OCEAN CITY – Governor Moore today delivered the keynote address during the closing session of the 2023 Maryland Association of Counties summer conference in Ocean City. The governor spoke about the disciplined approach required to grow Maryland’s economy amid budget shortfalls and the critical value of partnerships to emerge stronger as a state, a statement from his office said.

Excerpts from Governor Moore’s speech as prepared:

“Our budgets have gotten bigger over time, but our economy has not kept pace. When I took office, our economy was nearly the same size as it was four years ago. Over the same time period, the economy of Pennsylvania grew by $22 billion. And here's why that matters: Because our families feel it. Last year, total personal income in Maryland grew at nearly half the rate of the nation. The average New Jerseyan saw an extra $1,700 in their bank account, while the average Marylander saw only $1,000.”

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“I’m new to politics. But I am not new to balance sheets. I’ve been an entrepreneur. I’ve run small businesses and large organizations. And I know balance sheets don’t lie. Since at least 2017, the Department of Legislative Services has been forecasting structural budget deficits. Those projections were made under the last administration, not this one. Those are their numbers, not mine. The trouble beneath the surface was masked by federal cash and big stock gains during COVID. Maryland and every other state in the nation has benefited from billions of dollars in federal money to get us through the COVID emergency. Record highs in the stock market brought in tax revenue to keep the budget healthy. But we knew it wouldn’t last forever.”

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“Maryland has some of the best talent and assets in the world. But our economy is not reaching its full potential. As a result, our fiscal health is falling behind, and our ability to meet the full needs of our people is hampered. Put simply: Our economic engine does not support our ambition. Of the last 20 state budgets in Maryland, 17 have needed cuts to stay balanced.”

“Growth is a choice. Intentionality is a choice. Now is the time to view the challenges in our budget as an opportunity to reimagine our future. As our economy grows, we will have more to work with.”

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“Fiscal responsibility has been a north star of our administration from day one. We made use of the money we had. We kept money in reserve. But we need to ramp up restraint as we approach the new year. This will be a season of discipline, and our choices must reflect that.”

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“All of you know that I am deeply optimistic about the future of our state. But that optimism is not based on blind faith – it’s based on hard facts. We are home to some of the greatest institutions of science, health care, research, education, and commerce in the world. There's no reason why Maryland should be ranked 47th in the nation for economic momentum. We’re better than that.”

“We can seize this moment. The national economy is changing. And do you know who knows that? Our competitors. Twenty years ago, who thought Kentucky could be the capital of electric vehicle battery production? But they knew electric vehicles were the future, and they bet on it. Twenty years ago, who thought Massachusetts could expand their economy by focusing on Biotech? But they knew the industry would boom, and they bet on it. Maryland already has the assets to command industries of the present and the future. Now, we just need the strategy and discipline to unlock that potential.”

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“The time for discipline is now. The time for responsible and intentional governing is now. And I have full confidence that if we choose to step up, if we act with ingenuity and focus – as we are doing – we will prove ourselves worthy of the moment we find ourselves in and the future we seek. Let’s embark on this journey to not just pave over the cracks, but to actually fix the foundation of what’s broken – and let’s do it together.”

View the full remarks as prepared at governor.maryland.gov.