Our economy is recovering, but let's face it: We're a long way from true recovery. Unemployment is still high, consumer confidence can't find traction and faith in our financial markets is slipping.
In Maryland, though, things aren't nearly that dark.
Oh sure, times are tough here. Maryland's finances are a mess and its unemployment rate continues to hover around 7.5 percent — and for a state whose unemployment rate normally falls between 4 and 5 percent, that's worrisome.
Still, there's plenty to be thankful for, says Kathleen Snyder.
“Maryland businesses may be feeling a little more optimistic (than those in other states),” Snyder, president and CEO of the Maryland Chamber of Commerce, said in a recent CPA Spotlight podcast. “Part of that is because we are right next to the the nation's capital. The presence of our federal labs here in Maryland, of Northrop Grumman, Lockheed Martin and a whole host of federal contractors, really does help protect Maryland from the worst economic impacts that other states might be feeling. That's an opportunity for us.”
And it's not the only one.
The Defense Department's Base Realignment and Closure (or BRAC) initiative could bring between 10,000 and 20,000 jobs to Maryland starting in August 2010 as military- and defense-related personnel arrive at places like Aberdeen Proving Ground and Fort Meade.
And there might be an even bigger job bonanza in Maryland's future.
The new United States Cyber Command, a federal defense initiative to protect the nation's government and private computer networks, is expected to be based at Fort Meade. “If that takes place,” said Snyder, “the movement of very high-level security jobs to Maryland could be even bigger than the number of BRAC jobs that are coming to Maryland.”
The bottom line: As difficult as the past couple of years have been, Maryland's economic future appears bright — provided lawmakers and regulators play along.
“Maryland is well positioned to come out of this recession sooner than nearly every other state in the union,” Snyder said. “Where part of our challenge lies is in making sure our General Assembly and the U.S. Congress don't overload mandates onto businesses — particularly small businesses — that would prevent them from bouncing back from the recession sooner rather than later.”
Snyder offers more insight to Maryland's business environment in this MACPA podcast.
Learn more here
The Maryland Chamber of Commerce will hold a Small Business Lending Fair on Feb. 18 at the Baltimore Marriott Inner Harbor. Small businesses will have an opportunity to meet with business lenders in a “speed dating” format. Get details here.
Also, renowned Maryland economist Anirban Basu is slated to give one of his popular economic updates during the MACPA's 2010 Business and Industry Conference, slated for May 14 at the Turf Valley Resort and Conference Center. Get details and register here.