Maryland is the richest state in the nation, according to new government data, and the well-off counties that gave it that ranking see plenty of benefits.
Local economic developers say those counties often keep their high incomes local and enjoy a boosted tax base, but also see ripple effects with above-average levels of education and quality of life.
The state was named the nation?s wealthiest by the U.S. Census Bureau?s American Communities Survey, released earlier this week. Howard County ranked as the country?s third-most wealthy county with a median household income of $94,260, behind two suburban Washington counties in Virginia.
That healthy budget, along with the high-end jobs in the area, leads to benefits for education, said Dick Story, chief executive of the Howard County Economic Development Authority. Story said the county often tops lists of the best public school systems in the state, and many residents earn advanced degrees.
“Howard County is the third-wealthiest county in the country, with almost the same education attainment,” he said. “There?s definitely a correlation.”
That level of income does wonders for a county?s tax base, but also leaves it open to a budget problem less well-off governments don?t face. Howard County planners must deal with market fluctuations that can boost ? or cut into ? capital gains revenue from personal income tax.
“We are more sensitive to it,” said Ron Weinstein, budget administrator for the county. “We keep an eye on that; we try not to put any additional monies in [based just on] if we think it?s going to be a good year or bad year for capital gains.”
Anne Arundel County ranks high with its median household income of $79,160, but like others in the Baltimore-Washington corridor benefits from a well-educated regional work force, whether it lives within its borders or not.
About 52 percent of Anne Arundel residents work in the county, according to Bob Hannon, president and chief executive officer of the Anne Arundel Economic Development Corporation. But many other well-paid regional workers visit Annapolis or pass through Baltimore-Washington International Thurgood Marshall Airport.
“That income circulates through the economy through the purchase of homes, consumer goods, [it] moves through the economy in many aspects,” Hannon said. “People come here and spend their money. That?s partially Anne Arundel residents, but that’s also others in the region.”
Of course, all that money buys some quality of life, too. Story points out that many Howard County residents invest both their time and money in local organizations.
“We have probably more soccer leagues per capita than anywhere else in the free world,” he said.
Join the discussion on the examiNation Baltimore poll and question of the day: What benefits are you reaping by living in the nation’s wealthiest state?
