Maryland’s TEDCO, a support resource for startup technology and life sciences companies, recently announced the results of an independent study outlining the organization's impacts within the state. The study was directed by the University of Baltimore’s Jacob France Institute and found that TEDCO helped support the state’s startup community through sustaining 10,433 Maryland jobs and providing more than $2.3 billion in statewide economic impact this year.
The study shows TEDCO has helped create solid and continuous economic and fiscal outcomes for Maryland. When looking at the impact of job creation over the past few years, the companies supported by TEDCO saw an increase of almost 3,000 jobs, expanding from 7,746 in 2018 to 10,433 in 2021. The jobs supported by the companies under the TEDCO umbrella have earned a total of $885 million in labor income and created estimated state and local government revenues of more than $100 million, including an estimated $57 million in state of Maryland revenues alone. The overall economic influence of these companies on the state has also seen an increase from $1.6 billion in 2018 to $2.3 billion in 2021.
The previous study in 2018 predicted that by the year 2023, TEDCO’s economic impact would increase to $2.4B and would bolster a total of 11,812 jobs. The organization is set to achieve these goals ahead of schedule by nearly two years.
Read TEDCO’s original announcement and the full report here.