Canadian company CTI America has plans to build a manufacturing plant in Maryland. The new facility will help create jobs and stimulate the state’s economy.
Governor Hogan has revealed that the Circuit board manufacturer CTI America will soon be opening a factory in Maryland. This is good news for the state and local metro area since more than 80 jobs will be created once the multi-million dollar project has been completed. While 80 new jobs might not seem like a lot, the state’s economy also will reap the benefits via the money brought into the state during construction phases.
The presence of a CTI America Corporation facility in Maryland will help to improve the state’s image. Once the Maryland Department of Commerce and CTI America together have selected the location for the new facility, construction will start, with operations beginning a year (or less) later.
After the announcement, CTI executives said Maryland proved to be an ideal location because the state has “wealth of companies in the cybersecurity, aerospace and defense and life sciences industries
” which has the potential to “open up new markets and partners.”
The circuit boards produced by the company are used in several big business industries on the global market. Maryland houses offices and facilities of industry leading companies such as Boeing and Lockheed Martin, which makes the local business environment one that serves producers of electronic technology well.
Another deciding factor likely was the fact that Maryland awards certain tax breaks and incentives to companies by state and local governments. One is the job creation tax credit
, which awards tax credits to companies that create 25 or more jobs.
What are your thoughts? Share them with us in the comments below.