With its annual release of Gross Domestic Product (GDP) data, the Bureau of Economic Analysis (BEA) provides valuable insights into the economic performance of counties, major markets, and states across the United States. In 2023, Charles County, Maryland, continued its impressive economic growth trajectory, placing 11th in the state for economic performance. This marks a significant improvement, as just a year earlier in 2022, the county ranked 16th, highlighting its rapid progress within Maryland's economy.
Charles County’s GDP saw notable increases in the past year, including an impressive influx of more than half a billion dollars in Real Dollar GDP. Contributing to this growth is the revitalization of Naval Support Facility (NSF) Indian Head, the development of logistics and distribution, energetics, tech industries, government contracting and a rapidly expanding healthcare industry. The county’s economy continues to thrive, particularly in the highly skilled STEM fields, positioning itself as a leader in future economic growth.
Key Highlights:
- Economic Growth: Charles County’s GDP grew by 1.5% in 2023, reaching $7,702,432. This reflects the county’s rapidly growing and diversifying economy. Although industries may experience fluctuations year over year, Charles County has seen Real Dollar GDP growth in 7 of the last 10 years, demonstrating consistent expansion.
- Energetics: The county remains committed to attracting energetics companies and creating jobs to support the expansion of the Naval Surface Warfare Center (NSWC) Indian Head. With a multibillion-dollar budget allocated through 2030, the energetic sector is expected to continue its expansion, strengthening the region’s role in national defense.
- Healthcare & Social Assistance: The healthcare sector is poised to become a major source of job creation and retention in Charles County. With ongoing development of existing medical centers and several new projects underway, healthcare and social assistance are expected to play an increasingly important role in the county’s workforce development in both the short and long term.
Overall, the BEA’s GDP data release showcases Charles County’s growing economic diversity and its thriving position within Maryland’s economy. With a continued focus on innovation, attracting new businesses, and fostering strong partnerships, Charles County is well-positioned to play an even more prominent role in the state’s economic future. Ranking 12th in total GDP within Maryland, the county is set for continued success, offering promising opportunities for both local businesses and residents.
