Gov. Moore’s 2025 Economic Agenda: What’s Ahead for Montgomery County

During the unveiling of the state’s economic growth agenda for 2025, Maryland Gov. Wes Moore, laid out a transformative vision to bolster the state’s economy, enhance workforce opportunities, and strengthen strategic industries.

For Montgomery County, the largest economic powerhouse in the state, this translates into continued focus on creating high-paying jobs, supporting underrepresented businesses, and developing innovative programs to further economic inclusion within the county.

Montgomery County’s Executive Marc Elrich noted that the governor’s plan includes a path toward better fiscal health. “I applaud the governor’s leadership in navigating the dual challenges of a fiscal crisis and shifting federal policies with bold solutions that promote economic growth and progressive tax reform,” Elrich said.

As Montgomery County, continues to advance as a hub for high-growth industry sectors such as advanced technology and life sciences with recently launched programs such as the Job Creation Fund, Technology Innovation Fund and the Founders Fund there’s a clear commitment to ensuring the county remains competitive to attract new investment and expand the growth opportunities for businesses already here.

Driving Strategic Industry Growth

Moore’s agenda underscores the importance of strategic industries in driving Maryland’s economic future. Key initiatives include:

Quantum Computing and Technology

The “Capital of Quantum” initiative aims to position Maryland as a global leader in quantum computing. Montgomery County, home to a thriving tech ecosystem and proximity to research institutions like NIST and other federal agencies, is well positioned to attract new investments through this initiative.

Biotechnology and Life Sciences

Maryland’s support for biotech and life sciences reinforces Montgomery County’s leadership in this field. With such major companies as AstraZeneca and Novavax located in the county and a variety of state and county incentives, Montgomery County is well equipped to further its global position as a top destination for life sciences companies.

Advancing Workforce Development

A cornerstone of the governor’s agenda is workforce development. The plan prioritizes creating pathways for workers to secure well-paying jobs, emphasizing equity and inclusion. Montgomery County stands to benefit in several ways. For instance, the agenda includes programs designed to upskill workers in high-demand industries such as technology, health care and manufacturing. These efforts align with Montgomery County’s existing focus on workforce training for its highly educated and diverse labor pool.

The governor also proposes expanding apprenticeship programs and career pathways to bridge the gap between job seekers and employers. The launch of BioHub Maryland last year, with the support of Montgomery County, is a testament to how advocates, industry leaders, higher education and government can work together in addressing talent and skill development demands.

Tax Reforms for Economic Growth

Moore’s plan proposes several tax reforms, including increasing taxes on table games, sports betting and recreational cannabis to diversify revenue streams without burdening strategic industries.

It also suggests consolidating the bottom four income tax brackets, doubling the standard deduction, and eliminating the inheritance tax. A higher income tax rate for individuals earning over $500,000 annually could potentially generate nearly $1 billion in revenue for the state. Under the proposed plan, nearly two-thirds of Maryland residents, particularly low- and middle-income households, would also see tax cuts.

Lastly, lowering the corporate tax rate and closing loopholes through combined reporting aims to create a fairer tax environment for businesses.

Maryland’s Decade

Moore’s economic growth agenda seeks to position Maryland as a leader in the country for economic growth, prosperity and inclusion.

Montgomery County’s highly skilled workforce, thriving strategic industries and commitment to equity and sustainability make it a natural partner in realizing the governor’s ambitious plans. From quantum computing to biotech, renewable energy, cybersecurity, the county is poised to benefit from a comprehensive approach to economic growth.

View Gov. Moore’s announcement