From driving innovation and growth, to telling Maryland's story across the country, Fiscal Year 2018 was a busy time for the Maryland Department of Commerce.
With more than 110 projects financially assisted – and nearly 3,000 new jobs created throughout the state – Maryland’s economic development growth became stronger every day. Venture capital investment increased 203 percent over FY17, bringing in an anticipated $748 million to companies. And in addition to our booming small businesses, the state received major investments from Amazon, Bank of America, and Stanley Black & Decker during the fiscal year.
Maryland’s marketing and tourism efforts also had a banner year. The state’s Open for Business campaign reached more than 100 million impressions across the country, including residents outside the Mid Atlantic region in California, Texas, Colorado, and Florida. Visitor spending in the state also increased by two percent, generating a whopping $2.3 billion in state and local taxes.
The state was also recognized on an international level, leading several delegations to overseas tradeshows, including the Singapore Air Show, Arab Health, and Medica. Maryland Commerce awarded grants to 76 small- and mid-sized companies to help them increase their exposure and expand into the global marketplace, generating $118 million in export sales throughout the year.