This is a beautiful day for the State of Maryland.
I couldn’t think of a better group to celebrate it with than the leaders in this room:
Our partners in government –
Our friends in the private sector –
Our colleagues in higher education –
Our extraordinary nonprofit leaders.
THIS is what partnership looks like. And we need your partnership more than ever.
Maryland is caught in two storms:
The first storm is this: We are facing the biggest fiscal crisis of at least twenty years – even bigger than that of the Great Recession.
The second storm is this: The incoming Trump-Vance Administration has the potential to seriously disrupt our economy.
The way through both of these storms can be summed up in a single phrase:
Economic growth.
It’s at the center of every opportunity we hope for. It’s the key to every challenge we need to overcome.
Anyone who says we can simply tax our way to prosperity isn’t being honest.
Anyone who says we can simply cut our way to prosperity isn’t being honest.
We need to grow.
Maryland’s economy has been stagnant for over a decade.
We’ve seen Marylanders move out of the state seeking jobs elsewhere.
We can – and we will – do better. And that is why today, we are proud to announce our Economic Growth Agenda for the 2025 Legislative Session.
Toward the end of last year, I signed an Executive Order laying out the key priorities in our agenda:
First, we need to cut red tape to make it easier to start a business and grow our economy.
Second, we need to focus on life sciences, I.T., and aerospace and defense – areas where Maryland can win.
Third: We need to improve coordination and partnership.
The steps we announce today help turn those ideas into action.
Tomorrow, we unveil our plan to balance the state budget.
Our proposal includes $750 million for economic growth and workforce development.
And our proposal isn’t just about money – it’s about strategy.
We are prioritizing investments in the areas of our state that drive the most growth.
And to explain our thinking here, I’m reminded of my time in the military.
In the Army, you’re taught to backtrack.
First, you identify your OBJECTIVE. Then, you work backwards to figure out the steps required to get where you want to go.
Historically, that’s not how we’ve done things in the State of Maryland! We’ve been screaming “take the hill!” without knowing which direction the hill is in!
There’s no reason we shouldn’t already be winning.
Name any other state with better assets: From U.S. Cybercommand – to our universities – to our federal labs – to our biotech cluster.
But while we have been asset-rich, we have been strategy-poor.
Well now, that changes.
This year, I am proposing $128 million in targeted and strategic investments toward specific areas that will strengthen our competitiveness.
This strategy will help create good-paying jobs –
It will help cultivate top talent –
And it’s going to make it easier for businesses to choose Maryland, grow in Maryland, and stay in Maryland.
We’re increasing funding for critical state programs like the Build Our Future Program to support new companies on the leading edge of innovation.
We’re bolstering support for the Manufacturing 4.0 Program to build out advanced manufacturing in our state.
We’re also partnering with our private sector and institutions of higher ed. to drive investment, grow our workforce, and strengthen core industries.
We are proposing new investments in BioHub Maryland and CyberMaryland, to strengthen the talent pipeline to jobs in cyber and biotech.
We are proposing new investments in the redevelopment of Tradepoint Atlantic, one of the great commercial assets in our state.
We are proposing new investments in the Downtown Frederick Hotel Project, to build out a community that is at the center of Maryland’s economic growth.
We are proposing new investments in programs to operate cyber ranges at our Community Colleges, so our students get training for jobs in cyber.
We are supporting a new academic facility at Johns Hopkins to bolster the university’s current efforts on data science and artificial intelligence.
And we are putting forward new funding for our friends at IonQ – a global leader in quantum computing.
We just had the chance to tour this facility. And we are so happy that IonQ didn’t just START IN Maryland – they STUCK WITH Maryland.
IonQ is a rare Maryland success story that you don’t hear often.
But here’s the hard truth: IonQ shouldn’t be the exception – it should be the rule.
Maryland is uniquely positioned to lead in these high-tech industries – from quantum computing, to biocomputing, to cybersecurity.
And through these investments in our budget proposal – we can.
Our $128 million investment will drive $515 million in economic activity in Maryland and support, create, or retain 2,600 jobs.
