A new report analyzing the Maryland Technology Development Corp. finds that the agency “makes a significant and growing contribution to the Maryland economy.”
The Jacob France Institute at the University of Baltimore produced the report, which TEDCO paid for.
TEDCO has six core investing programs. Companies supported by those programs employed nearly 5,000 Marylanders in fiscal year 2021, according to the report. The report estimates that an additional 2,500 jobs were indirectly supported by purchases made by those companies, and a further 3,000 jobs were supported as “induced impacts.” Those are impacts from an increase in local incomes.
Similarly, the report said companies supported by its investing created close to $1.3 billion in economic output, with an additional $1 billion of indirect and induced economic output. According to the report, that led directly to $44 million of state and local tax revenue, plus $56 million of indirect and induced tax revenue.