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Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

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Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 y 30, 2018Or. Memo Diriker BEACON at Salisbury UniversityDr. Sarah Guy BEACON at Salisbury UniversityDr. Dustin ChambersBEACON at Salisbury University

This project was partially funded by:The Maryland Agricultural and Resource-Based Industry Development CorporationMARBỊDCOgrowing rural ventures'"http Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

s://khothuvien.cori!ContentsIntroduction...............................................................................2Agriculture...................

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

.............................................................7Forestry................................................................................

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 ....................................29Seafood and Aquaculture...................................................................35Supporting Industrie

s.....................................................................41Regional Summary Tables....................................................... Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

............48County Summary Tables.....................................................................62Economic Impact of Select Resource Based Ind

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

ustries in MarylandConducted by BEACON at Salisbury University1IntroductionThis economic impact study measures the importance of resource based indust

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 nomic impact of resource based industries in 2015 equaled $23.3 billion, supported over 94,500 jobs, and generated nearly $902 million in state and lo

cal tax revenue (see Tables 1 to 3 for more details).1 * To put these magnitudes into perspective, the economic output of RBI industries is equivalent Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

to 6.8% of Maryland's personal income and 6.3% of Maryland's gross domestic product (GDP}/ At the same time, total jobs supported by RBI activities (

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

94,535) equals 3.1% of Maryland's total employment.3 of the RBI industries, the Food, Feed, and Fiber production industries (which include agriculture

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 BI total), and $753 million in state and local tax revenue (83.5% of the RBI total). In short, RBI activities are large and crucially important to the

overall health of the Maryland economy.Breaking-down the RBI economic output total by industry, agriculture contributed $3.3 billion to the state eco Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

nomy (14.3% of RBI total), supported 23,878 jobs (25.26% of RBI total), and added nearly $110 million in combined state and local tax revenue (12.18%

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

of RBI total). Forestry activity and wood derivatives contributed nearly $3.5 billion to the state economy (14.89% of RBI total), supported 15,271 job

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 llion to the state economy (2.76% of RBI total), supported 2,821 jobs (2.98% of RBI total), and added over $36 million in combined state and local tax

revenue (4.02% of RBI total). Natural gas activities contributed over $3 billion to the state economy (12.92% of RBI total), supported 8,095 jobs (8. Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

56% of RBI total), and added over $113 million in combined state and local lax revenue (12.54% of RBI total). Seafood and Aquaculture contributed near

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

ly $355 million to the state economy (1.52% of RBI total), supported 3,341 jobs (3.53% of RBI total), and added nearly $15 million in combined state a

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 has been released by the federal government.7 According to the U.S. Bureau of Economic Analysis, Maryland's seasonally adjusted personal income total

ed $341,371 billion in the fourth quarter of 2015, while Maryland's seasonally adjusted gross domestic product equaled $370,908 billion over the same Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

period.3According to the U.S. Bureau of Labor Statistics, Maryland's total seasonally adjusted employment in December 2015 totaled 3,001,317.4This rep

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018

ort does not include recreational fishing (only commercial fishing), because such data are not collectedand reported by the federal government. Furthe

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

Economic_Impact_of_Resource_Based_Industries_in_Maryland-BEACON-30JANUARY2018 Salisbury University

BRAG!NBusiness Economic and Community Outreach NetworkAt Salisbury UniversityThe Impact of Resource Based Industries on the Maryland Economy30 January

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