The Tech Hubs Program wants to improve the U.S. economy and national security by putting money into areas across the country that have the assets and resources to become globally competitive in the technologies and industries of the future. The program also wants those industries, companies, and the good jobs they create to start up, grow, and stay in the U.S.
This program brings together a wide range of public, private, and academic partners to work in groups to promote growth that benefits everyone in the area. These Tech Hubs will build the future workforce, help companies start and grow, and deploy and deliver new and important technologies. They will do this by building on their existing innovation assets.
The Biden-Harris administration, along withtthe he U.S. Department of Commerce’s Economic Development Administration announced last October that the Baltimore Tech Hub in Central Maryland was chosen as one of the first 31 Tech Hubs nationwide. Starting a tech startup in Maryland should be easier now with Baltimore being named one of the 31 Tech Hubs.
Why is Baltimore a Tech Hub?
By applying artificial intelligence to biotechnologies, the Baltimore Tech Hub, a group run by the Greater Baltimore Committee, will create new, accurate healthcare technologies. The Baltimore Tech Hub wants to help bring predictive healthcare technology to the market by using regional research universities and institutions, research and development experts, and existing capital investment. This will lead to better health results for everyone and a more fair way of providing care.
This designation is the first step in the new Tech Hubs program, which was made possible by the CHIPS and Science Act. The program will directly invest in high-potential U.S. areas and try to turn them into innovation hubs that can compete globally. The designation supports the region’s plan to boost its tech industries to create jobs and strengthen the U.S. economy and national security. Designated Tech Hubs can apply for the next part of the Tech Hubs Program, which will give $50 million to $75 million to each of 5 to 10 Designated Hubs.
Is Maryland Good for Tech?
Since the pandemic, people have had to change how and where they work, and some of the largest tech companies in the country have laid off workers. It’s been a rough few years for anybody who works in tech. If your work life has been turned upside down in the last few years, this is a great time to think about your next job move. We are here to tell you why Maryland is good for a tech career.
Higher Salaries
If you need help finding a job that pays well and costs less, you might not be looking in the right places. The U.S. Department of Commerce says that Maryland has perhaps the highest median household income of all 50 states, at $90,203. This is 29% more than the national norm. Individual salaries for both men and women in tech areas are very high. According to CompTIA, tech professionals in Baltimore make $105,548 a year, and those in Washington, D.C., make $113,330 yearly. There are only 40 miles between Baltimore and Washington, D.C., so tech salaries stay high all over the area.
Affordable Living
Even though people here make a lot of money, we like to call Maryland an affordable tech hub. A 2022 cost of living measure shows that it’s 65% more expensive to live in San Francisco and 38% more expensive to live in Boston than it is in Baltimore.
SmallPDF, a business that manages documents, looked at the best states for tech jobs in 2022 and ranked Maryland second. The study found that tech workers in Maryland spend only 19.97% of their pay on rent. In Virginia, only 21.68% of a tech salary goes toward rent, while in Massachusetts, it’s 31.3%.
Marylanders with student loan debt can get extra help from state-run programs like the Student Loan Tax Credit and Maryland SmartBuy, which offer cash incentives.
Less Reliance on Big Tech More on Stability
The tech business in Maryland is extensive, and more than just a few big companies make it work. Biotechnology, cybersecurity, and aerospace industries do very well here. This is primarily because of the large presence of the federal government and military, which also creates excellent job chances in these fields.
The Wall Street Journal recently wrote about how hiring for tech jobs is going well in the region while West Coast tech hubs are moving slowly. WSJ says that at the end of 2022, there were 2,369 job postings for software engineers in the San Francisco area and 2,084 around San Jose, California, which includes Silicon Valley. On the other hand, 3,815 jobs were offered in the Washington, D.C., area.
There are also good signs that local tech companies will hire. CompTIA says that the number of tech jobs in Baltimore will grow 8.7 percent by 2026. This is one of the reasons why the company named Baltimore one of its “best towns for tech jobs.”
Proven Track Record of Successful Startups
This state is great for entrepreneurs, whether they’re looking for the best place in the U.S. to start their business or are already based there and want to find ways to grow. Just ask the people who worked on the cyber startup Sourcefire, later bought by the big tech company Cisco. Or, look at RoosterBio. It began as a small business in a Maryland incubator and has grown to have more than 60 workers in just a few years. Galen Robotics and Stripe, Inc. moved east a few weeks ago to get in on the action.
Supportive Programs for Tech Startups
So, what does Maryland do to help? It’s through creative ways of getting money, like the Biohealth Investment Incentive Tax Credit, which gives tax breaks to bio investors. It’s a chance to go to trade shows worldwide with state groups. Entrepreneurs can turn defense technologies into products with the help of tools like DefTech centers. Entrepreneurs are getting more chances in more places than just the state. Entrepreneurs all over the state are getting help from private companies like T. Rowe Price.
Final Thoughts
Maryland is the place for high-tech businesses that want to leave their mark. Going into business in San Francisco costs 60% more than going into business in Baltimore and 44% more in New York City. The prices in our rural places are even more reasonable and still close to the big cities. When it comes to daily life, affordability makes a big difference. People can follow their dreams without living in their cars and Maryland startup tech workers find the state an enjoyable place to call home.
