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US State economic profile
Maryland - Economic Profile
Statistics, economic information and rankings for the Old Line State
In 2026, the state of Maryland has a population of 6,334,123, having grown an annualized 0.5% over the five years to 2026, which ranks it 30th out of all 50 US states by growth rate. Maryland's gross state product (GSP) in 2026 reached $440.5b, with growth of 1.6% over the 5 years to 2026. Businesses in Maryland employed a total of 3,341,656 people in 2026, with average annual employment growth over the past five years of 1.5%. The top three sectors by total employment are Real Estate & Rental & Leasing, Professional, Scientific & Technical Services, Information, while the unemployment rate across the state in 2026 was 4.2%.
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State economic profile
Maryland Economic Overview
$440.5b
Gross state product
6,334,123
Population
640,884
Businesses
What is Maryland's Gross Domestic Product (GDP)?
In 2026, Maryland's GDP reached $440.5b, representing an increase of 1.6% from 2025. Maryland's GDP has grown at an annualized rate of 1.3% over the five years to 2026. Moreover, Maryland's trailing five-year GDP growth ranks it 38th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Maryland's GDP, and compare them to the national average, using the chart below.
State economic profile
Maryland Industry Trends
Learn about current trends affecting the most significant industries for Maryland's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 637 industries in Maryland.
What are Maryland's Largest Industries by Revenue?
The largest industries by revenue in Maryland are IT Consulting, Health & Medical Insurance and New Car Dealers, which generated $36.1b, $27.2b and $24.5b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | IT Consulting | $36.1b |
| 2. | Health & Medical Insurance | $27.2b |
| 3. | New Car Dealers | $24.5b |
| 4. | Hospitals | $24.5b |
| 5. | Public Schools | $24.1b |
| 6. | Drug, Cosmetic & Toiletry Wholesaling | $22.6b |
| 7. | Portfolio Management & Investment Advice | $21.3b |
| 8. | Colleges & Universities | $18.8b |
| 9. | Scientific Research & Development | $18.8b |
| 10. | Supermarkets & Grocery Stores | $17.7b |
State economic profile
Top Companies in Maryland
Learn about current trends affecting the top companies in Maryland. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Maryland by Employment
The largest companies by employment in Maryland are State of Maryland, Baltimore County and Amazon.Com, Inc., which employed 111,000, 24,267 and 23,000 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | State of Maryland | 111,000 | 3.3% |
| 2. | Baltimore County | 24,267 | 0.7% |
| 3. | Amazon.Com, Inc. | 23,000 | 0.7% |
| 4. | Walmart Inc. | 17,770 | 0.5% |
| 5. | Johns Hopkins University | 17,000 | 0.5% |
| 6. | University of Maryland | 14,922 | 0.4% |
| 7. | Northrop Grumman Corp /De/ | 13,000 | 0.4% |
| 8. | The Home Depot, Inc. | 8,696 | 0.3% |
| 9. | Byk Gardner GmbH | 6,250 | 0.2% |
| 10. | Lockheed Martin Corporation | 2,600 | 0.1% |
State economic profile
Maryland Sector Statistics
In Maryland, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Maryland's GDP by Sector?
The Real Estate & Rental & Leasing, Professional, Scientific & Technical Services and Information sectors contributed the most to Maryland's GDP in 2026, representing a combined 45.2% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Real Estate & Rental & Leasing | 68,609,652,187 | 1.9% | 2.3% |
| Professional, Scientific & Technical Services | 60,838,380,360 | 4.8% | 4.8% |
| Information | 37,850,954,874 | 14.5% | 14.6% |
| Healthcare & Social Assistance | 36,674,465,082 | 3.4% | 3.6% |
| Retail Trade | 25,199,039,248 | 4.6% | 4.3% |
| Manufacturing | 24,025,991,266 | 1.0% | 0.7% |
| Construction | 17,959,637,268 | -4.5% | -5.1% |
| Finance & Insurance | 15,417,994,094 | -3.8% | -4.3% |
| Administration, Business Support and Waste Management Services | 14,858,181,656 | 2.1% | 2.3% |
| Wholesale Trade | 14,745,389,022 | -2.6% | -3.0% |
| Accommodation & Food Services | 12,845,824,050 | 4.7% | 5.3% |
| Transportation & Warehousing | 8,746,675,576 | -0.8% | -1.4% |
| Other Services (except Public Administration) | 8,146,830,466 | -1.5% | -1.0% |
| Management of Companies and Enterprises | 6,705,872,673 | 4.8% | 5.5% |
| Educational Services | 6,637,107,551 | 1.3% | 1.9% |
| Arts, Entertainment & Recreation | 5,179,353,484 | 7.0% | 7.3% |
| Utilities | 4,284,338,340 | -5.9% | -5.3% |
| Agriculture, Forestry, Fishing & Hunting | 1,210,177,592 | 7.7% | 3.7% |
| Mining | 247,146,930 | 0.3% | -1.2% |
What is Maryland's Employment by Sector?
