Here are 51 business stats about Maryland for 2025.
Basics:
Population: 6,180,253 (US Census 2020)
Population desnity per square mile: 636.10
GDP: $512,280 (millions USD)
GDP Per Capita: $83,565
Median household income (in 2022 dollars): $98,461
Real GDP Growth Rate: 2.10%
Total Employment: 3.1m
Unemployment Rate: 2.4%
Rankings
% Share of National Economy: 1.87%
State Economic Growth Rank (out of 50): 17
Population Growth Rank (out of 50): 24
Business Growth Rank (out of 50): 45
State Growth Rank in Employment (out of 50): 20
Biggest Industries In Maryland By Revenue
- IT Consulting: $31.1b
- Health & Medical Insurance: $27.5b
- Public Schools: $26.6b
- Drug, Cosmetic & Toiletry Wholesaling: $24.5b
- Hospitals: $22.3b
- Portfolio Management & Investment Advice: $22.0b
- New Car Dealers: $20.7b
- Colleges & Universities: $19.4b
- Supermarkets & Grocery Stores: $14.7b
- Life Insurance & Annuities: $14.6b
Biggest Employers In Maryland
- State of Maryland: 97,336 (3.1%)
- Amazon.Com, Inc.: 25,000 (0.8%)
- Baltimore County: 22,233 (0.7%)
- Walmart Inc.: 17,137 (0.6%)
- Johns Hopkins University: 17,000 (0.5%)
- University of Maryland: 14,505 (0.5%)
- Northrop Grumman Corp /De/: 13,000 (0.4%)
- The Home Depot, Inc.: 8,990 (0.3%)
- Lockheed Martin Corporation: 6,250 (0.2%)
- Byk Gardner GmbH: 6,250 (0.2%)
Small Businesses In Maryland
Number of Small Businesses 639,789
Percent of bossiness that are small businesses: 99.50%
Number of employees: 1,200,000
Share of Employment: 48.80%
Number of New Businesses In The Past Year: 20,284
Number of Businesses That Closed In The Past Year: 15,376
Net Change In New Businesses: 4,908
Number of Businesses With No Employees: 532,290
Number of Businesses with 1-19 Employees: 93,091
Number of Businesses with 20-499 Employees: 14,408
Share of Businesses Owned By Women: 44.60%
Share of Businesses Owned By Veterans: 6.60%
Share of Hispanic Owned Businesses: 9.20%
Share of Businesses Owned By Racial Minorities: 38.50%
Fortune 500 Companies In Maryland
Number of Fortune 500 Headquaters: 3
Biggest Company: Lockheed Martin
Biggest Company Type: Aerospace & Defense
Number of Employees: 116,000
Revenue (in millions): $65,984
Taxes In Maryland
State Corporate Tax Rate: 8.25%
State Corporate Tax Rate Brackets: $0
State Sales Tax Rate: 6.00%
State Sales Tax Rank (out of 50): 17
Average Local Sales Tax Rate: 0.00%
Max Local Sales Tax Rate: 0.00%
Average Combined Sales Tax Rate: 6.00%
Combined Sales Tax Rank (out of 50): 38
Minimum State Income Tax Rate If You’re Single: 2.00%
Minimum State Income Tax Rate If You’re Married: 2.00%
General Maryland Population Facts
In civilian labor force, total, percent of population age 16 years+: 66.60%
In civilian labor force, female, percent of population age 16 years+: 62.70%
Share of population which is foreign born: 15.70%
Mean travel time to work (minutes), workers age 16 years+: 32
Housing
Number of Housing Units: 2,572,412
Owner-occupied housing unit rate: 67.50%
Median value of owner-occupied housing units: $380,500
Median gross rent per month: $1,598
Households with a computer: 95.30%
Households with a broadband Internet subscription: 90.60%
Education
High school graduate or higher, percent of persons age 25 years+: 91.00%
Bachelor’s degree or higher, percent of persons age 25 years+: 42.20%
Also See
- Maryland Registered Agent Services
- Maryland Secretary of State Business Search
- How To Form an LLC In Maryland
- Maryland Bookkeepers & Bookkeeping Services
Sources
- https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
- https://en.wikipedia.org/wiki/Economy_of_Maryland
- https://www.ibisworld.com/united-states/economic-profiles/maryland/
- https://taxfoundation.org/data/all/state/2024-sales-taxes/
- https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
- https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
- https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
- https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-MD.pdf
- https://www.bls.gov/eag/
- https://www.bls.gov/regions/mid-atlantic/maryland.htm#eag
- https://www.census.gov/quickfacts/fact/table/MD,US/PST045223
- https://www.50pros.com/fortune500
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