This week, the Maryland Economic Development Association (MEDA) released the updated impact data from its annual study of county economic development offices in Maryland. According to the findings, every dollar invested in county economic development operations over the past three fiscal years has generated an estimated average of $8.81 in state and local tax revenue.

Economic development is the backbone of thriving communities, directly impacting job creation, business growth, and residents’ quality of life.

Accordingly, MACo routinely supports county economic development efforts by advocating for policies that empower local governments.

The study, conducted in collaboration with the Business and Community Outreach Network (BEACON) at Salisbury University and MEDA’s Public Policy Committee, leverages annual survey data gathered from county economic development offices statewide. It offers a clear and detailed picture of the return on investment from local economic development initiatives.

Counties are critical in fostering local economic opportunities, from attracting new industries to retaining and expanding existing businesses. By leveraging strategic investments, workforce development initiatives, and innovative partnerships, counties ensure their local economies are resilient and adaptable to changing market conditions.

“This study serves as an important tool for both our members and the entities that fund them,” said MEDA president Richard G. Griffin, CEcD. “By providing an empirical measure of the impact of local economic development efforts, we can highlight the significant returns these investments generate for the state and local economies. The $8.81 ROI figure is a powerful testament to the value of local economic development.”

Visit the MEDA website for more information.

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