WANADA participates in MD Comptrollers forum on small business

WANADA participates in MD Comptrollerês forum on small business

In his role as chairman of the Board of Revenue (BRE), Maryland Comptroller Peter Franchot last week moderated a panel of business and industry representatives in Annapolis –to take the pulse of Marylandês economy.” The reports from the four panels and 16 Maryland business representatives seemed more positive than the statistical information gathered from the BRE.

–The stateês total labor force is down, nearly 1%, in the first eight months of this year , whereas the labor force nationally has grown,” reported Comptroller Franchot at the outset of the forum. –Indeed, Marylandês unemployment rate is worse than nationally for only the 3rd time in 30 years,” he said. Rounding out the grim picture, Franchot said that growth of personal income for Marylanders is 1.5% below the nation, while wage growth for Marylanders is 3% behind the U.S.

The four panels, who filled time slots comprising the half day allotted for the forum, consisted of representatives from the banking and financial sector; consumer/retail sector; realtors; and manufacturing/distribution.

The business spokespersons at the forum were, for the most part, optimistic about their future and that of Marylandês. Recurring points, however, were that Maryland could be less regulated – since regulations cost businesses money. Correspondingly, there could be more favorable tax treatment for everybody. The –Rain Tax” was referenced by a number of panelists as an over-the-top example of the problem. If Maryland is truly concerned about the economic lag-behind of Maryland citizens, mentioned by the Comptroller at the beginning of the forum, panelists suggested that the answer is what it has always been, namely, fashion a state government that is more business friendly since a profitable business community will be the –tide upon which all boats rise.”

Besides WANADA representing auto dealer retailers, Maryland retailers generally were in attendance, as were restaurateurs, well known financial service providers, successful realtor professionals and manufacturing/distribution concerns.

–The automobile business is a bright spot on the economy that led the way out of the recession and is set, perhaps, to post record vehicle sales this year,” said Gerard Murphy who spoke for WANADA at the forum. –Despite that, Maryland has to be careful not to be perceived as anti- business or it will hurt the state.”