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for Maryland’s Minority Business Enterprise program, underscoring the administration’s
commitment to strengthening participation, compliance, and accountability for the program.
The executive order will provide the Moore-Miller Administration with data to assess Maryland’s
current Minority Business Enterprise program performance and inform program development
strategy in order to meet the state’s 29% participation goal.
Baltimore’s recent designation as a Tech Hub – only one of 31 in the nation – presents a
transformative opportunity to create jobs in industries of the future; cultivate and strengthen
partnerships within the public, private, and nonprofit sectors; and position Maryland to be at the
forefront of the tech economy through the lens of equity. Additionally, the Governor’s FY 2025
budget proposes $6.4 million in new state funding in FY 2025 to support Baltimore’s Tech Hub
Consortium and help compete for an opportunity of up to $70 million through the Tech Hub Phase
2 grant from the U.S. Economic Development Administration. Similarly, the FBI relocation to
Greenbelt will bring more than 7,500 jobs and over $4 billion in economic activity to Maryland while
confirming the state as the cyber tech capital of the nation.
Maryland’s economy is experiencing significant momentum. A December 2023 report by the US
Bureau of Economic Analysis indicated that Baltimore City’s economy grew at a rate of 5.9 percent
in 2022, the second fastest rate of growth of any Maryland county (highest among large MD
counties) and 8th highest among large counties nationwide. Maryland’s ranking in the Index of
State Economic Momentum jumped 20 slots, going from a rank of 47th to 27th during 2023.
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Maryland also now has the lowest unemployment rate in the country.
The Moore-Miller Administration is committed to building on this momentum. Creating an equitable,
robust, and competitive Maryland economy would lead to better employment opportunities, higher
wages, and allow families across the state to build the generational wealth needed for economic
stability. For example, by considering equity outcomes in the state’s strategies - such as allowing
small, minority-owned businesses easier access to capital - we are working to combat the disparity
of wealth between white and Black families.
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OBJECTIVES AND CORE STRATEGIES
Creating an equitable, robust, and competitive Maryland economy is a holistic effort requiring
an efficient infrastructure system, an aligned workforce to maintain labor supply that meets the
needs of both target and current businesses,
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and strategic development through clusters, local
entrepreneurship, and an attractive financial climate.
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To further the State’s productivity, input from
Maryland small businesses and relevant industry stakeholders informed the state’s plan to increase
economic competitiveness. Given that, the State of Maryland aims to deliver on improving such key
drivers of competitiveness
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across three objectives (see Exhibit 5):
12
Index of State Economic Momentum, December 2023, Volume 41, Issue 24 | Federal Funds Information for States (ffis.org)
13
A Bold Plan to Unlock Economic Opportunity for Maryland’s Black Families. (n.d.). Wes Moore for Maryland. Retrieved October 4, 2023, from https://wesmoore.com/issues/unlocking-opportuni-
ty-for-black-families-maryland/
14
State Economic Development Strategies | Urban Institute. (2017, April 24). www.urban.org. https://www.urban.org/research/publication/state-economic-development-strategies
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Regional Development Plan. (n.d.). Delta Regional Authority. Retrieved October 5, 2023, from https://dra.gov/about/strategic-development-plan/
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Moore-Miller Transition Plan
Creating an Equitable, Robust, and Competitive Economy