… someone who recognizes that high-paying job growth is the #1 success factor to ensure that Maryland’s economy thrives for years to come and deliver the high quality of living that we have all come to expect. We can send more kids to college but without high-paying job growth they will not be able to find quality jobs here. Even essential infrastructure spending (bridge repair) will continue to decline as cash flow to meet needs becomes a scarcer commodity.
In my view, the next Governor and his/her Administration will be well served to embrace the work of the Maryland Competitiveness Coalition led by the Maryland Chamber of Commerce (http://tinyurl.com/lng3pnt). Here are 3 of the biggest challenges we face today in Maryland:
- 1/3rd of Maryland’s economy relies on the Federal Government which is reducing work and squeezing margins out of contractors. We have disproportionately benefited from Federal dollars for decades and will continue to enjoy some benefits but cannot count on the Federal government to such a great extent going forward
- Maryland has already “exported” $7.4B of high paying jobs over the past 10 years and increased employment only through low wage gains. This is a significant erosion of not only our tax base but also impacts local consumption spending and even charitable giving
- Regional, national and global competition is bigger, stronger and getting better and will continue to make gains at our expense unless we compete more effectively. It should be no surprise that Maryland has few large corporations headquartered here and many high potential companies sell to out of state acquirers.
The high-paying jobs of the future are primarily in the innovation industries including cybersecurity, healthcare IT, big data analytics and mobile devices.
I’m excited at the thought of the next Governor of Maryland leading smart public/private initiatives to facilitate job creation where it will do the most good.
An old saying in business is that strong sales cures a lot of problems. The same is true for Maryland’s economy.
Growing sales is the only viable way forward. Thank you for listening, Governor!