Amazon HQ2 in Montgomery County Would Add $17 Billion to Maryland Economy, Study Finds
Lorraine Mirabella
If Amazon picks Montgomery County as the site for its second headquarters, the online retail giant’s presence would add $17 billion per year to Maryland’s economy and $7.7 billion in annual wages, a study released Wednesday shows.
Amazon’s HQ2 project also would support 101,000 total jobs and generate $280 million annually in additional county tax receipts and $483 million in annual state tax receipts, said the study conducted for the state Department of Commerce and Montgomery County 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,” Gov. Larry Hogan said in the announcement.
The governor submitted legislation to create a $5 billion incentive package to lure the online retailer, a mix of state and local tax incentives and infrastructure upgrades that would be the state’s biggest economic development package ever.
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Hogan said in the announcement his administration remains “fully committed to bringing this project home.”
Montgomery County is one of 20 finalists Amazon is considering for the headquarters. Amazon expects to invest $5 billion and create 50,000 jobs.
“This study makes it crystal clear that it is very much in the public interest for Montgomery County and the State of Maryland to attract a company like Amazon with a proven track record of making a difference,” Montgomery County Executive Ike Leggett said in the announcement.
The analysis also found that the project would create an additional 50,000 jobs during the construction phase and pay nearly $3 billion in wages. It would have spin-off benefits as well, spurring entrepreneurship, activity at the port of Baltimore and expansion of international travel through BWI Thurgood Marshall Airport, Sage found.