Feds, Meds, Eds & Beds
Have you ever heard the phrase "Feds, Meds, Eds & Beds"?
I hadn't -- until I listened to Christian S. Johansson, head of the state Department of Business and Economic Development, drop it during his keynote address at the Maryland Incubator of the Year Awards on June 17.
In a room full of bright start-up companies, venture capitalists, entrepreneurs and state biz development leaders, Johansson talked about the strength and resilience of the Maryland economy, in the face of a national recession. A big reason for that strength, he said, is "Feds, Meds, Eds and Beds." Here's what that catch-phrase means:
* Feds: The state benefits from tens of thousands of jobs tied directly and indirectly to federal government agencies that employ people at military and civilian facilities. (Think NSA at Fort Meade to the Social Security Administration headquarters at Woodlawn.) Contractors that do work for these federal agencies and military installations are also plentiful in Maryland.
* Meds: The health care and social services industry is a huge employer in Maryland. Also, biotechnology is a growing, cutting-edge sector that's seen a lot of investment in recent years.
* Eds: Education. Higher education. And the research that comes out of institutions such as the University of Maryland and Johns Hopkins University.
* Beds: Tourism. From the Inner Harbor to the Eastern Shore to Deep Creek.
The notion of Feds, Meds, Eds & Beds sounds like a nifty marketing jingle for state leaders to use in their cheerleading and marketing of Maryland. What do you think?
Meantime, if you're interested in getting a snapshot of the Maryland economy, here are some links to peruse:
:: This state report has one of the latest overviews of Maryland's private-sector workforce.
:: The 2008 Maryland employment and payrolls data show a breakdown of public and private sector jobs, including average weekly wage per worker. (Hint: There are more workers in local and state government than federal, but federal workers have a higher average weekly salary. Gee, I wonder if that's why everybody seems to covet a job with the Feds. :-)
:: The Economic Alliance of Greater Baltimore has more specific stats that drill down on the economic activity in the Baltimore area, such as this chart on employment by industry.
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