What We Do
At the Frederick County Office of Economic Development (FCOED), our mission is to sustain, diversify and grow Frederick County’s vibrant economy by providing leadership and resources for businesses to start, locate and expand.
Since 2017 FCOED has worked with 633 prospective businesses, visited 1,424 businesses and assisted 9,973 businesses. FCOED services include but are not limited to: business expansion and location assistance, incentive/funding resources, workforce recruitment and training programs, permitting/zoning assistance, marketing and public relations assistance, diversity and inclusion EmPOWER Program, business networking and industry connections, demographic and business data.
FCOED strategically repositioned into 4 teams to better align with the Growth Opportunity Strategy and better serve the business community. Four functional teams comprise FCOED.
- Business Retention, Expansion and Marketing
- Business Attraction and Finance
- Workforce Services
This structure reflects the principal focus areas of the Growth Opportunity (GO) Strategy that guides FCOED. Commissioned in 2018, The Jacob France Institute evaluated Frederick County and identified workforce development, infrastructure planning, targeted industry growth and branding as focus areas.
Business and Job Growth
With a $12.2B economy, Frederick County is home to 6,665 businesses that employ 102,602 people. The number of businesses increased 3.4% and jobs increased 3.7% since 2017. As of May 2022, the County unemployment rate of 3.2% remains below the Maryland 3.7% rate and national rate of 3.6%.
Creating jobs helps the economy by GDP. When an individual is employed, they are paid by their employer. This results in them having money to spend on food, clothing, entertainment, and in a variety of other areas. The more an individual spends, the more that demand increases. When demand for a product or service increases, companies increase their output to meet the increased demand. Companies do this by investing more and hiring more workers. More workers start the cycle over, with there being even more money spent in the economy, increasing demand further. – Investopedia
|Prospects||Business Visits||Business Assists|
From 2017 to 2021, the Frederick County Office of Economic Development’s top economic development projects added 5,530 jobs and 4,672,775 SF.
|2021 Selected Company Locations & Expansions||804||886,896||2,133|
|2020 Selected Company Locations & Expansions||1,460||1,748,581||-|
|2019 Selected Company Locations & Expansions||1,427||883,456||-|
|2018 Selected Company Locations & Expansions||652||266,242||-|
|2017 Selected Company Locations & Expansions||1,187||887,600||-|
A Diversified Economy Is a Resilient Economy
Diversity measures the number of industry and occupation types in a region and the evenness of employment across these industries and occupations. Diversity is an important topic for economic developers who are focused on economic resiliency and growth. -Emsi
Frederick County boasts a diversity of employment opportunities with a wide spectrum of industry sectors.
This is one of the factors of stability which is a source of strength in our economy with Professional & Business Services, Trade Transportation & Utilities, Education & Health Services and Government being the top industries.
*Consists of 9% Local, 1% State and 4% Federal
Value Added Agriculture and Craft Beverage
Frederick County is Maryland’s largest agricultural county with the most number of farms and farmland acres.
The intention of the Agricultural Innovation Grant is to improve economic viability of the agriculture industry by encouraging Frederick County’s agricultural producers to expand or diversify their business operations. The award recipients are selected by a committee consisting of bankers, lenders and Ag industry reps.
- 29 applications submitted requesting $1,230,095
- Funded 14 projects for $306,414
- 33 applications submitted requesting $1,448,922
- Funded 10 projects for $198,439.50
- 65 applications submitted requesting $3,183,274
- Funded 9 for $524,382
To read more about grant recipients visit https://www.homegrownfrederick.com/blog
Craft Beverage Growth
Frederick County leads the State in the combined number of wineries, breweries and distilleries. The County is home to the first farm brewery, Milkhouse Brewery at Stillpoint, first meadery, Orchid Cellars Meadery & Winery, and first cidery in Maryland, Distillery Lane Ciderwoks. Frederick County is also home to largest winery, Linganore Winecellars, and largest brewery, Flying Dog, in the state. From 2017 to 2022, the craft beverage industry in Frederick County grew 39%.
Frederick Real Estate Dealmaker (FRED) Awards
Each year, FCOED hosts the FRED Awards to honor the most successful commercial real estate transactions and projects each year– and the people who made them happen.
