When it comes to doing business with Israeli companies, Maryland is as good as it gets — at least, according to the Maryland/Israel Development Center, which released its annual draft economic impact report in late March.
The organization had released the report each year for decades, however, this is the first one since 2017. David Speer, executive director of the Maryland/Israel Development Center, said that’s largely because of COVID-19 and the Israel-Hamas war. Either way, the organization is glad to be back reporting on the relationship between businesses in Maryland and the world’s only Jewish state.
“We’re really proud of the results and the data that comes out of it, but what it really shows is all the incredible work from our staff, our lay leaders, our partners and our stakeholders. It’s a really good feeling to finally have these numbers when we talk about our impact, specifically at the state level,” Speer said.
The report primarily covers data up to 2024, and states that Israeli impact in Maryland totaled $315.1 million in that year, with 987 jobs created. The total value of Maryland’s exports to Israel in 2024 was $87 million, a 22.5% increase since 2020, when it measured $71 million. The total value of Maryland imports from Israel in 2024 was $171 million, a 55% increase since it came in at $61 million in 2020.
The report helps show Israeli companies that doing business in Maryland is worth their time and money. The Maryland/Israel Development Center helps play “matchmaker” for Israeli businesses that are looking to establish a presence in the United States, often pitching Maryland as a destination up against other states.
“[Some people say] ‘I’m really interested in workforce development.’ Well, Maryland is one of the highest educated states in the country, so it’s our job to sell Maryland to these companies,’” Speer said, giving an example of why the state is an appealing destination.
“Frankly, [many] have heard of Maryland, but they’re not too familiar with what we have to offer. And I would argue that we absolutely have the assets and infrastructure to compete with a Boston, a Silicon Valley, a New York, but it’s our job to sell that, and then once they make the move to the United States, it’s our job to retain them in Maryland, and then have them thrive here,” Speer said.
The annual report, and the work of the organization, are not entirely unique, but are important. Speer said that there are, of course, similar organizations around the country that report on and advocate for business between Americans and Israelis, but that there is an element of Maryland/Israel Economic Development Center that makes it unique.
“We’re not unique in what we do, but everybody functions a little bit differently. Everybody has a unique mission. One thing that really makes us unique is we are, I believe, one of only a few, if not the only one, that have direct support of a Federation through an allocation. It’s not just a grant we have to apply for every year. We are an Associated agency. We are a Federation agency, which really sets us apart,” he said.
With Maryland’s reputation as a hub for tech, health, energy and more, not to mention its proximity to Washington, D.C., the Old Line State has an attractive sales pitch to offer companies from the small Middle Eastern state known to many as the “Start-Up Nation.”
For 34 years, the Maryland/Israel Economic Development Center has advocated for the relationship between Maryland and Israeli businesses. With the release of this new report, a nearly decade-long hiatus is up.
It’s just another step into the future for the organization.
“We are kind of rethinking our branding and marketing functions … so that we are in good shape for the next three years,” he said. “[Our] No. 1 thing is to continue this reporting on an annual basis.”
