On January 18, Amazon announced that Montgomery County is a finalist to be considered for Amazon’s second headquarters (HQ2). The company plans to invest $5 billion in the project, which will ultimately create 50,000 new direct, high-paying jobs.
A new economic impact study commissioned by the Maryland Department of Commerce and Montgomery County confirms that the Amazon’s HQ2 would bring extensive benefits to Montgomery County, Maryland and the entire region.
Amazon’s HQ2 will contribute $17 billion per year in additional activity to Maryland’s economy and $7.7 billion in annual wages when fully operational. Furthermore, the project would support 101,000 total jobs and 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.
The analysis also examined benefits to the state while the headquarters project is being built. During the construction phase alone, HQ2 would support another 50,000 jobs, pay nearly $3 billion in wages, and spur nearly $7.4 billion in additional business sales. Tax revenues during construction are projected to exceed $110 million at the County level and $190 million at the state level, according to the study.
- Read the Sage Policy Group report here.
- Read the press release from the Maryland Department of Commerce: Projected Impact of Amazon HQ2 to Maryland Exceeds $17 Billion Annually