Rankings

Maryland businesses pay the lowest share of state and local taxes, with business taxes accounting for 29.7% of total taxes collected in the state, compared with 44.7% for the national average.

According to Lendio, Maryland has the lowest minority unemployment rate, the second-highest number of microloans per capita, the third-largest share of black-owned businesses, and the fifth-highest share of minority-owned businesses, making it a great state for minority entrepreneurs.

Minority-owned businesses thrive the most in Maryland. In Maryland, minority-owned companies have the fourth-highest pay per employee relative to all businesses. Over a quarter (25.4%) of companies in Maryland are minority-owned, the sixth-highest share in the U.S. Additionally, the state scores high for the longevity of its minority-owned businesses.

Maryland ranks second per capita among the states and fourth in dollar value of federal government contracts, totaling $39.1 billion. For Department of Defense contracts, Maryland ranks third per capita among states and seventh in total dollar value, with $18.4 billion.

Maryland ranks sixth among the states on the adoption and implementation of energy efficient policies that reduce energy costs, spur job growth, and benefit the environment.

With 116 of the nation’s fastest growing private sector firms, Maryland ranks fourth among the states for Inc. 5000 companies as a percentage of total companies and 9th on a per capita basis.

Wix analyzed female-to-male ratios across management occupations, top executives, and financial managers as well as business survival rates and more, to assess which states offer the most opportunities for aspiring female entrepreneurs, determining Maryland ranks fourth among the states.

When comparing the 50 largest metro areas in the country across four metrics, Baltimore-Columbia-Towson ranked fifth for best small business sentiment.

According to Pitchbook, in 2023 Maryland companies raised nearly $3.4 billion in venture capital funds. Among the states Maryland ranked 8th for capital raised on a per capita basis & 10th overall.

Maryland ranks ninth overall and 11th per capita in SBIR awards. Small businesses in Maryland received $139.8 million from the U.S. Small Business Administration through the highly competitive SBIR Program, equating to $29.32 per capita.