The Maryland Department of Business and Economic Development (DBED) recently released their Maryland Advanced Manufacturing Survey with a variety of valuable information. The survey captures data that includes, but is not limited to, industry sectors, average yearly wages, workforce, supply chain, financing, etc. Manufacturing has experienced numerous changes over past decades, but continues to be an economic driver for other industries.
The survey explains the multiplier effect, stating almost two jobs are created for every manufacturing job in Maryland. The multiplier effect is even higher for high-technology jobs. According to DBED, close to 20 percent of Maryland’s total workforce was made up of manufacturing in the late 1960’s. That is vast change from today’s current number of 4 percent.
Maryland like the rest of the country has experienced the decrease in manufacturing jobs and businesses. The increase in automated machinery and technology has produced more efficient processes cutting back on need for manpower. However, the survey suggests the multiplier effect is so powerful that manufacturing supports a larger proportion of the state’s economy than the numbers provide.
To download the survey, please visit business.maryland.gov.