Governor O'Malley Releases Weekly Update of Maryland's Economy
Travel and tourism key sector for economic growth for state
ANNAPOLIS, MD (December 18, 2009) –Governor Martin O’Malley today released this week’s online economic update, where he outlined Maryland’s growing travel and tourism industry, an industry that is critical to helping Maryland rebound from the national recession.
“As 2009 comes to a close, your state government remains focused on three fundamental priorities: jobs, jobs, and jobs,” said Governor O’Malley. “Travel and tourism is Maryland’s fourth largest industry in the State, and is vital to our economic growth, including creating jobs, tax revenue and business income. Small and family-owned businesses generated 95 percent of the tourism related jobs created in 2008, and are the key to how we’re going to turn the corner from recession to recovery to prosperity. During this holiday season, and in the coming new year, we hope you encourage those outside of Maryland to visit our State.”
Last week, the Maryland Office of Tourism Development released a study that revealed that Maryland’s travel and tourism sector is a bright spot in these difficult times, with a 3.2 percent increase in spending from out-of-state visitors to the State. The report also showed that visitors to Maryland spent $14.5 billion on travel expenses in 2008.
In addition, transportation and food account for the largest share of visitor spending, followed by shopping, lodging and entertainment. Maryland is defying national trends with an increased demand for lodging in the State. Tourism is the eighth largest private-sector employer in the state, supporting 146,228 direct full-time equivalency jobs in 2008 in leisure and hospitality, retail, transportation and other service sectors. These jobs – 95 percent of which were generated from small businesses – provided $4 billion in wages and salaries to Marylanders in 2008.
Governor O’Malley’s economic update for this week can be viewed here.
