MEDA Announces $8.81 Return On Investment From Every Dollar Invested in Maryland Economic Development

Baltimore, MD (January 9, 2025) –  The Maryland Economic Development Association (MEDA) today announced the release of updated impact data from its annual study of county economic development offices in Maryland. According to the findings, every dollar invested in county economic development operations over the past three fiscal years has generated an estimated average of $8.81 in state and local tax revenue.

The study was conducted in collaboration with the Business and Community Outreach Network (BEACON) at Salisbury University and MEDA’s Public Policy Committee. It leverages annual survey data gathered from county economic development offices statewide, offering a clear and detailed picture of the return on investment from local economic development activities.

“This study serves as an important tool for both our members and the entities that fund them,” said MEDA president, Richard G. Griffin, CEcD. “By providing an empirical measure of the impact of local economic development efforts, we can highlight the significant returns these investments generate for the state and local economies. The $8.81 ROI figure is a powerful testament to the value of local economic development.”

The data, compiled by BEACON’s research team, examined job creation and retention figures reported by county economic development offices and the funding each county invested to support these operations. The analysis, which incorporated data from participating county offices for 2022, 2023, and 2024, was modeled using IMPLAN, a regional economic analysis software application, to capture Maryland’s diverse activities and economic impacts. The findings revealed varied outcomes, ultimately demonstrating the average return of $8.81 in state and local tax revenue for every dollar invested in local economic development over the three years.

John Hickman, director of BEACON, expressed enthusiasm about the collaboration, stating, “Our work with MEDA and its members is always rewarding. This project highlights how valuable the efforts of the departments across Maryland are. We look forward to continuing to collect and report on that impact.”

The research focuses on assessing the impact of economic development initiatives, utilizing empirical data to underscore the importance and value of these programs. Conducted annually, the study for the 2025 fiscal year will gather data in the fall of 2025.

About MEDA

MEDA is a nonprofit organization of economic development professionals. Established in 1961, MEDA members promote the economic well-being of Maryland by working to improve the state’s business climate and the professionalism of those in the field of economic development. MEDA’s membership includes economic development practitioners employed by the government, businesses, and chambers of commerce as well as other professionals with an interest in the economy of Maryland. Through its regular meetings, special programs, and projects, members address such diverse issues as local planning, workforce, transportation, international trade, tourism, and finance. To learn more about MEDA, visit https://www.medamd.com/.

About BEACON

A Community Outreach Unit of the Franklin P. Perdue School of Business at Salisbury University. For over 30 years, BEACON has offered applied business and economic assistance to a variety of public, private, and non-profit organizations. To learn more about https://www.salisbury.edu/academic-offices/business/beacon/.