Maryland Loses a Fortune 500 Company To a Rival State For the First Time In Decades

Jan 09, 2018

Annapolis, MD — Today, the Maryland Democratic Party blasted Governor Larry Hogan for being the first Maryland Governor to lose a Fortune 500 company to a rival state since at least 1996. Today, Discovery Communications, one of the largest companies in Maryland and one of only four Fortune 500 companies headquartered in our state, announced that it will be moving its headquarters from Silver Spring, MD. Under Hogan’s failed leadership, Maryland has consistently lagged behind our neighbors when it comes to recruiting and retaining major employers, and wage growth. This latest setback comes despite the fact that Hogan made a core tenet of his campaign the promise that he would attract more Fortune 500 companies to the state. 

Since Hogan took office, the average Marylander has seen her real earnings decrease, while the average Virginian has taken home nearly $7,000 more and the average American nearly $3,000 more. The average Delawarean has seen her earnings increase by over $12,500 in this period.

“The loss of Discovery Communications will be devastating not only for Silver Spring and Montgomery County, but for the entire State of Maryland,” said Maryland Democratic Party Chair Kathleen Matthews.  “Governor Hogan campaigned on a promise to attract Fortune 500 companies to Maryland, instead, a Fortune 500 company is leaving Maryland for another state for the first time in decades.  Discovery’s departure is a consequence of Governor Hogan’s failures to invest in our public education system and bring Maryland’s infrastructure into the 21stcentury.  Marylanders and Maryland businesses deserve a Governor who will invest in our state to keep and attract businesses and create jobs.”

Discovery’s departure joins a long list of missed opportunities and lost jobs for Marylanders under Hogan. Just last year, FacebookNestle and Boeing chose to invest in Virginia instead of Maryland. When President Trump cancelled a project to move the headquarters for the Federal Bureau of Investigation, which would have brought thousands of high-paying jobs to Maryland, Governor Hogan sat by and did nothing.