Key Facts
- Per Capita Real GDP
- $39,596 Rank: 15/50 (2007)
- Population
- 5,633,600 Rank: 19/50 (2008)
- Per Capita Personal Income
- $44,077 Rank: 4/50 (2006)
- Unemployment Rate
- 3.50% Rank: 11/50 (2008)
- Business Tax Climate Index
- Rank: 24/50 (2008)
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Maryland: Introduction
Maryland is located in the heart of New England with coastline on the Atlantic Ocean. Water is highly prevalent in the state and accounts for 21% of Maryland’s total territorial jurisdiction. Upon the formation of the United States, President Washington was given the task of selecting the location for the nation’s capital city. The Potomac River offered a convenient waterway to the ocean that was far enough inland to be well protected. Maryland accordingly agreed to give up some of its land to provide for Washington D.C., the nation’s capital.
During colonial times Maryland’s main business was in agriculture and was based largely on one crop, tobacco. Maryland’s manufacturing industry took precedence in the nineteenth century as shipbuilding and steelmaking found a hub within the state. In recent years, most growth has occurred in the general services sector as well as the public sector. In 2000, Maryland residents were among the best educated in the nation, with one-third of residents over the age of 25 holding at least a bachelor’s degree. The growth of Washington D.C. and its suburbs has also created a number of federal government jobs within Maryland. Coal mining, agriculture, and fishing on the East Shore also remain important to the economy.
