (China Mainland,
Hong Kong and Taiwan included), and Belgium. The trading between
China and Maryland is developing fast these years with an export
volume of $690 million in 2008 and a growth rate of 41.1% between
2005 and 2008.
Transportation, as the traditional export of Maryland, includes
lorry, coach, railway facilities, airplane parts, and airplane control
system. The export of industrial equipments and computers is growing
rapidly.
Maryland never gives up its effort to attract foreign direct investment.
The business-friendly environment has attracted over 500 FDI companies
to expand their business in Maryland, which makes it among the districts
with the highest concentration of foreign companies.
The government offers a variety of incentive policies and related
funds, such as Maryland Economic Development Assistance Fund and
Sun Fund, the guarantee and loans offered by Maryland Financing
Management Bureau for Industry Development, the capital and venture
capital fund offered by Maryland Department of Business & Economic
Development, and a series of tax relief policies offered to assist
the development of SMBs. In addition, we provide technical support
and training service for better development.
Maryland is also the pioneer in the development of industrial development
zones, international trading parks and high-tech parks. It is the
third state to development its own industrial development zone and
among the first states dividing industrial areas. The industrial
zones are mainly scattered in western Maryland, Central Maryland
and Eastern Shore. We grant a lot of preferential policies to these
companies.
Economy Ranking
.
Maryland has the highest median household
income in the nation for 2007 at $68,080, which is 34 percent above
the national median.
.
Maryland ranks fifth by per-capita
income of 48,091 in 2008.
.
Maryland ranks fifth in respective
of new Economic Index.
.
Maryland ranks fifth nationwide by
employment of nearly 8,400 in defense electronics manufacturing.
.
Maryland ranks seventh nationwide
by employment of over 57,400 in computer service.
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Maryland ranks first in per-capita
federal spending of $8,119 and total federal spending of $42 billion.
.
Maryland ranks sixth among the most
popular districts for entrepreneurship.
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