The Maryland Economic Development Association (MEDA) Monday released findings from a study indicating that an estimated average of $9.17 in state and local tax revenue is generated for every dollar invested in county economic development operations in Maryland.
The study, conducted in collaboration with the Business Economic and Community Outreach Network at Salisbury University (BEACON) and MEDA’s Public Policy Committee, utilized annual survey data collected over the past two years from local county economic development offices.
The data, compiled by BEACON’s research team, focused on jobs added or retained, as reported by county economic development offices, and the funding invested by each county to support economic development operations. Analysis of the 2022 and 2023 data supplied by participating county economic development offices, modeled with IMPLAN, a regional economic analysis software application, revealed varying returns on investment across communities. The estimated statewide average return for 2022 and 2023 demonstrated the generated state and local tax revenue for each dollar invested.
The study was conducted to better quantify the impact of economic development efforts using empirical data to demonstrate the importance and value of economic development programs.
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