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State Ranks High on Milken Institute Tech Economy Report

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Maryland ranks among the top states for technology economy preparedness, according to a new report by the Milken Institute, a nonprofit, independent economic think tank based in Santa Monica, Calif. The 2018 State Technology and Science Index ranked Maryland third in the nation for its ability to foster and sustain a technology sector, which is considered a major indicator in determining a state’s economic health.

Overall, Maryland ranked in the top 10 in four out of five of the report’s key indexes, coming in first in the technology and in science workforce category; and second in human capital investment, and in research and development inputs.

According to the report, Maryland’s third-place ranking, which is the same as in the last report, released in 2016, can be attributed to the state’s high concentrations of computer science, engineering and life sciences employment, which is further supported by the number of federal agencies located in Maryland and the amount of federal research and development funding that the state receives.

The report also notes that Maryland has taken steps to grow high-tech businesses by creating programs like the Cybersecurity Investment Incentive Tax Credit, the Maryland Innovation Initiative, and Employment Advancement Right Now.