Best Cities to Start a Business in Maryland
Located near the nation’s capital, Maryland benefits from government-sponsored enterprises in the defense, aeronautical and bio-research industries. Yet, its economy is diverse, with a flourishing private sector. Maryland is a major hub for biotechnology, life sciences, food production, and manufacturing.
Statistics indicate that Maryland is a fine place to start a business. With a median household income of $75,847 (2015), it is considered the richest state in the U.S. Marylanders’ large amount of disposable income available on average raises the likelihood that a service business, such as a restaurant or specializing in one of the trades (plumbing, home remodeling), will survive and thrive.
The combination of a highly-skilled, handsomely paid workforce and a varied economy provides myriad opportunities for prospective entrepreneurs. The government also provides a leg up: in order to encourage growth and new business in the biotech sector, the Maryland Department of Commerce offers tax a 50% tax credit for investments in qualified companies.
Only cities with over 50,000 inhabitants are reported in the results. Some data had to be interpolated to the county level and extrapolated to all the cities in the county. We concentrated on the following metrics to obtain our ranking: Cost of living, Best state for business, Unemployment, Kauffman index, and Universities.
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