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Tubman Visitor Center to Create 225 Shore Jobs
Gov. O’Malley joined state and local officials last week in Cambridge to announce that the U.S. Department of Transportation awarded Maryland $8.5 million for construction of the $21 million Harriet Tubman Underground Railroad Visitor Center in Dorchester County. The construction is expected to create 225 local jobs. The Center will be located at Harriet Tubman State Park, which will directly support 10 full-time employees. Visitation to the park is anticipated to grow to more than 200,000 each year, with a long-term annual economic impact of $20 million.
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Maryland Adds 10,000+ Private Sector Jobs in July
Maryland added 10,440 private sector jobs (seasonally adjusted) in July for a 0.5% monthly growth rate, tied for fifth fastest growth in the country. Overall, the state added 8,100 jobs, with 10 out of 13 major private sectors adding jobs. Maryland has now regained 33.8% or 49,200 of the jobs it lost since the 2007-2009 recession. This share ranks the state 19th in the country in job recovery and is about 50% better than the national job recovery rate of 22.2%. Read more...
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23 Firms Receive $96M Investment in Q2
Venture capitalists invested $96 million in 23 deals in Maryland during the 2nd quarter of 2011, including eight investments from TEDCO’s Maryland Technology Transfer and Commercialization Fund totaling $600,000. One of the largest deals, NovaSom, Inc. in Glen Burnie, closed $35 million in equity financing from multiple investors to expand its sleep management technology services. Total investment in the 2nd quarter increased 60% over the 1st quarter when $59 million was invested in 15 deals. Investments in life sciences, including medical devices and biotechnology, accounted for 10 deals totaling $68 million. Read more...
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State Ranks 2nd in Federal R&D Obligations
National Science Foundation data show that Maryland continues to rank second in federal obligations for research and development. Federal funds obligated for R&D totaled $13.3 billion in FY2008, a 15% increase over FY2007. On a per capita basis, Maryland ranks first among the states in federal R&D obligations. Dept. of Health and Human Services funding accounts for more than half of total federal research support with $7.4 billion in total FY 2008 research obligations. Other agency leaders include DOD ($4.2B), NASA ($808M), and the Dept. of Commerce ($466M).
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Net New Jobs Increase for 2nd Cons. Quarter
Maryland gained 127,919 jobs from opening and expanding private sector business establishments, and lost 124,842 positions for the 4th quarter of 2010, according to DLLR. This activity yielded a net quarterly employment change of 3,077 (seasonally adjusted)—the second net positive job change in 2010 and only the second net positive quarter since the recession began in Dec. 2007. Nearly 35,000 firms in Maryland either opened or added jobs to their payrolls during the fourth quarter of 2010—an increase of more than 1,200 units over the prior quarter.
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Sector Snapshot: Information Services
The information services sector has been one of Maryland’s brightest employment stories this year, adding 1,200 jobs for a 2.8% growth rate—seventh fastest in the country. In contrast, national information services employment has fallen by 0.4%. Maryland is one of only 20 states to add jobs in this sector in 2011. This key sector includes industries such as wireless and wired telecommunications, newspapers and periodicals publishing, data processing, film, video and sound recording, broadcasting and cable television [Figure 2]. Read more...
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