In Maryland, business leaders from across the region met Tuesday to testify on the economic climate in the state. Opinions on the state of the economy varied.
The forum was organized by the state’s ‘Board of Revenue Estimates’ and designed to put Maryland’s top financial managers face to face with regional business leaders. The businesses represented a diverse selection of commerce including banking, real estate, retail and manufacturing. All offered assessment on the state of Maryland’s economy based on revenue metrics throughout the past year.
Some testified to evidence of recovery, while others reported that growth remained flat. State comptroller Peter Franchot says his outlook is guarded based on the feedback offered during the forum.
“I’m encouraged by the testimony in the sense that we got a good picture of the private sector, but I’m very cautionary as far as spending, borrowing, raising taxes given what we heard today," he says.
Information gathered during Tuesday’s forum will be analyzed by the board in preparation for a meeting in December when the state’s official revenue estimates will be released.