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A Business Economy that Works for Everyone

Maryland is blessed with incredibly diverse economic assets. But we're still punching below our weight.

While we are the richest state in the nation, too many are being left behind. Tom’s economic development plan will leverage Maryland's strengths, helping to build and grow Maryland based companies by investing in and supporting an entrepreneurial, green, and diverse economy. It will also invest in a world class workforce that provides opportunities for Marylanders, regardless of zip code.

The Perez Administration’s economic development plan will focus on Talent-Driven Economic Development, Small Businesses and Entrepreneurship, Regional Economic Development, and Investments in the Green Economy:

Talent-Driven Economic Development

In a recent Brooking’s study, 95% of businesses said that access to talent was an important factor in where they locate and where they will grow.  Modern economic competitiveness means a race to develop the best workforce in the world. Maryland has the assets necessary to win that race.

Tom has served as both the Maryland and United States Secretary of Labor – he knows how to fuel growing, regional economies with the talent they need to flourish. He knows what works and what doesn’t. His administration will create jobs in Maryland by working harder, smarter and faster to cultivate the talents of Marylanders – no matter what zip code – so that our state’s businesses have the people they need to succeed in a global market.  Under the Perez Administration, Maryland will have the best workforce development system in the nation – one that’s demand-driven and focused on good, family-sustaining jobs.

Tom’s Talent-Driven Strategy includes:

Small Businesses and Entrepreneurship

99.5% of Maryland’s businesses are small, and together they employ nearly half of all Maryland workers.  For Maryland to prosper, our small businesses must thrive. As Governor, Tom will create an ecosystem that fosters small businesses to grow, thrive, and stay in Maryland.

Tom’s small business and entrepreneurship strategy includes:

Regional Economic Development

Whether it’s Biotech in Howard, Montgomery, and Frederick counties, Cyber along the 95 corridor, Defense in Southern Maryland, or the Marine Trades all around the Chesapeake, Tom will make Maryland state government a more effective partner for companies by listening to and partnering closely with business leaders in each sector of our state’s economy. But listening is not enough. In unprecedented partnership with our state’s business leaders and other strategic partners, the Perez-Sneed Administration will build up the local business ecosystems on which Maryland companies depend.

Tom’s Regional Economic Development Strategy includes:

Investment in the Green Economy

With the expansion of the green energy sector, comes new opportunities for investment, job creation, and economic growth for Maryland. The clean energy transformation and the economic benefits of the green economy must be shared by all Marylanders. That’s why the Perez-Sneed Administration will prioritize utilizing the expansion of climate friendly policies to create new good union jobs for both people entering the workforce and for those looking to transition into the expanding green energy industry. Solar and wind technologies are now more cost effective - and profit generating - than traditional fossil sources so both the climate and economic incentives are in place. A bold, unwavering commitment to renewable energy in the form of offshore wind and solar is a win, win-, win - for workers, businesses and the environment. While we have fallen behind other states in this area, the good news is that we can catch up. Time is of the essence. Governors in other key states see the urgency of now: Tom knows it is imperative Maryland do the same. Tom will lead Maryland into a 21st Century green economy by: