Economic Development

Our Concern

Several converging economic trends threaten the County’s prosperity and quality of life – slowing growth in the greater DC region, the County’s declining competitiveness within the region, the slowing pace of federal spending, and a business and innovation climate that does not support the robust growth necessary to maintain current levels of local spending. Though public awareness of these trends has increased, County leaders have failed to take actions to reverse the County’s accelerating decline.

Job growth, private investment, and economic expansion are vital to the long-term economic and fiscal health of the County. Without a strong commercial tax base, the County cannot afford to pay for the services and facilities needed to meet the needs of the population.

By the Numbers

Over the past 5 years, the number of new private business establishments in Montgomery County increased by only 0.17%, roughly 1/100^th of the national business formation rate of 16.00%
Montgomery County economy has been shrinking over the past 5 years, with real (inflation adjusted) GDP declining at an average rate of 1.2% per year
Montgomery County’s slowing growth in key industries results in at least $37 million per year in lost revenue from property and income taxes
From 2011 to 2020, Montgomery County actually lost more than 6,000 wage and salary jobs
Montgomery County’s share of the region’s high-wage jobs has been steadily declining
Maryland is among the lowest-ranking states for business climate and new investment
Local taxes in Montgomery County are significantly higher than those in other nearby jurisdictions, limiting the County’s potential employment growth and private investment