Friday Five
Sept. 12, 2025 | This week's latest on Maryland business and government
1 — Governor Moore announces re-election campaign after ruling out run for president
Governor Moore launched his re-election campaign Tuesday, ruling out a presidential bid and highlighting his efforts in job creation, business growth, tax relief for the middle class and veterans, and what he calls the nation’s fastest drop in crime. He defended higher taxes on top earners as part of a progressive approach while pledging an ambitious second-term agenda focused on diversifying the economy, cutting housing red tape, expanding affordable housing and strengthening public safety through funding for law enforcement and prosecutors. Moore’s latest $67 billion budget included tax and fee increases to close a $3.3 billion deficit, while advancing priorities like education, infrastructure, child poverty reduction and a voluntary service-year program for graduates.
The road ahead: Maryland faces tough times and choices ahead. How will the state balance ambitious goals with the challenges of closing a multi-billion-dollar budget deficit and maintaining a competitive business climate?
2 — Rising inflation and deteriorating job market puts Fed, Americans, in difficult spot
In August, U.S. inflation rose 2.9 percent year-over-year — the biggest increase since January — while core inflation (excluding volatile food and energy prices) held at 3.1 percent, both well above the Federal Reserve’s 2 percent target. Rising prices for essentials like groceries, gas and rent have squeezed consumers even as the job market shows signs of weakening. Weekly unemployment‐insurance applications jumped to a near four-year high, and hiring has markedly cooled. With inflation stubborn and labor markets softening, the Fed faces a difficult decision ahead of its next meeting, where a small rate cut seems likely despite the risk that easing policy too soon could let inflation remain entrenched.
From the experts: “Consumer inflation came in mildly hotter than forecasted, but not nearly high enough to prevent the Fed from starting to cut rates next week,” Kathy Bostjancic, chief economist for Nationwide, said. “The labor market is losing steam and reinforces that the Fed needs to start cutting rates next week and that it will be the start of a series of rate reductions.”
3 — Governor Moore announces state grant awards to support smart manufacturing efforts
Governor Moore announced this week that Maryland will award a dozen small manufacturers grants through the Maryland MADE program — totaling $180,000 — to help them adopt “smart manufacturing” technologies aimed at improving energy efficiency, reducing emissions and modernizing their operations. Projects include efforts such as implementing 3D printing, upgrading equipment controls and cutting power consumption. The grants are funded via a U.S. Department of Energy award tied to a larger federal manufacturing initiative. A second round of applications opens Nov. 3, with an informational webinar set for Oct. 6.
Energy efficiency: According to the U.S. Department of Energy, an average of 26 percent of all end-use energy in the country is used in manufacturing utilities. For a manufacturer, that represents an average of five to 10 percent of their entire cost.
4 — Five takeaways from new draft state transportation budget
Maryland’s Department of Transportation released a $21.5 billion draft six-year capital budget (2026-2031) that emphasizes safety, system maintenance and economic growth, enabled in part by new revenues allowing more federal matching funds. Key investments include modernizing the light rail, improving major highway corridors like US-15 and I-81, upgrading aviation and port facilities and supporting local transit via grants. The draft also reflects a nearly $300 million increase over the prior plan, as state dollars free up more federal funding. However, Maryland still faces funding challenges: operating costs, rising construction costs and infrastructure needs are increasing pressure, and public input will be sought before the final plan is submitted to the legislature.
Business as normal: The spending breakdown — 39% for preserving existing assets, 30% for local governments, 16% for expansion and so on — tracks with previous years, as does the allocation amounts for state road and highway projects.
5 — 170-year-old manufacturer opens Tradepoint facility
Samuel, Son & Co., a sixth-generation, family-owned metal products manufacturer, is nearly doubling its regional footprint in Baltimore by leasing a 130,000-square-foot facility at the New Cold Mill at Tradepoint Atlantic in Sparrows Point. The new facility will process and distribute aluminum and stainless steel flat-roll and long products, serving sectors such as HVAC, defense contracting and domestic metal fabrication. Currently, Samuel supports 34 jobs in its existing Baltimore facility, and the expansion is expected to generate additional employment and economic opportunities. The company began operations at the new space last month.
Tradepoint Atlantic: Samuel, Son & Co. joins a lengthy list of other manufacturers, logistics firms and retailers at the massive Baltimore County Tradepoint Atlantic development. Just this summer, logistics and transportation firm RPM Group, which is a major partner of Starbucks, signed on for 108,000 square feet for a new local headquarters that is expected to add 60 jobs.
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