This year marks the Maryland Economic Development Corporation’s (MEDCO) 40th year of existence with its goals of catalyzing economic growth, revitalizing communities and creating employment opportunities across the state.
“For 40 years and counting, MEDCO has leveraged the power of partnership to make our state more competitive,” said Maryland Gov. Wes Moore. “Today we reaffirm our commitment to that mission. Together, we will continue to create new jobs, grow the economy, and position Maryland to win the decade.”
In the mid-1980s, Maryland faced a pivotal economic challenge with the closure of its industrial manufacturing plants, leaving vacant buildings and displaced workers. In response to the challenge, the Maryland General Assembly established MEDCO in 1984 to rejuvenate the state’s economy and foster new industries amid a rapidly modernizing landscape.
Over the past four decades, MEDCO has greatly strengthened the state’s economic position, issuing $7.4 billion in bonds, funding 330 projects statewide, revitalizing and constructing 55 buildings, and developing 42 industrial parks.
“Reaching this milestone showcases four decades of MEDCO’s resilience, adaptability, and dedicated efforts to reshape Maryland’s economic landscape for the better,” said Tom Sadowski, executive director of MEDCO. “As we reflect on our journey, we are proud of the lasting outcomes we’ve created, and the transformative work that lays ahead. Our work with our public and private partners has enabled us to expand our capabilities and expertise as an all-around solutions provider for economic development in Maryland.”
Alongside its core financing initiatives, MEDCO has expanded its capabilities to include asset management, construction and development management, and advisory services, establishing itself as a trusted collaborator for its partners.
“Grounded in our mission to serve and prosper, MEDCO will continue to help our partners overcome challenges and innovate new ways for our economy to thrive,” said Scott Dorsey, chairman of the board of MEDCO. “We take pride in the impact we’ve made and look forward to continuing our mission of innovation and prosperity for decades to come.”
Virginia and District nonprofits can apply for a grant until Sept. 5 at 4 p.m.
