Maryland Department of Commerce

This document is the Fiscal Year 2025 Consolidated Incentives Performance Report, submitted by the Maryland Department of Commerce as required by the Maryland Jobs Development Act. The report provides a detailed evaluation of various finance and tax incentive programs, assessing their alignment with the Department's objectives. Key focus areas include job creation and retention, support for local economic development, leveraging private investment, assisting small and minority businesses, promoting technology startups and innovation, and fostering economic diversification.

The meeting began with Chairman Basu calling the session to order and announcing the appointment of Dr. Margaret Wood as the new Vice Chair following a resignation. Chairman Basu provided an economic overview highlighting Maryland's unemployment rate improvement amidst the COVID-19 effects. The Department of Commerce Secretary updated the Commission on activities related to the Strategic Plan re-evaluation, including business response to COVID-19, budget shortfalls for FY21 and FY22, and assistance through programs like Advantage Maryland and relief grants. Updates were also provided on marketing partnerships, regional response activities, and Defense Manufacturing Grants. A presentation covered remote working trends and broadband disparity issues. Recent project wins, including potential job creation in data centers, were reported, along with the establishment of the new Office of Entrepreneurship and Small Business. The Department of Labor Secretary detailed unemployment benefit disbursements, including the discovery of significant fraudulent claims, and provided an update on the Layoff Aversion Fund and Work Share Program. The meeting concluded with discussions on broadband expansion importance, potential tax solutions, and the TEDCO FY20 Quarterly Report, noting leadership transitions.

The meeting included Chairman Basu's assessment regarding Maryland's economic insulation during a potential recession, noting that leisure, hospitality, and energy sectors would be most affected. The Commerce Secretary provided an update on monitoring economic indicators due to the global coronavirus (COVID-19) pandemic, detailing preparations such as telecommuting policies and potential impacts on travel and trade shows. Discussions covered the decline in shipments from China affecting the Port of Baltimore and expected hiring slowdowns. The agenda also addressed updates on the Partnership for Workforce Quality (PWQ) program amendments, the Department's FY21 Operating Budget review, legislation related to TEDCO and innovation programs, and a report on general business development activity. The Maryland Momentum Fund overview highlighted its focus on USM-affiliated technologies and ecosystem challenges, while TEDCO reported on budget compliance, regulatory implementation, and paused investment activities. Subcommittee discussions included a review of the state's unemployment rate and rankings.

The meeting began with the Chair's Report, where thanks were extended to the Commission for the timely submission of the strategic plan, which required meeting more frequently than mandated. The Secretary's Report addressed the outcomes of the presidential election, emphasizing the need for nonpartisan work given federal funding reliance, and outlining key priorities for the upcoming 2025 General Assembly session to address budget deficits, focusing on fiscal discipline, economic competitiveness, and wealth creation. Organizational changes within the Department of Commerce were detailed, including the creation of the Governor's Office of Business Advancement and the splitting of business development operations into two units: Innovation and Growth, and Business Attraction and Special Projects. Discussion also covered the Governor's support for lifting the ban on beer and wine sales in grocery stores and the introduction of the

The Chairman called the meeting to order and announced two new Ex-Officio Commissioners. Key discussions included the State's stagnant year-over-year job growth, with the Chairman's company conducting a study on economic disparity. The Commerce Secretary provided updates on County Tours, personnel changes, the Commerce Subcabinet's Regional Resources Workgroup, and the upcoming Governor's Business Summit focused on workforce. Updates were also provided on the Maryland Marketing Partnership's efforts to engage smaller businesses and the Governor's Trade Mission. Business development activity highlighted life sciences, research and development, and information technology as the strongest sectors. The Executive Director of the Maryland Port Administration (MPA) detailed the Port's economic impact and noted the Howard Street Tunnel expansion as an immediate challenge. The Executive Director of the Maryland Aviation Administration (MAA) presented on BWI Thurgood Marshall Airport's job support, revenue generation, passenger traffic, and planned capital improvements, including a new convenience center solicitation. TEDCO reported on new investments totaling $1.54M and upcoming programs. Subcommittee discussions addressed the Scorecard, noting no improvement in net private job growth, and the Strategic Plan progress, emphasizing the need to improve communication of State assets, expand technology transfer, evaluate tax incentives, and improve collaboration between Commerce and TEDCO.