The Economic Engine:
Supporting Maryland Business Since 1984
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In the mid-1980s, a majority of Maryland’s pivotal industrial manufacturing plants (which bolstered the economy) ceased operations, leaving the state economy in a state of flux. With large buildings vacant and former employees displaced, the State sought an entity to create opportunities for new industries to fill the gap while modernizing and diversifying the economy.
Born out of this need for reformation and a significant worldwide change in the technological landscape, the Maryland Economic Development Corporation (MEDCO) was formed in 1984 by the Maryland General Assembly to find viable economic development projects. Through authority provided by the State of Maryland, MEDCO could hold unused property for economic development projects and manage their redevelopment.
Since then, MEDCO has transformed Maryland’s business landscape for nearly 40 years. As their offerings evolve and adapt to ever-changing economic needs, they still hold the core intention of providing financial and structural project support that brings life, capital and employment opportunities to Maryland.
Serving commercial, non-profit, higher education, state and local government agencies, MEDCO maximizes the economic viability of Maryland through services that amplify business activity, workforce development and community growth. MEDCO offers tools in four primary categories to provide support and solutions that drive economic progress.
Mission and Vision
MEDCO was created by the Maryland General Assembly in 1984. MEDCO’s mission is four-fold: to help foster the growth and retention of current businesses; attract new business to the State; assist in the creation of new enterprise ventures; and generate employment opportunities throughout the State of Maryland.
MEDCO achieves its mission by partnering with public/private entities to provide innovative revenue bond financing, real estate and infrastructure development solutions as well as workforce and education program development and strategic advisory services. Operating under the core values of equity, integrity, community and excellence, MEDCO is committed to serving Maryland’s economic interests and realizing its great potential.
What MEDCO Offers
- Financing. Tax increment financing and secure bond issuance (both tax-exempt and taxable).MEDCO holds investment-grade bond ratings.
- Development Management. Project planning, design, engineering and delivery.
- Project Asset Management. Maintain, organize and contribute perspective on all the pieces of long- and short-term projects.
- Advisory Services. Support and consultant procurement to secure experts that advise projects, foresee challenges and ensure the smooth completion of projects.
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Who MEDCO Serves
- Higher Education
- Commercial Businesses
- Government Entities
- Non-Profits
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Driving Progress: A Brief Timeline of MEDCO History
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MEDCO acts under the leadership of a gubernatorially-selected board of directors and a strong, collaborative team. Learn more about the MEDCO team.
Strategic Plan
MEDCO’s Strategic Plan provides a comprehensive outline for how the corporation will focus its services to shape and assist economic development within the State of Maryland. The plan is created with guidance from the MEDCO board of directors and key public/private stakeholders.
Read the full Strategic Plan, here.