Advantages of Conducting Business in Maryland
Maryland’s proximity to Washington DC and having the major port city of Baltimore (the eighth largest port city in the United States) make it an attractive location to start a business. Among large cities, CNN Money ranks Baltimore the tenth best place to launch a small business.
Maryland is home to the National Institutes of Health and has now developed the fourth largest cluster of biotechnology companies in the United States. Maryland has the highest concentration of employed doctoral scientists and engineers. Maryland ranks second in the percentage of professional and technical workers in the workforce. Further Maryland has the fourth highest concentration of technology jobs nationwide employing 87 of every 1,000 private sector workers. Maryland also is very friendly for minority owned businesses. It is ranked as the second in the percentage of African American owned businesses, seventh in the percentage of Asian owned firms and twelfth in the percentage of Hispanic owned firms.
The primary criterion in locating a business is proximity to clients. As discussed above Maryland attracts a highly skilled workforce from a wide range of professions for employment. This population demands many services to fit their high living standards. The population will demand better housing, upscale retail establishments, and fine dining. Johns Hopkins Hospital has ranked first for twenty one consecutive years as the best hospital in the nation according to U.S. news. According to the 2010 Census report, Maryland is now the wealthiest state in the United States with a median household income of $68,854 according to the 2010 Census report. The advantages of locating a business near such a wealthy population provide great opportunities for the future success of that enterprise.
Maryland has always ranked among the top three states with the lowest business tax burden. According to a recent study done by Ernst and Young, Maryland businesses pay the second lowest share of state and local taxes. Maryland businesses taxes accounted for 31.5% of total taxes collected in the state compared to 46% for the national average.
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