The Healthcare & Social Assistance, Professional, Scientific & Technical Services and Retail Trade sectors contributed the most to employment in Maryland in 2026, representing a combined 40.7% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 505,408 | 2.2% | 2.7% |
| Professional, Scientific & Technical Services | 444,228 | 2.3% | 2.6% |
| Retail Trade | 409,795 | 1.4% | 2.4% |
| Administration, Business Support and Waste Management Services | 282,664 | 1.8% | 2.1% |
| Educational Services | 272,684 | -0.5% | 0.6% |
| Accommodation & Food Services | 251,783 | 0.9% | 4.6% |
| Construction | 234,716 | 1.1% | 1.3% |
| Transportation & Warehousing | 189,083 | 4.1% | 4.2% |
| Finance & Insurance | 148,817 | 1.0% | 1.8% |
| Other Services (except Public Administration) | 145,634 | 0.8% | 2.6% |
| Manufacturing | 113,802 | 0.8% | 1.8% |
| Real Estate & Rental & Leasing | 108,068 | 0.7% | 1.0% |
| Wholesale Trade | 93,135 | 0.7% | 1.3% |
| Information | 68,061 | 1.7% | 3.0% |
| Arts, Entertainment & Recreation | 57,072 | 1.0% | 3.8% |
| Utilities | 11,514 | 0.9% | 1.1% |
| Agriculture, Forestry, Fishing & Hunting | 4,026 | 0.8% | 2.4% |
| Mining | 1,166 | 2.0% | 2.8% |
State economic profile
Maryland Employment Trends
3.3m
Employment
4.2%
Unemployment
What Employment Trends are Impacting Maryland?
The state of Maryland employs 3,341,656 people in 2026, which ranks it 20th out of all 50 US states. Employment in Maryland has grown at an annualized rate of 2.4% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in Maryland include Healthcare & Social Assistance, Professional, Scientific & Technical Services and Retail Trade, which employed 505,408, 444,228 and 409,795 people in 2026, respectively. Maryland's unemployment rate is 4.2% in 2026, which ranks it 24th out of all 50 US states. Maryland's unemployment rate has trended downwards at a rate of -4.1% over the five years to 2026, overperforming the US economy as a whole.
Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Maryland, and compare them to the US economy, using the chart below.
$120.9k
Per capita disposable income
What is Maryland's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Maryland's DPI in 2026 was $120.9k, compared to the US average of $156.5k, which places it 19th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Maryland's per capita disposable income, and compare it to the US average, using the chart below.
State economic profile
Maryland Construction & Building Trends
$4,271.4tn
Nonresidential construction
$3.7tn
Residential construction
13,226
Building permits
What can construction trends tell you about a state’s economy?
In Maryland, non-residential construction was $4,271.4tn in 2026, which ranks it 8th out of all 50 US states. Residential construction was $3.7tn in 2026, which places Maryland 15th out of all 50 US states. The number of building permits issued in Maryland in 2026 was 13,226, representing a -5.3% annualized growth rate between 2021 and 2026.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Maryland, and compare it to trends in the number issued in the United States as a whole, using the chart below.
State economic profile
Maryland Population Statistics
Which Counties in Maryland have the Largest Populations?
The counties with the highest populations in Maryland are Montgomery County, Prince George's County and Baltimore County, which had populations of 1,063,052, 938,804 and 838,523 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Montgomery | 1.1m | 0.1% | 16.8% |
| Prince George's | 938.8k | -0.3% | 14.8% |
| Baltimore | 838.5k | -0.2% | 13.2% |
| Anne Arundel | 599.8k | 0.3% | 9.5% |
| Baltimore City | 549.2k | -0.9% | 8.7% |
| Howard | 338.9k | 0.3% | 5.3% |
| Frederick | 313.2k | 2.2% | 4.9% |
| Harford | 267.7k | 0.4% | 4.2% |
| Carroll | 180.1k | 0.6% | 2.8% |
| Charles | 177.0k | 1.0% | 2.8% |
| Washington | 157.1k | 0.3% | 2.5% |
| St. Mary's | 116.6k | 0.4% | 1.8% |
| Cecil | 107.7k | 0.6% | 1.7% |
| Wicomico | 105.8k | 0.3% | 1.7% |
| Calvert | 95.9k | 0.4% | 1.5% |
| Allegany | 66.7k | -0.3% | 1.1% |
| Worcester | 55.4k | 0.7% | 0.9% |
| Queen Anne's | 54.8k | 1.5% | 0.9% |
| Talbot | 38.0k | 0.1% | 0.6% |
| Caroline | 33.9k | 0.3% | 0.5% |
| Dorchester | 33.4k | 0.5% | 0.5% |
| Garrett | 28.0k | -0.5% | 0.4% |
| Somerset | 25.3k | 0.6% | 0.4% |
| Kent | 19.4k | 0.1% | 0.3% |
State economic profile
Maryland Demographics
In Maryland, 46.1% of the population has a Bachelors or higher. The largest ethnic group in Maryland is White, accounting for 45.1% of the state's population.
Education level in Maryland
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 46.1 |
| Other | 53.9 |
Race in Maryland
| Race | Share (%) |
|---|---|
| White | 45.1 |
| Black | 30.1 |
| Hispanic | 14.3 |
| Asian | 7.4 |
| Other | 3.2 |
Maryland State industry reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level, with accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 637 Maryland industry reports.
Other states to explore
Compare Maryland’s economy with other states in the United States.
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