Maryland Governor Larry Hogan stated during his first state of state address, that there is a mass exodus of tax payers, packing their bags and moving to other states. “Our economy is floundering, and too many Marylanders have been struggling just to get by,”… “We’ve had the largest mass exodus of taxpayers fleeing our state, of any state in our region and one of the worst in the nation.” said Governor Hogan.
But is Governor Hogan painting a worrisome economic picture that's not worth the canvas? Based on at least one important measure the current economic situation in Maryland could be more dire than he alluded to in his speech.
Over more than a decade, Maryland has lost several large companies through mergers and acquisitions, while some have simply moved out of the state. Fast forward to today and the total number of Fortune 500 companies in Maryland has dwindled down to four and dangerously close to zero. This is exacerbated by the gap with competing states, including Massachusetts, Connecticut, Pennsylvania, New Jersey and Virginia. The competing states all have a Fortune 500 count in the double digits; significantly more than Maryland by a very wide margin.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
2 comments:
Wicomico has lost a lot of high earning tax payers. Even some of the most prominent business owners and community leaders claim their primary residence in another state or county for tax reasons. It is a poorly kept secret. Hogan is exactly right and those of us stuck here are paying the price.
No secret. Made FL my primary a few years ago. BTW, was sunny and 80 yesterday.
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