Recently the MIDC conducted an Economic Impact Study to quantify the impact the 40+ Israeli Companies in Maryland have on the Maryland economy. The statistics presented below reflect the 2024 figures, and they are noteworthy. The study was conducted with the invaluable support of the Maryland Department of Commerce. The statistics are based on objectivity using IMPLAN software.
IMPLAN is a leading economic impact analysis tool designed to gain precise insights into local, regional, and national economies. IMPLAN provided us with comprehensive, data-driven solutions that analyzed the economic impact of Israel companies in Maryland.
We are proud to roll out the significant findings and the Economic Impact on the State of Maryland.
- Total impact of Israeli investment in Maryland, 2024: $315.1 million
- Jobs Created: 987
- The total value of Maryland’s exports to Israel in 2024 was $87 million, an increase of $16 million (22.5%) since 2020
- The total value of Maryland imports from Israel in 2024 was $171 million, an increase of $61 million (55.5%) since 2020
What does all this mean?
Maryland is a premier center for global commerce, offering world class medical, education systems and more. Maryland is a great place for Israeli businesses to prosper and grow. Bordering Washington, D.C. and home to many federal agencies including the National Institutes of Health, the Food and Drug Administration, the Department of Energy, NSA, and other federal entities. Maryland is considered one of the most highly educated states in the U.S. according to the Bureau of Labor Statistics.
Israel, referred to as the Start Up Nation, is a global hub for high-tech, boasting the highest concentration of startups per capita in the world. Israel and Maryland share parallel strengths in industries including life sciences, AI, defense, agtech, fintech, cybersecurity, medical device, biopharma and others. Israeli technology has significantly impacted the world, and key innovations include drip irrigation, the USB flash drive, Waze navigation, PillCam for medical imaging, the Iron Dome defense system, and Mobileye advanced driver assistance. These advancements focus on solving global challenges in sustainability, health, and security.
With that as a backdrop, the MIDC congratulates the Israeli companies in Maryland for contributing so significantly to Maryland’s economy, creating directly and indirectly close to 1000 high level new jobs, as well as bringing advanced technology, research and innovation to Maryland. This truly reflects a 34-year-old partnership and model for collaboration.
To see how your business can grow with Israeli innovation, contact David Speer, DSpeer@Maryland israel.org.
Read the Baltimore Jewish Times April article on the Strengths of the Maryland/Israel Business ties.
Read the Associated Jewish Federation’s Israel and Overseas newsletter article.