Maryland’s momentum continues into 2022

01/05/2022 | Amanda Winters

After a whirlwind year, Maryland’s business community is going strong and shows no signs of slowing down in 2022.

The end of 2021 came with promising news for Baltimore City, as the Exelon split brought the new Constellation energy company’s headquarters to Harbor Point. More than 1,100 employees will be located at the 23-story building, according to the Baltimore Sun .

“For decades, Constellation has been a great asset to Greater Baltimore and to Maryland, both as a major employer and as a philanthropic presence in the community,” said Governor Larry Hogan. “We are thrilled that Constellation will once again make Baltimore City its home and will continue to provide good jobs and important services to Maryland residents.”

With the addition of Constellation, the state will now have seven Fortune 500  companies, with two located in downtown Baltimore—the other being T. Rowe Price. Additional Fortune 500 companies include Lockheed Martin, Discovery, and Marriott in Montgomery County, and Sinclair Broadcast Group and McCormick in Baltimore County.

The state gained 91,000 jobs  through November 2021, adding 8,400 jobs that month  and landing its lowest unemployment rate since the beginning of the COVID-19 pandemic. The Maryland Department of Labor reports that Maryland added jobs more than twice as fast as the rest of the U.S., showing a strong recovery as the global pandemic continues.

The largest job gains were within the transportation, warehousing, and utilities industry, with an increase of 6,100 jobs for the month, ranking Maryland first for the sector’s growth rate in the country. The state’s distribution and logistics businesses  made several project announcements for new and expanding locations in 2021, especially in the Harford County region. In addition to these wins, the Port of Baltimore kept things moving for businesses  across the nation and globe—stepping up to alleviate the strain on the global supply chain. And with the Howard Street Tunnel project  underway, the future is bright for 2022 and beyond.

It’s also worth noting that Hanover-based business Dragos became the highest valued industrial cybersecurity company last year, raising a record-breaking $200 million  in venture capital in October. And Orsted’s Skipjack Wind 2 was recently selected for a 20-year Offshore Renewable Energy Credit  for its ongoing project that is fueling job growth on the Eastern Shore. Investments in Maryland’s infrastructure continue growing – whether it be targeted toward clean energy or global security efforts – setting Maryland up for continued success.

“With all of the hardships faced over the past 12 months, it is refreshing to see how well our state has recovered and how resilient our business community continues to be during times of uncertainty,” said Maryland Commerce Secretary Kelly M. Schulz. “With these significant investments made throughout Maryland, we believe we are in a prime position to take 2022 by storm and continue our economic growth for years to come.”

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