Those jobs amount to a combined $210 million in income for hard-working Marylanders.
And our budget is part of a broader strategy to drive economic growth this year.
In the coming days, I will roll out my legislative agenda.
We plan to introduce FOUR BILLS centered on economic growth.
Our first bill is called the DECADE Act.
It reimagines our approach to growth by sharpening the tools in our economic toolbox and enhancing programs that have yielded strong results.
In this administration, we follow the data and we seek hard results. The DECADE Act applies that mindset to our growth agenda.
Our second bill is called the Procurement Reform Act. This legislation makes our procurement process more fair, transparent, and accountable –
And it expands opportunities for small, minority, women, and veteran-owned businesses to compete for state contracts. Because gone are the days where our procurement system works for some, but not all.
Our third bill is called the RAISE Act.
This legislation takes a number of actions to increase the amount of Registered Apprenticeships in our state.
In Maryland, everyone should have a pathway to a good-paying job, regardless of where they start their journey.
And while we have some of the best four-year colleges in America, we are ending the myth that every single one of our students needs to attend one of them in order to be economically successful.
And do you know who helped us to get there? The CEOs and business leaders who remind us that a four-year college degree is not a prerequisite for many of the roles they are looking to fill!
Lastly, I will introduce the Housing for Jobs Act.
This legislation seeks to address the top item putting pressure on Marylanders’ budgets and our state’s affordability: Housing costs.
When I talk to students, they tell me they’re thinking about moving away because of high housing costs.
When I talk to teachers and police officers they tell me they aren’t sure if they can continue to make rent or save up for a down-payment.
One in three young Marylanders are thinking of moving to a different state because of housing affordability.
If we don’t address housing, we will never unlock our full economic potential.
Our legislation will ensure our communities have the housing infrastructure necessary to support the jobs in their regions.
We are proud of this legislative package. It will help us drive economic growth.
And you will receive more details about each of these four bills in the coming days, along with the rest of our legislative package for the year.
This agenda is big – this agenda is bold – and this agenda is what will be required to grow our economy.
And in that spirit, I want to end by highlighting one more big piece of our economic strategy:
Today, I am proud to announce that our budget proposes $27.5 million for a new Capital of Quantum Initiative in the State of Maryland.
This initiative would be a joint venture between the State of Maryland, UMD, IonQ, and other partners in the quantum computing space.
Our goal is simple: Make Maryland the Quantum Capital of the World.
Over the next five years, we will work together to unlock over ONE BILLION DOLLARS of public and private investment in Maryland’s quantum sector.
Now, look: I recognize that the phrase “quantum computing” might sound a little niche or nerdy.
But a few years ago “artificial intelligence” sounded niche and nerdy too. Today, it’s a household phrase.
Quantum is going to drive advancements across sectors faster than we think – from pharmaceutical research to cybersecurity –
And Maryland is uniquely positioned to make a big bet on it.
We aren’t going to catch up to our competitors when it comes to the industries of yesterday…
But we CAN claim our stake in the economy of tomorrow.
So here’s the bottom line on our economy strategy:
It’s going to help us close the budget gap –
It’s going to make Maryland a more attractive place for businesses and entrepreneurs –
And it’s going to help us grow the middle class and create new pathways to work, wages, and wealth for everyone.
This is what we’re talking about when we say Maryland is going to “Win the Decade.”
In 2030, I want us to look back and see a state that finally applied a targeted strategy to economic development.
In 2030, I want us to look back and see an economy that grew faster than anyone expected.
In 2030, I want us to look back and see more good-paying jobs in leading industries of the future.
That is our vision.
But we cannot achieve it alone.
It will take the partnership of our friends in the General Assembly –
It will take the partnership of our friends in the business and academic sectors –
It will take the partnership of every Marylander – and every soon-to-be-Marylander.
It is up to ALL of us to turn our strategy into action.
And together, we will prove how partnership can drive growth, create jobs, and build a brighter future.
With that, I am proud to introduce my partner in the work: Lieutenant Governor Aruna Miller.