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State gains 1,800 manufacturing jobs in July
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19 Md. companies on Inc. 500 Fastest Growing
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19 Md. companies make Inc. 500 Fastest Growing
Nineteen of the 500 fastest growing private companies in America are in Maryland. The 2013 Inc. 500/5000 is ranked according to percentage revenue growth for 2009 to 2012 and companies are selected based on revenues of at least $2 million. The full list of the 5000 fastest growing companies includes 131 based in Maryland. The Maryland companies averaged $25.2M in revenues and 3-year revenue growth of nearly 500%. New to the list this year at #41 is NSR Solutions in Rockville. WeLocalize (left) of Frederick made the list for the 9th year.
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State gains 1,800 manufacturing jobs in July
The July job report pointed to the possible negative effects of Sequestration on the region. While Maryland added manufacturing jobs, overall the State lost 9,200 jobs in July 2013 with 4,900 of those in the private sector. Over the year, Maryland has gained 39,000 total jobs, for a 1.5% growth rate, ranking 23rd in the country. In the private sector, Maryland has gained 36,600 jobs in the past year, or 94% of all job gains. Five out of seven months in 2013 have posted over the month job gains. The Manufacturing sector added 1,800 jobs in July—the most of any sector. The Nondurable Goods Producers subsector gained 1,200 jobs, and the Durable Goods subsector added 600 jobs.
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Maryland small businesses are major players in job creation
Young firms and especially startups are the engine of Maryland’s dynamic labor market, data and analysis shows. A DBED analysis of 2011 data from the U.S. Census’s Business Dynamics Statistics (BDS) reveals the outsize role that young businesses (younger than five years old) and startups have played in the post-recession recovery. While the share of startups and young firms (excluding startups with more than 49 employees) of total small businesses is less than 33 percent, they had a share of more than 56 percent in all jobs created within the small business economy.
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Maryland leads all states in Science & Engineering employment concentration
In 2011, about 180,000 workers were employed in science and engineering (S&E) occupations in Maryland, representing 7% of all workers, the highest concentration among states. A National Science Foundation study details the concentrations of S&E workers as an integral part of a region's innovative capacity and an important predictor of a region's population, productivity, and technological growth. The study found that Montgomery County had the 2nd most biological and environmental life sciences workers and the 8th most physical scientists among local areas.
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Tech transfer at Md. universities generate $18.5 million in income
University licensing and commercialization activity in the U.S. saw robust increases in 2012, according to the most recent edition of the Association of University Technology Managers' (AUTM) U.S. Licensing Activity Survey. Maryland institutions (USM and JHU) reported $18.5 million in license income from 182 license agreements. These activities produced 16 startups and 162 patents. JHU alone reports $16 million in license income, up from $15 million in 2011. The institutions reported a combined total of $3.6 billion in research expenditures in FY 2012.
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Five Md. counties on 2013 Digital Counties Survey
Real gross domestic product (GDP) increased in 49 states and the District of Columbia in 2012, according to new statistics released by the U.S. Bureau of Economic Analysis (BEA). U.S. real GDP by state grew 2.5% in 2012 after a 1.6% increase in 2011. Maryland GDP was $317.7 billion in 2012 and grew 2.4%. The largest contributor to real GDP growth in Maryland was real estate and rental and leasing, an indication of an improving housing market. The second largest contributor was finance and insurance. Learn more
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July 2013 Maryland Economic Snapshot
- Housing sales up 26% July 2013 over July 2012
- New car sales up 18% July 2013 over July 2012
- Stock Index improves to 430
- Unemployment rate 7.1%.
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Payroll report shows Md. gains jobs in July
The ADP® National Employment Report provides another source of data on job creation by tracking actual payroll data from ADP, the national employment services firm. Now the data are available for selected states, including Maryland. The ADP Regional Employment Report is produced and published by ADP working in collaboration with Moody’s Analytics, Inc. The report indicates that Maryland added 3,750 private sector jobs in July. While the ADP data are based on real-time transactional payroll data, the overall trends track closely with the US Bureau of Labor Statistics monthly survey.
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