STATE ECONOMIC PROFILE
Maryland Economic Overview
$435.1b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.6%
35
6,194,019
POPULATION
Growth Rate 2019-24
State Growth Rank
0.5%
26
613,145
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.1%
31
Overview of the Maryland Economy
In 2024, the state of Maryland has a population of 6,194,019, having grown an annualized 0.5% over the five years to 2024, which ranks it 26th out of all 50 US states by growth rate. Maryland's gross state product (GSP) in 2024 reached $435.1b, with growth of 1.6% over the 5 years to 2024. Businesses in Maryland employed a total of 3,168,013 people in 2024, with average annual employment growth over the past five years of -0.2%. The top three sectors by total employment are Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 2.9%.
What is Maryland's Gross Domestic Product (GDP)?
In 2024, Maryland's GDP reached $435.1b, representing an increase of 1.6% from 2023. Maryland's GDP has grown at an annualized rate of 3.4% over the five years to 2024. Moreover, Maryland's trailing five-year GDP growth ranks it 35th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Maryland's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Maryland Industry Trends
What are Maryland's Largest Industries by Revenue?
The largest industries by revenue in Maryland are Domestic Airlines, IT Consulting and Public Schools, which generated $79.4b, $34.8b and $28.4b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Maryland
Top 10 Companies Headquartered in Maryland by Employment
The largest companies by employment in Maryland are State of Maryland, Baltimore County and Amazon.Com, Inc., which employed 114,300, 24,267 and 23,000 people in 2024.
STATE ECONOMIC PROFILE
Maryland Sector Statistics
In Maryland, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Maryland's GDP by Sector?
The Real Estate and Rental and Leasing, Professional, Scientific and Technical Services and Healthcare and Social Assistance sectors contributed the most to Maryland's GDP in 2024, representing a combined 45.1% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Maryland's Employment by Sector?
The Healthcare and Social Assistance, Professional, Scientific and Technical Services and Retail Trade sectors contributed the most to employment in Maryland in 2024, representing a combined 41.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Maryland Employment Trends
3.2m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.0%
30
2.9%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-3.2%
48
What Employment Trends are Impacting Maryland?
The state of Maryland employs 3,168,013 people in 2024, which ranks it 20th out of all 50 US states. Employment in Maryland has grown at an annualized rate of 1.0% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Maryland include Healthcare and Social Assistance, Professional, Scientific and Technical Services and Retail Trade, which employed 490,782, 447,430 and 370,892 people in 2024, respectively. Maryland's unemployment rate is 2.9% in 2024, which ranks it 7th out of 50 states. Maryland's unemployment rate has trended downwards at a rate of -3.2% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Maryland, and compare them to the US economy, using the chart below.
$99.5k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
3.2
48
What is Maryland's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Maryland's DPI in 2024 was $99.5k, compared to the US average of $128.6k, which places it 48th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Maryland's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Maryland Construction & Building Trends
$5,633.2tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
4.9%
30
$3.7tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-0.9%
6
15,431
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-3.5%
7
What can construction trends tell you about a state’s economy?
In Maryland, non-residential construction was $5,633.2tn in 2024, which ranks it 30th out of all US states. Residential construction was $3.7tn in 2024, which places Maryland 6th in the United States. The number of building permits issued in Maryland in 2024 was 15,431, representing a -3.5% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Maryland, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Maryland Population Statistics
Which Counties in Maryland have the Largest Populations?
The counties with the highest populations in Maryland are Montgomery County, Prince George's County and Baltimore County, which had populations of 1,047,630, 935,314 and 840,894 people in 2024.
STATE ECONOMIC PROFILE
Maryland Demographics
Education Level Maryland
Race in Maryland
Maryland State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 647 Maryland Industry Reports.
