Tuesday, February 7, 2023

12. Maryland

The Old Line State sets a bar for technology and innovation. But business and living costs are high.

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Maryland Score and Ranking

Category 2021 Score 2021 Rank 2019 Rank 2021 Grade
Cost of Doing Business 137 43 46 D
Infrastructure 227 8 41 B+
Life, Health & Inclusion 207 20 C+
Workforce 215 10 6 B
Economy 146 20 35 B
Business Friendliness 104 26 31 C+
Access to Capital 115 18 14 B-
Technology & Innovation 140 2 5 A+
Education 89 18 23 B-
Cost of Living 11 44 46 F

Economic Profile

Governor: Larry Hogan, Republican

Population: 6,055,802

GDP growth (Q1 2021): 6.1%

Unemployment rate (May 2021): 6.1%

Top corporate tax rate: 8.25%

Top individual income tax rate: 5.75%

Gasoline tax: 36.30 cents/gallon

Bond rating (Moody's/S&P): Aaa, stable/AAA, stable

Major private employers: Giant Food LLC., Lockheed Martin

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

America's Top States for Business 2021Heavy outgoing traffic moves toward the Chesapeake Bay Bridge on the eve of Memorial Day long weekend May 28, 2021 in Annapolis, Maryland.2021's most-improved state for business is Maryland. New infrastructure thinking is the reason Construction workers on the Frederick Douglass Memorial Bridge in Washington, D.C., U.S., on Wednesday, May 19, 2021.These are America's 10 best states for infrastructureGas prices are displayed at a Chevron station on June 14, 2021 in Los Angeles, California.These are America's 10 most expensive states to live in

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