Governor Martin O'Malley today visited the House of Cards set to tout the Administration's commitment to job creation and innovation by highlighting the Maryland Film Production Tax Credit, which to date, has created 5,700 jobs and was recently expanded during the 2013 legislative session. The critically-acclaimed series House of Cards is filming its second season in Maryland.
"There is no progress without a job. Maryland has now recovered 97 percent of the jobs lost during the Bush Recession. This session, we increased our film production tax credit -- which has created 5,700 jobs -- from $7.5 million to $25 million to expand job creation and economic opportunity while bolstering the film industry in Maryland," said Governor O'Malley. "Working together, we can grow and strengthen our middle class by investing in education, fostering innovation and giving workers the skills they need to compete in the 21st century global marketplace."
In the first quarter of 2013, Maryland created jobs faster than any other state in the region and at the fourth fastest rate in the nation. Maryland's dynamic private sector led that growth, creating nine out of every 10 new Maryland jobs. As of March 2013, our work alongside thriving businesses has driven down the unemployment rate to a four-year low and allowed us to recover 97 percent of the jobs we lost in the national recession.
This session, together with leaders in the General Assembly, the Administration successfully passed a jobs agenda that creates opportunities for families, strengthens businesses, and fuels the job-creating potential of Maryland's world class innovation economy.
Investing in Jobs
The FY14 Capital Budget creates, supports, and leverages over 43,000 jobs rebuilding schools, roads, bridges, community colleges, and other projects.
Transportation Infrastructure Investment Act of 2013 raises an average $800 million annually, which will support 57,000 jobs over six years, ease traffic congestion, and build a 21st century transportation network.
Wind Energy Act of 2013 combines innovation and job creation by incentivizing the construction of a 200 megawatt wind farm off Maryland's coast, with the potential to create over 1,000 high-paying green jobs.
Training our Workforce
The EARN (Employment Advancement Right Now) bill fosters collaboration between businesses, local governments, and non-profits so workers receive training in the skills they need to find jobs in high-demand sectors like construction, manufacturing, cyber, and healthcare.
Veterans Full Employment Act ensures that veterans receive the full credit they deserve for their military training, education, and experience -- both from licensing boards and institutions of higher learning.
Encouraging Private Investment
Public-Private Partnership legislation passed this year makes the P3 process more predictable, transparent, and attractive to private investors. Once streamlined, P3s could contribute between 6 and 10% of Maryland's $3.1 billion annual capital budget and create as many as 4,000 jobs.
The FY2014 budget invests $56 million to spur investment and create jobs in Maryland's key industry sectors:
-Biotechnology Tax Credit spurs innovation in Maryland's world-class biotechnology and life sciences sector. Through FY2013, Maryland has invested in more than 50 companies creating more than 200 new biotechnology jobs. The FY2014 budget invests $10 million in the program, 25% more than last year.
-Research and Development Tax Credit protects Maryland's #1 ranking for research and development per capita. The FY2014 budget invests $8 million in the R&D Tax Credit, $2 million more than last year.
-Cybersecurity Investment Tax Credit ensures Maryland, home to the National Cyber Center of Excellence, remains a national leader in cybersecurity.
-Film Tax Credit secures job-creating film productions in Maryland such as HBO's Veep and Netflix's House of Cards. To date, the tax credit has created more than 5,700 jobs for cast, crew, and extras in Maryland. The FY2014 budget invests record funding in Maryland's film industry.
-InvestMD invests in promising early-stage companies throughout the state. Through an online tax credit auction, InvestMaryland raised $84 million in venture capital for Maryland businesses. Those dollars can leverage up to 5 to 10 times that amount in private equity dollars, or roughly $350 -- $700 million. To date, more than $2 million has been disbursed to eight Maryland start-ups and $25 million has been invested by three local venture firms. In April, the first winners of the inaugural InvestMaryland Challenge were announced out of an impressive field of over 250 entrants. Nearly $28 million in investment dollars will be available in FY2014 to further these efforts.
In April, the U.S. Chamber of Commerce ranked Maryland #1 for entrepreneurship and innovation for the second year in a row and among the top ten for economic performance for the fourth year in a row. The Milken Institute ranks Maryland #1 in research and development per capita and #2 for science and technology assets. The nonpartisan group The States Project says the state is #2 for economic opportunity and the Information Technology and Innovation Foundation ranks Maryland among the five states best positioned to succeed in the new economy. And last year, entrepreneurial Marylanders made Maryland fourth in the nation for startups per capita according to a study by Fast Company.