Amazon HQ2 – Projected Impact in Maryland
Amazon’s second headquarters project (HQ2) would contribute $17 billion per year in additional activity to Maryland’s economy and $7.7 billion in annual wages when fully operational, according to a new economic impact study commissioned by the Maryland Department of Commerce and Montgomery County.
Furthermore, the project would support 101,000 total jobs and would produce $280 million in additional county tax receipts each year and $483 million in annual state tax receipts according to the analysis, which was conducted by Baltimore-based Sage Policy Group, Inc.
“Amazon’s HQ2 is the greatest economic development opportunity in a generation, and this study confirms just how transformative this project could be for Maryland,” said Governor Larry Hogan. “From the construction phase, to when the headquarters is fully operational, Maryland would reap unprecedented benefits. We are fully committed to bringing this project home, and we look forward to continuing to work closely with Montgomery County to show Amazon that Maryland is truly Open for Business.”
Montgomery County is one of 20 finalists Amazon is considering to be the home of its second headquarters. The company plans to invest $5 billion in the project, which will ultimately create 50,000 new direct, high-paying jobs.