This month, the Maryland State Comptroller released an alarming report that found that even though Maryland leads the nation in several economic indicators, the economy has grown less since 2017. It was made clear that he had not. While Maryland's economy may feel strong today, especially with one of the lowest unemployment rates in the nation, seven years of lack of economic development in this country should concern us all. It should. Fortunately, our state has a promising path forward by leveraging one of the most important drivers of economic growth: innovation.
According to a recent report, Maryland is among the top five most innovative states in the country due to investments in industries such as life sciences and technology and an expanding talent pool. These industries continue to be a promising engine for Maryland's development, especially as the attention generated by technological developments such as artificial intelligence is bringing significant investment and buzz to the state.
For example, in October, the Baltimore region was designated by the federal government as a national technology hub focused on AI and biotechnology development. This valuable federal recognition is more than just a title. This will come with $500 million in federal funding and he is expected to generate an additional $3.2 billion in economic activity while creating 52,000 jobs in Baltimore and the surrounding area. Given the scale of this investment and the impact it is expected to have on revitalizing the local economy, we have been shown a clear path forward from the stagnation we currently face.
Advances in AI not only offer promising benefits to the state's economy, but also serve as a valuable resource for Maryland's small business community. A national study shows that the use of technology, such as AI and other digital tools, is helping small businesses across the country improve their performance. Here in Maryland, we've seen small businesses automate to create new operational efficiencies and compete against larger competitors. Arming small businesses with AI will ultimately make our economy more competitive with other states and global markets.
In this moment of promise, lawmakers must support the emerging industries that will power the 21st century economy. In Maryland, that means resisting the urge to overregulate AI before its immense promise is realized. For example, the state recently issued an executive order guiding the government's use of AI. While the measure is well-intentioned and the guidelines are justified, some state lawmakers predict it will spur additional regulatory legislation in this year's legislative session. Ultimately, rushing to control this emerging industry could thwart the very innovation we hope will fuel economic growth in Baltimore's tech hub and our state.
If we want to overcome the economic downturn that Maryland has faced over the past few years, we must embrace the potential of technological innovation and AI. The strength of our economy and the readiness of our workforce are so important that we cannot afford to miss out on the cutting edge of this technology.
Kelly Schultz, Frederick
Kelly Schultz is CEO of the Maryland Tech Council, the state's largest technology and life sciences industry association. She previously served as Maryland's Secretary of Labor and Commerce.
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