The Maryland Department of Business & Economic Development (DBED) has released its fiscal 2011 Annual Report. The publication updates accomplishments from DBED’s divisions; provides an overview of the state’s nine business, tourism and arts boards and commissions; looks forward to key fiscal 2012 initiatives; and summarizes the number of businesses that were assisted and jobs created (and retained) through the department’s financing and tax credit programs.
“In fiscal 2011, we continued our focus on creating jobs by building on Maryland’s core strengths in life sciences, cybersecurity and space; fueling innovation and providing our small businesses with the resources they need to grow and promoting the state as a great place to work, live and visit,” said DBED Secretary Christian Johansson. “As we move forward in fiscal 2012, we will continue this positive momentum and address the challenges we face as a state through innovative initiatives that will help companies create and retain jobs, stimulate private investment and harness the power of our knowledge economy.”
The year’s highlights included the passage of InvestMaryland, which will pump a minimum of $70 million into seed and early stage companies with the most promising innovative ideas; the release of a competitiveness report on the state’s space science industry; the launch of Maryland Made Easy, an effort aimed at streamlining the state’s licensing and permitting processes; a trade and investment mission led by Gov. Martin O’Malley to China, South Korea and Vietnam which resulted in $85 million in foreign direct investment and deals for Maryland companies; the naming of the 17-member Small Business Commission, which identifies and helps to address barriers to business growth for small businesses; hosting BIO 2011, which attracted more than 15,000 international attendees and resulted in the release of an economic impact report on Maryland’s life sciences industry; and the completion of several major military command moves to Maryland, including the Defense Information Systems Agency to Fort Meade.
DBED helped create or retain more than 11,000 jobs and leveraged $725 million in capital investment through 119 projects, including the expansion of technology giant Raytheon in Anne Arundel County.
In addition, Maryland welcomed more than 32 million visitors in 2010, an increase of nearly 11% from the previous year, and hosted several major sporting events, including the NCAA Men’s Lacrosse Championships, the Dew Tour and the World Football Challenge.
The Maryland State Arts Council added a 19th Arts and Entertainment District in Bel Air, and awarded more than $11 million in grants to individual artists, arts organizations and county arts councils.
