Maryland is staring down a significant budget shortfall while several of its neighboring states are enjoying surpluses. Delaware concluded its fiscal year on June 30 with a surplus of $546.2 million, according to the state’s budget office. Meanwhile, West Virginia’s budget agency reported a fiscal year surplus of $826.6 million despite a declining population. Virginia’s budget office reported an anticipated surplus of over $2 billion in August. U.S. Census Bureau data shows Virginia is the top relocation choice for Marylanders leaving the state.
From an expert: Dr. Daraius Irani, chief economist with the Regional Economic Studies Institute at Towson University, believes some of the state’s financial troubles can be attributed to a lack of business-friendly forethought. “It is sometimes challenging to start a business in Maryland,” Dr. Irani said. “There are a lot of regulations we have put in place that make it somehow of a less-than-streamlined process. Maryland can start a lot of businesses, the challenge really is retaining those businesses.”
