Governor's Economic Update: November 19, 2009


Hi, I’m Governor Martin O’Malley and this is your Maryland Economic Update for this week.  This week, we learned of yet another biotechnology company that will expand in Maryland, bringing up to 125 jobs to its new East Baltimore facility over the next five years.  Emergent BioSolutions, a Maryland-based biopharmaceutical company, will open a 60,000 square foot bioprocessing center to expand and increase production capacity on the groundbreaking vaccines that they produce.

This expansion will not only ensure more high-paying, highly skilled jobs for the area, but it further illustrates Maryland’s place as a global hub for the life sciences industry.  Our unique assets, including countless federal facilities in and around our State, the nation’s number one public school system, and our world class workforce will help bring Maryland through this national recession more quickly than other states.

Also this week, we learned that Baltimore area home sales jumped a record 36 % last month, an increase many economists attribute to the federal first time homebuyer tax credit.  That’s the biggest annual jump since experts began tracking these figures in the late 90s.  And while we still have a ways to go before stopping foreclosures in our State, we learned this week that more Marylanders are taking advantage of modification programs available to them.  More than 21,000 modifications were processed for Maryland homeowners, more than in Virginia and the District of Columbia combined.

If we want a strong middle class, we much continue to do all we can to expand opportunity, strengthen our family owned business and farms, and decrease the unnecessary and unacceptable rate of foreclosures throughout our State.  As we continue to see signs of recovery in our economy, we will continue our efforts to strengthen and grow the ranks of Maryland’s middle class.  Thanks very much.



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