In 2021, Maryland’s Gross Domestic Product (GDP) was $438.2 billion, up from $410.7 billion in 2020. The largest sector in 2021 was government, followed by finance, insurance, and real estate, and then professional and business services. Maryland’s economy continues to outperform the country as a whole.
What was the main economic source in Maryland?
Crops. Most of Maryland’s crop income is from greenhouse and nursery products (flowers, ornamental shrubs, young fruit trees). Corn for grain and soybeans are also important sources of revenue in the state. Other important crops include wheat, hay, barley and tobacco.
How does Maryland make their money?
The federal government is one of the area’s largest employers. Services 82% (Community, social, personal and tourism services, 27%; wholesale and retail trade, 25%; government, 19%; finance, insurance, and real estate, 6%; and transportation, communications, and utilities, 5%.)
What is Maryland’s biggest industry?
Maryland’s leading industries by employment are health care and social assistance, state and local government, retail trade, and professional and technical services. Maryland’s Gross State Product (GSP) was $295.4 billion in 2010.
What industries is Maryland known for?
Get to know Maryland’s key industries.
- Life Sciences. #2. Life sciences cluster.
- Cybersecurity & IT. Top 10. Global Cyber Hub.
- Advanced Manufacturing / Industry 4.0. #2.
- Aerospace & Aviation. #1.
- 12,500. Farms dot the state.
- Distribution, Warehouse & Logistics. 1/3.
- Cleantech & Renewable Energy. #6.
- Data Centers. #3.
What are the 3 major industries of Maryland?
MARYLAND’S LEADING INDUSTRIES
- BIOPHARMA & LIFE SCIENCES.
- CONSTRUCTION.
- CYBER.
- ENERGY & UTILITIES.
- MANUFACTURING.
What is Maryland’s biggest export?
Made-in-America Manufacturing Exports from Maryland and Jobs
The state’s largest manufacturing export category is transportation equipment, which accounted for $2.4 billion of Maryland’s total goods exports in 2018.
What does Maryland spend the most money on?
This represents a 3.2-percent increase. In Maryland in fiscal year 2015, 46.2 percent of total tax revenues came from income taxes. Education accounted for 32.5 percent of state expenditures in fiscal year 2015, while 24.2 percent went to Medicaid.
Is Maryland a Free State?
Maryland was first recognized as a “Free State” on November 1, 1864. On that date, the Maryland Constitution of 1864 took effect. By its provisions, slavery within the State’s borders was abolished, and Maryland, indeed, became a free state.
Why is Maryland the best state?
Health care and opportunity were among the items that helped Maryland stay at the top of the list. U.S. News & World Report also ranked states across education, economy, infrastructure, fiscal stability, crimes and corrections, and natural environment. Maryland also ranked higher with education and fiscal stability.
What are 5 interesting facts about Maryland?
5 Interesting Historical Facts About Maryland
- The First Marylanders Were Native Americans. That’s right!
- Maryland Became a British Colony in 1634.
- St.
- The U.S. National Anthem Was Written in Maryland.
- Baltimore Received the First Long-Distance Telegram.
What climate is Maryland?
The climate of Maryland is characterized by generally hot, humid summers and cool winters. In comparison with the eastern shore and other lowland areas, the upland sections in the west have colder and longer winters, and cooler and shorter summers.
Is Maryland good for farming?
A testament to the state’s nickname, Little America, Maryland agricultural commodity production is as diverse as the nation itself, and includes poultry, nursery and turf, seafood, dairy, corn, soybeans, and racing and pleasure horses. Maryland farmers work to protect one of their most vital resources – the land.
What is the job market like in Maryland?
Job Market
| Baltimore, MD | United States | |
|---|---|---|
| Current Unemployment | 7.9% | 6.0% |
| Future Job Growth | 25.1% | 33.5% |
| Recent Job Growth | -6.2% | -6.2% |
| 3 Yr. Job Growth | -6.1% | -3.6% |
What is Baltimore’s biggest industry?
Healthcare. An important element of Greater Baltimore’s economic success is the strength of its healthcare institutions. Indeed, Baltimore is a world leader in nearly every aspect of the healthcare industry, from education and research to patient care and health insurance management.
What are Maryland’s resources?
Natural Resources: Natural resources of Maryland include fertile soils and sand and gravel deposits as well as clays, coal, limestone and natural gas.
Who is the largest employer in Maryland?
The largest private employers in Maryland in 2021 were The Johns Hopkins University and The Johns Hopkins Hospital and Health System; the University of Maryland; and the University of Maryland Medical System.
What is Maryland’s religion?
Roman Catholic
During the colonial area, Maryland was one of the only colonies to have a Roman Catholic majority, and that still holds true today. The majority of religious residents identify as Roman Catholic, with Protestant denominations like Baptist and Methodist making up the majority of the remaining residents.
What industry is Baltimore known for?
Baltimore also has six key industry sectors which present future growth opportunities – financial & professional services, health & bioscience technology, culture & tourism, information & creative services, logistics, and advanced manufacturing.
Which state exports the most?
Exports by State
According to data from the U.S. Census Bureau USA Trade platform, Texas is the biggest exporter among U.S. states. Texas biggest export commodity were oil and petroleum products, which made up almost one third of Texan exports in 2020.
What is exported out of Baltimore?
Yearly Exports
In 2021 the top exports of Baltimore, Md were Bituminous coal, not agglomerated ($1.95B), Natural gas, liquefied ($1.87B), Other Aircraft parts ($1.02B), Engine power > 130kW ($940M), and Helicopters of an unladen weight >… ($894M).