Annapolis, MD — Governor Wes Moore today announced that Maryland Department of Commerce finance and tax incentive programs helped support an estimated 24,000 direct, indirect, and induced jobs during FY 2025. This figure includes creating and retaining 13,000 direct jobs in Maryland during the fiscal year. More than 830 business recipients utilized the department’s programs over the year, investing nearly $434 million of private capital into projects across the state.
The figures come from the 2025 Consolidated Incentives Performance Report. Nine programs covered by the report capture data on jobs created or retained as a direct result of assistance received. Direct jobs for the others—as well as indirect and induced jobs for all programs in the report—are estimated. Since FY 2023, the Maryland Department of Commerce’s programs have supported an estimated 55,800 direct, indirect, and induced jobs throughout the state.
“Our incentive programs are delivering real results—empowering local entrepreneurs, investing in our workforce, and giving companies a reason to grow right here in Maryland,” said Gov. Moore. “As we head into the next fiscal year, we’re doubling down on building new pathways to work, wages, and wealth for all.”
The majority of new and retained jobs were supported by five programs – Advantage Maryland; Job Creation Tax Credit; More Jobs for Marylanders; Partnership for Workforce Quality; and the Small, Minority and Women-Owned Business Account – Video Lottery Terminal Fund. The Research and Development Tax Credit, which provides income tax credits to businesses that invest in research and development efforts in the state, provided the most awards to recipients.
Within the state’s key industries, Maryland’s manufacturing sector once again created and retained the most jobs in the fiscal year, with more than 8,460 jobs spurred by various programs. The retail trade sector ranked second with 944 jobs, and the professional, scientific, and technical services sector ranked third with 894 jobs, which includes positions in biotechnology, cybersecurity, and research.
“From agriculture and forestry specialists to military veterans turned entrepreneurs, the State of Maryland is dedicated to providing financial incentives for every type of business,” said Maryland Department of Commerce Secretary Harry Coker, Jr. “During this Legislative Session, we are working with our partners in the General Assembly to ensure Commerce’s toolbox is as effective as it can be and best benefits the local community. Our goal is to offer programs that not only benefit companies doing business in Maryland, but to also provide the state with the best possible return-on-investment.”
Impacts across programs are not directly comparable as each program is deliberately designed to achieve different, specific outcomes during various timeframes. The factors used to assess these impacts are described in detail in the report.
To learn more about financial incentives and business resources offered by the Maryland Department of Commerce, visit commerce.maryland.gov.
