Economy/Cost of Living
Industry
Snapshot | Education
Recreation &
Entertainment | Transportation | Geography
& Climate
History | Suggested Reading
List
With Maryland’s small size of 12,407 square miles (32,134 square kilometers or 3,213,398 hectares), the Old Line State ranks 42nd in geographic size in the United States. However, with a population of roughly 5.6 million people, Maryland ranks 19th among the states in population size. Nearly 90 percent of the state’s population resides within the Baltimore-Washington D. C. area. The state offers a superb location for commerce, being centrally located on the Atlantic seaboard and within close proximity to the nation’s capital, as well as being within a few hours of New York City, Philadelphia, and Pittsburgh.
Maryland’s economy relies upon both industry and agriculture. Currently the state progresses in the industries of electronic equipment, food processing, chemical products, transportation equipment, software development and applications, defense and security-related businesses, and biotechnology. Maryland also continues an agricultural legacy in seafood, poultry and eggs, dairy products, nursery stock, cattle, soybeans, and corn.
In 2005, Maryland ranked third in the U. S. in median household income at $57,424, and fourth in per capita income (PCPI) at $41,760. The average annual growth rate of PCPI between 1994 and 2004 was 4.5 percent, compared to the average annual growth rate for the nation at 4.1 percent. The Old Line State boasts a home ownership rate of nearly 68 percent. Its unemployment rate is 4.1 percent. Maryland’s top bracket of personal income tax is 4.75 percent; the state levies a sales tax of 5 percent. Maryland’s cost of living is slightly lower than the national average.
Maryland ranks ahead of the nation in its highly educated workforce, with over one third of its age 25 or older population possessing a bachelor’s degree or higher; over 13 percent possess post-baccalaureate degrees. Additionally, over 25 percent of Maryland’s workforce is employed in professional, scientific, and technical service fields, giving the Old Line State a distinct advantage over most of the country. With such rich resources, Maryland provides an impressive locale for the life science industry.
Related Resources:
|
