May 12, 2026

Celebrating Economic Development Week 2026: Building a Stronger and More Resilient Montgomery County

Last week, the International Economic Development Council (IEDC) celebrated Economic Development Week 2026, as well as its 100th anniversary. Economic Development Week is an opportunity to recognize the vital role that economic development plays in shaping thriving, resilient communities.

Economic development lays the foundation for a strong and resilient economy. It supports job creation, expands opportunity, and generates the tax base that funds schools, transportation, public safety, and other critical services. It promotes economic well-being and quality of life in communities, by creating, retaining, and expanding jobs that facilitate growth, enhance wealth, and provide a stable tax base.

“Congratulations to IEDC on their Centennial anniversary,” said Jared Smith, President & CEO of the Montgomery County Economic Development Corporation (MCEDC) and IEDC Board Member. “Economic development plays a vital role in any community and creates opportunity, career pathways for workers, and economic mobility for all residents, while providing tax revenue that supports infrastructure and essential services. Thank you for the IEDC for the important work they do supporting economic developers across the nation.”

In Montgomery County, economic development is fueling the resources needed to support residents and businesses alike. The impact of economic development efforts in Montgomery County is measurable. For every $1 invested in the MCEDC, the return is significant: an average of $11.48 in tax revenue, job creation, and private investment, and more than $138 in total economic impact across the local economy. These numbers reflect that when economic development is done well, it creates a ripple effect that touches every aspect of a community.

For example, recent wins demonstrate Montgomery County’s thriving and diverse economy. In March, South Korea’s largest biotech company, Samsung Biologics, celebrated the opening of its first U.S.-based manufacturing site, showing the company’s confidence in Montgomery County’s nationally recognized life sciences cluster. The contract development and manufacturing leader expanded into the U.S. market through its acquisition of the former Human Genome Sciences facility in Rockville, retaining more than 500 jobs. Another example is climate intelligence leader Vaisala Xweather, a Finnish company that recently opened a new office in Gaithersburg with 20 employees, with plans to hire more soon.

None of this happens in isolation. Montgomery County’s success is driven by strong collaboration between County and State leaders, local businesses, academic institutions, and key stakeholders. Together, these partners are building a connected ecosystem where businesses can start, grow, and scale, benefiting all Montgomery County residents.