There is a lot of work that goes on behind the scenes when businesses locate or expand in Frederick County. The teams behind the deals include commercial real estate agents, architects, engineers, general contractors, building owners, and the companies. They put in countless hours to ensure clients’ needs and deadlines are met. The commercial real estate projects honored celebrate the people who help grow our economy.
Business Appreciation Week
2021 marked 21 consecutive years of the FCOED Business Appreciation Week. This signature event is one of the oldest and largest business retention programs in Maryland. During this week FCOED visits over 100 businesses to answer questions, provide resources, and most of all, to thank them for choosing Frederick County. Business Appreciation Week 2022 is October 24-28.
A strong available labor force is critical for a strong business community. As a proud partner in the American Job Center network, Frederick County Workforce Services (FCWS) links businesses in need of qualified employees with individuals seeking employment opportunities.
Services for businesses include: placement assistance, job listing opportunities, customized employee training, access to funding for training, outplacement services, use of onsite facilities, and on-the-job training programs for new hires.
Services for job seekers include: career assessment and vocational counseling, computer and job search seminars, assistance with resume and interview preparation, career training scholarships, and access to hundreds of current job listings through the Maryland Workforce Exchange.
|One-stop services - customers served||4,632||9,389||5,210||5,896||6,132||31,259|
|One-stop services - youth customers served||402||223||295||284||377||1,581|
|Job openings received||6,037||5,439||5,244||4,879||4,755||26,354|
|Frederick Business works projects (trainees)||17||61||84||90||45||297|
|Recruitment for business||115||100||110||80||5||410|
|Customized & onsite recruitment events||250||195||416||300||439||1,600|
Frederick County is one of only 49 counties in the nation to earn AAA bond ratings from all three bond rating agencies in 2021. The bond review occurs every 18 months, and Frederick County also earned a AAA bond rating in 2018 and 2019.
In the 2021 reports, the rating agencies highlighted Frederick County’s “vibrant economy,” noting that the County Government had “performed extremely well through the pandemic.”
Economic Impact Survey
In March 2020, FCOED immediately created an Economic Impact Survey to get a better understanding of the needs of the business community and followed-up by initiating virtual business retention meetings with the 300+ businesses that responded.
Beginning in May 2020, Frederick County Government pulled together a grants team made up of members from Economic Development, Finance, Interagency Information Technology and others to create processes for businesses to access grant dollars because they were facing unprecedented challenges with unexpected expenses and lower revenues. More than $16M was awarded to businesses.
Commercial and Industrial Construction Costs
|5 Year Average||$237,225,564|
Main Street Maryland is a comprehensive downtown revitalization program created in 1998 by the Maryland Department of Housing and Community Development.
The program strives to strengthen the economic potential of Maryland’s traditional main streets and neighborhoods. Designated Main Street Maryland communities have made a commitment to improve the economy, appearance and image of their traditional downtown business districts.
Frederick County leads the State with six Main Street Communities
- Brunswick Main Street
- Downtown Frederick
- Main Street Middletown
- New Market
- Thurmont Main Street
Frederick County ranks 1st in population growth in Maryland.
From 2010 to 2020 Frederick County’s population increased 16.4% making it the fastest growing county in Maryland. The 2021 Census population estimate is 279,835, or an additional 3% increase from 2020.
Both Frederick County’s Median Household Income ($100,685) and Per Capita Income ($44,273) continue to increase and remain higher than the State and Nation. Maryland's median household income is $87,063, making it the highest in the nation. The national median household income is $64,994. The per capita income for Maryland is $43,352 and the national per capita income is $35,384.
- Frederick, MD was named the Hottest Housing Market in Maryland by Rocket Homes in 2021
- The trend for median days on market in Frederick County has decreased from 8 days in 2020 to 6 days in 2021
- Total units sold increased 10.4% with 6,169 units sold in 2021 compared to 5,588 units sold in 2020
The number of new housing units authorized by building permits.
|5 Year Average||2,331|
Looking Forward to the Next 10 Years
The impact of FCOED is to:
- Strengthen Frederick County’s economic foundations
- Enable the County to sustain the diversity of its industry and employment base
- Raise performance in driving high quality economic growth
- Build upon the County’s mix of industry clusters
Computing and Information Technology
Hospitality and Tourism
Professional, Engineering, Scientific & Technical Services
Transportation, Distribution and Logistics
Value Added Agriculture
For more information contact FCOED at 301-600-1058 or email firstname.lastname@example.org.