MEDA Announces $9.17 Return On Investment From Every Dollar Invested in Maryland Economic Development
Baltimore, MD (January 29, 2024) – The Maryland Economic Development Association (MEDA) has released findings from a recent study indicating that an estimated average of $9.17 in state and local tax revenue is generated for every dollar invested in county economic development operations in Maryland.
The study, conducted in collaboration with the Business Economic and Community Outreach Network at Salisbury University (BEACON) and MEDA’s Public Policy Committee, utilized annual survey data collected over the past two years from local county economic development offices.
“Investing in economic development activities in Maryland generates a significant return on investment, with a statewide average of $9.17 multiplier effect,” said MEDA President Richard G. Griffin, CEcD. “This demonstrates the enduring impact these investments have on local job creation, tax base, and community vitality, showcasing Maryland’s resilience and potential for growth.”
The data, compiled by BEACON’s research team, focused on jobs added or retained, as reported by county economic development offices, and the funding invested by each county to support economic development operations. Analysis of the 2022 and 2023 data supplied by participating county economic development offices, modeled with IMPLAN, a regional economic analysis software application, revealed varying returns on investment across communities. The estimated statewide average return for 2022 and 2023 demonstrated the generated state and local tax revenue for each dollar invested.
John Hickman, Director of BEACON, shared his enthusiasm about the collaboration, stating, “This is a wonderful opportunity to showcase the impact of the economic development community in the state of Maryland.”
The study was conducted to better quantify the impact of economic development efforts using empirical data to demonstrate the importance and value of economic development programs. To learn more about the impact of Public Policy in Maryland, please visit https://www.medamd.com/public-policy-awareness/.
MEDA is a nonprofit organization of economic development professionals. Established in 1961, MEDA members promote the economic well-being of Maryland by working to improve the state’s business climate and the professionalism of those in the field of economic development.
MEDA’s membership includes economic development practitioners employed by the government, businesses, and chambers of commerce as well as other professionals with an interest in the economy of Maryland. Through its regular meetings, special programs, and projects, members address such diverse issues as local planning, workforce, transportation, international trade, tourism, and finance. To learn more about MEDA, visit https://www.medamd.com/.
A Community Outreach Unit of the Franklin P. Perdue School of Business at Salisbury University. For over 30 years, BEACON has offered applied business and economic assistance to a variety of public, private, and non-profit organizations. To learn more about https://www.salisbury.edu/academic-offices/business/beacon/.