ANNAPOLIS, MD – Governor Larry Hogan today applauded the new revenue estimates for 2016, which have been revised up by $80.6 million since March. These new estimates reflect recent growth in Maryland’s economy, including the addition of 32,700 new jobs since January.
“The news of these growing revenue estimates, along with our larger-than-anticipated 2015 closeout numbers, further illustrate that the business climate is finally improving and that Maryland’s economy is growing,” Governor Hogan said. “Some Marylanders are now starting to see their earnings improve, and Maryland businesses are beginning to grow and create jobs.”
“While there’s no question that we are now headed in the right direction, we must continue to budget cautiously and keep spending under control. Maryland still faces a considerable structural deficit as well as significant pension obligations, and unless we continue to push for more budget accountability, the state’s long-term fiscal outlook won’t improve,” Governor Hogan said. “My administration will remain focused on stabilizing Maryland’s finances while continuing to put money back into the pockets of taxpayers.”