Building a Stronger Montgomery County Economy: Highlights from MCEDC’s 2025 Annual Report
The Montgomery County Economic Development Corporation’s (MCEDC) annual report for fiscal year 2025 (July 1, 2024 through June 30, 2025) shows Montgomery County, Maryland’s economic resilience amid unprecedented challenges triggered by changes to the federal budget and workforce. With a strong business ecosystem, the County’s ability to continue to attract investment is showcased through the many business wins from a variety of industry sectors.
As the official economic development entity for Montgomery County, MCEDC connects local companies with the resources they need to thrive and succeed here. Operating as a nonprofit public-private partnership funded by the County, MCEDC’s mission is to accelerate business development, attraction, retention and expansion in key industry sectors while advancing equitable and inclusive economic growth.
Economic Impact & Job Growth
In FY 2025 alone, MCEDC supported the creation and retention of 1,506 jobs and assisted over 980 companies across a variety of industries, including life sciences, technology, real estate, advanced satellite communications/defense, and hospitality, contributing a total impact of approximately $254 million to the county’s economy.
Additionally, despite a challenging year due to the federal budget cuts, investors remained undeterred and infused $1.4 billion into local companies, demonstrating their confidence in the innovation, talent and technologies found in our ecosystem.
Success Stories
Key strategic wins brought retained and new jobs, as well as opportunities to our community in FY 2025. The American Nurses Association, a 125-year-old nonprofit representing nurses across all 50 states, made a $11 million investment in new office space, retaining 315 jobs, and adding 24 new full-time jobs in Montgomery County with MCEDC’s support. Nonprofits play a vital role in Montgomery County’s business community, employing 10 percent of the County’s workforce.
Additionally, Bernstein Management’s headquarters moved from Washington, DC to Bethesda. The move brought 56 new jobs to Montgomery County and included an investment of $1.89 million and 15,300 new square feet leased, further bolstering Montgomery County’s reputation as a hub for headquarters.
Thermal insulation solutions company Liatris opened its expanded pilot manufacturing facility in Rockville this year. The project is expected to create 15 direct skilled and semi-skilled jobs, and more than 100 indirect and induced jobs, and will generate more than $20 million in economic impact over the next three years in the Rockville area.
FY 2025 also saw GovPlace, an IT solutions and cyber services government contractor for both civilian and defense agencies, renew their Bethesda office lease while also in the planning stages for their next round of hiring. Ultimately, 50 high-paying tech jobs were retained, in addition to the creation of 15 new jobs.
Lastly, in FY 2025, Minkoff Development launched Propel Labs, a $3 million incubator coworking space for technology and life science companies, in Germantown. The incubator, which adds to Montgomery County’s supportive and robust start-up ecosystem, boosts two locations in the heart of Maryland’s Life Science Corridor and offers early-stage companies access to state-of-the-art laboratories, private offices, conference rooms, and lounge areas.
MCEDC also underwent organizational changes during FY 2025, including a transitional period without a CEO. However, MCEDC recently announced Jared Smith, as its new President and CEO. The organization recently announced the appointment of Jared Smith as its new President and CEO, who began his role on December 8, 2025. Despite these internal transitions and broader national economic headwinds, MCEDC’s annual report demonstrates that Montgomery County’s business ecosystem remained resilient and continues to stand out as a dynamic hub for innovation and businesses of all sizes. Read the full annual report here.