Maryland Economic Development Corporation celebrates 40 years of economic growth

The Maryland Economic Development Corporation (MEDCO) celebrates its 40th anniversary in 2024, celebrating four decades of driving economic growth, revitalizing communities and creating jobs across the state.

A legacy of economic development

MEDCO was created in 1984 in response to the economic challenges posed by the closure of industrial facilities in Maryland. The Maryland General Assembly established it to revitalize the state's economy and adapt to a rapidly changing industrial landscape. Since its inception, MEDCO has issued $7.4 billion in bonds, financed 330 projects across the state, revitalized and constructed 55 buildings, and developed 42 industrial parks.

“For forty years now, MEDCO has used the power of partnership to make our state more competitive. Today we reaffirm our commitment to that mission,” said Governor Moore. “Together, we will continue to create new jobs, grow the economy and prepare Maryland for the win of the decade.”

Milestones and impacts

MEDCO's efforts over the past 40 years have significantly strengthened Maryland's economic position. The organization has provided financial support to more than 86 corporate facilities and equipment, advanced major infrastructure projects, and supported business parks. In addition, MEDCO has played a critical role in providing critical facilities to nonprofit organizations, educational institutions, government agencies, and health and human services providers.

“Achieving this milestone is a testament to MEDCO's resilience, adaptability and dedicated efforts over four decades to change Maryland's economic landscape for the better,” said Tom Sadowski, MEDCO's executive director. “As we look back on our journey, we are proud of the sustainable results we have achieved and the transformative work that still lies ahead.”

Advanced features

Beyond its core financing initiatives, MEDCO has expanded its services to include asset management, construction and development management, and consulting services. This evolution has made MEDCO a trusted partner for public and private partners across the state.

Recent projects underscore MEDCO's ongoing commitment to Maryland's economic future. These include arranging Capital Grant funds for SCIF space, managing construction for the C&O Canal headquarters, funding the modernization of the Seagirt Marine Terminal at the Port of Baltimore, and sponsoring site improvements at the 92-acre Patuxent Business Park. MEDCO also issued $140 million in bonds for infrastructure improvements at the Port of Covington in Baltimore.

outlook

“True to our mission to serve and thrive, MEDCO will continue to help our partners overcome challenges and find new ways to help our economy thrive,” said Scott Dorsey, Chairman of the Board of MEDCO. “We are proud of the impact we have made and look forward to continuing our mission of innovation and prosperity for decades to come.”

As MEDCO celebrates its 40th anniversary, its focus remains on providing strategic financial and structural support for initiatives that drive economic growth and create jobs throughout Maryland.

For more information about MEDCO’s ongoing projects and impact, visit MEDCO’s official website.

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