Amazon's HQ2 could boost Maryland's economy by $17 billion

Posted at 8:34 AM, Mar 01, 2018
and last updated 2018-03-01 08:34:29-05

While Amazon decides where it wants to build its second headquarters, we're learning what it could mean financially if the company picks Montgomery County.

Montgomery County is one of 20 locations being considered by Amazon and the competition is fierce.

RELATED: Governor Hogan responds to Amazon's list of finalists for its second headquarters

It's no wonder these towns and cities so badly want Amazon to pick them because the potential economic benefits of Amazon's second headquarters are huge. The Sage Policy Group based in Baltimore put together an economic impact study if Amazon were to choose Montgomery County.

The study estimates a $17 billion boost to the state's economy, an almost $8 billion increase in wages, and close to $500 million annually in state tax revenue. As far as jobs go,  Amazon is promising 50,000 high-paying jobs. Sage policy also estimates another 50,000 would be created while HQ2 is being built.

Governor Larry Hogan has put together a $5 billion incentive package to lure in Amazon which includes tax cuts and transportation upgrades. 

Sage policy also expects an increase in activity at the Port of Baltimore, Tradepoint Atlantic,  and BWI Airport if Amazon comes to Montgomery County.

Amazon has not released when they will make their final decision.