Home Business News TEDCO generates $2.3B in economic benefits for Maryland

TEDCO generates $2.3B in economic benefits for Maryland

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Columbia-based TEDCO announced the findings of an independent study detailing the impact of TEDCO’s six core programs to the state of Maryland.

Conducted by the University of Baltimore’s Jacob France Institute, the study found that TEDCO provides significant value to the state’s start-up community, supporting 10,433 Maryland jobs and more than $2.3 billion in statewide economic activity as of 2021.

The study states that TEDCO has generated significant economic and fiscal returns to the state. Reviewing the change from 2018 to 2021, the job creation impact of the portfolio of companies supported by TEDCO’s six core research and investment vehicles increased from 7,746 in 2018 to 10,433 in 2021.

Similarly, the economic impact of these companies has also seen a significant increase from $1.6 billion in 2018 to $2.3 billion in 2021. The jobs supported by these companies earn $885 million in labor income and generate an estimated state and local government revenues of $100.1 million, according to the study, including estimated State of Maryland revenues of $57 million, an amount greater than TEDCO’s appropriation.

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To see the study, visit www.tedcomd.com/sites/default/files/2021-11/TEDCO%20Economic%20Impact%20Study%202021_FINAL.pdf

The previous study in 2018 projected that by 2023 TEDCO’s economic impact would increase to $2.4B and will support a total of 11,812 jobs. TEDCO is set to achieve these projections nearly two years early.

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