Governor Moore Unveils Ambitious Economic Vision for 2025 Legislative Session

ANNAPOLIS, MD — Governor Wes Moore revealed his economic expansion agenda for the 2025 legislative session today. This initiative encompasses budget allocations and legislative suggestions aimed at bolstering Maryland’s economy and creating opportunities for work, wages, and wealth.

​​

Together, we have formulated a strategy for economic growth that capitalizes on Maryland’s distinctive advantages—so we can stimulate business development and establish an economy that benefits everyone,” stated Gov. Moore. “Collaborating with the General Assembly, we will make Maryland a location where businesses aspire to expand and prosper, generate well-compensated jobs in future-driven industries, and connect more Marylanders with prospects. The era of being asset-rich yet strategy deficient is over.”

Gov. Moore’s suggested FY 2026 budget includes upwards of $750 million in operational and capital investments for economic and workforce development, with $128.5 million aimed at specific, strategic investments to enhance Maryland’s business environment, nurture key industries and sectors, and grow the state’s talent ecosystem. As per the analysis conducted by the Jacob France Institute, these new targeted investments are projected to create $515.6 million in economic activity within Maryland and support 2,599 jobs generating $210.2 million in labor income. The specific investments comprise:

$27.5 million to promote the “Capital of Quantum” Initiative – a groundbreaking public-private alliance involving the State of Maryland, University of Maryland, IonQ, and other collaborators that aims to catalyze $1 billion in investments and establish Maryland as a leading global hub in quantum information science and technology. This funding includes $10 million aimed at supporting IonQ’s planned growth in Maryland, with a new 100,000 square foot corporate headquarters that will enhance their Maryland workforce to 250 employees.

$25 million for the Economic Development Opportunities Program Fund at the Department of Commerce—commonly referred to as the Sunny Day Fund—intended to attract significant economic development as well as business relocation and expansion prospects throughout the state.

$15 million to support Tradepoint Atlantic’s Terminal Container Project, a 168-acre redevelopment initiative that is expected to generate over $1 billion in private sector investments, create more than 1,000 new union jobs, and reinforce the Port of Baltimore’s standing as one of the most competitive ports on the East Coast.

$10 million for the Strategic Infrastructure Revolving Fund at the Maryland Economic Development Corporation (MEDCO), which will provide short-term loans to bolster transformative placemaking, transit-oriented development, community growth, and inclusive and equitable economic expansion, focusing on activating underutilized assets for revenue generation.

$7.5 million to maintain state backing for the Downtown Frederick Hotel and Conference Center venture, a public-private collaboration and a transformative economic development project for the City of Frederick that is anticipated to generate $1.5 billion in new private sector spending over the next 25 years.

$7 million for the Maryland Business Ready Sites Initiative—which Gov. Moore initiated through executive order in December 2024—that will function as a matching grant program for local governments or private developers to mitigate risks or leverage additional public-private investments to accelerate infrastructure improvements. This program, to be managed by MEDCO, will expedite the availability of strategically essential commercial or industrial sites and will be accessible to new or expanding businesses.

$2 million to Johns Hopkins University to assist with the construction of a new multidisciplinary design center in Baltimore, which will act as a connector between the university’s design-focused undergraduate curriculum, its emerging data science and artificial intelligence initiatives, and its vision for establishing an innovation and entrepreneurial hub in Remington. 

$1.5 million for the Baltimore Cyber Range and the Maryland Association of Community Colleges, aimed at establishing cyber ranges at Maryland’s community college campuses and enhancing the state’s cybersecurity workforce.

In addition to budget allocations, Gov. Moore disclosed specifics about his legislative agenda for economic growth.

The Housing for Jobs Act seeks to alleviate constraints on the state’s economic expansion by tackling the largest expenditure on Marylanders’ budgets: housing expenses. This legislation aims to address the housing affordability and supply dilemma by establishing housing production targets when there are insufficient homes in an area to accommodate available jobs. Its intent is to lower costs for Marylanders while ensuring the state retains and builds upon its most significant asset—our highly skilled workforce.

The RAISE Act aims to broaden and establish new career paths to well-compensated, middle-class jobs through high-quality registered apprenticeships in Maryland. This legislation creates the Maryland Office of Registered Apprenticeship Development, introduces two new programs to assist employers and workers in participating in registered apprenticeship initiatives, and provides pathways to automatic licensure for select apprentices. 

The Procurement Reform Act attempts to modernize the state’s procurement procedures to improve efficiencies, accountability, competition, and enhance small business access to state contracts. By doing so, the bill fosters the procurement economy by generating opportunities for small enterprises to secure state contracts and expand. As the state continues to enhance its economy, procurement reform serves as a powerful instrument to create merit-based avenues to success for its businesses.

###​