Economic development is crucial to the economic vitality of a community, creating quality jobs, and expanding economic mobility for residents. This week, Montgomery County and the Montgomery County Economic Development Corporation (MCEDC) are celebrating Maryland Economic Development Week, an initiative developed by the Maryland Economic Development Association (MEDA) to increase understanding of the contribution economic development has to the state’s business climate, job retention and growth, tax base, and the overall quality of life in Maryland.
“Economic development is one of the few revenue generators for Montgomery County. In fact, for every $1 invested in Montgomery County through MCEDC, the return is $11.48 in County revenue, which supports funding for schools, public infrastructure, and public services.” said Jared Smith, President & CEO of MCEDC. “We continue to see momentum in the County, and a clear commitment to improve its economic competitiveness. Recent initiatives like the Job Creation Project ZTA, which will streamline permitting for development projects that are in Montgomery County’s key industries, and the authorization of the County’s first TIF for Viva White Oak are strong indicators of how public and private sectors can work together to accelerate economic growth.”
This year so far, Montgomery County companies in high-growth industry sectors have attracted almost $2 billion in venture capital, private equity, public offerings, and other funding. Many local businesses across research & development, climate intelligence, and defense and security have also celebrated milestones and continue to invest in the County, including:
-
Rockville-based Supernus Pharmaceuticals, which announced a merger with Viginia-based Indivior Pharmaceuticals. Supernus’ headquarters in Rockville will serve as the company’s global headquarters.
-
Clarksburg-based Thales Defense & Security (TDSI) celebrated a significant expansion of its manufacturing operations. Over the past year, TDSI doubled its manufacturing floor footprint through a $4 million investment, expanding production capacity to support the company’s continued growth. Today, TDSI employs approximately 675 people in Montgomery County, including roughly 250 manufacturing employees.
-
Global Alliant is a technology firm focused on providing innovation IT and software solutions to federal, state, and local agencies. Based in Rockville, Maryland, Global Alliant has continued to scale operations quickly and with the support of MCEDC, recently made a push to hire 75 new employees. MCEDC staff worked with the company to connect them to local resources such as WorkSource Montgomery and to educate them about incentive programs.
-
Taiwan-based global pharmaceutical company and contract development manufacturing organization (CDMO) Bora Pharmaceuticals established operations in Montgomery County through its acquisition of MacroGenics’ GMP manufacturing operations and biologics manufacturing facility in Rockville. The $122.5 million transaction includes a state-of-the-art biologics manufacturing facility and associated operations that will expand Bora’s U.S. manufacturing footprint and strengthen its end-to-end biologics services platform.
-
Finnish climate intelligence leader Vaisala Xweather opened a new location in Gaithersburg, MD, its first in the Mid-Atlantic region. Previously operating largely as a remote workforce, Vaisala Xweather employees are now based in Montgomery County.
-
Germantown-based Seraxis announced a merger with Ontario-based biotech company Sernova Biotherapeutics to pursue a Type 1 diabetes cure. The new company, BetaNova Therapeutics, will be based in Germantown and plans to hire 25 more employees.
Together, these developments reflect a period of continued investment in Montgomery County, creating new opportunities for businesses and residents.
