If you’ve ever wondered whether you should expand your business to Gaithersburg, you’re in luck. There are at least 7 benefits of doing so, and you will discover them now. It’s not only about its great location or the growing economy. There’s a whole bunch of reasons why companies like A2B Moving and Storage have found many clients wanting to transfer to this interesting city. Uncover them and give your company the boost it needs through this strategic move.
Excellent location and accessibility
Gaithersburg, MD, shines as a strategic location for businesses, offering several key advantages:
- Proximity to major cities. Located within Montgomery County, Gaithersburg enjoys the benefits of being near major cities, enhancing business connectivity.
- Accessible transportation. The city is well-served by public transportation, including the Ride On Buses (routes 55 and 56), offering easy access for both local and commuting employees. The nearest metro station, the Shady Grove Metro Station, further boosts its connectivity.
- Parking facilities. Ample parking, including spaces accessible to wheelchairs and scooters, is available at key locations like the Gaithersburg Library parking lot. This is very important for businesses that expect regular visits from clients or need convenient parking for their employees.
- Regional connectivity. The city’s location within the larger Montgomery County area positions it in a network that facilitates regional trade and collaboration.
Healthy local economy
In Gaithersburg, the economic situation is as lively as the streets filled with movers Gaithersburg MD offers, bringing in more new residents each year. The city’s strong and healthy economy is mirrored in its impressive median household income of around $104,544 as of 2022. This wealth is backed by a highly educated workforce, where a significant portion holds bachelor’s degrees or higher, fueling various industries with skilled professionals. Also, speaking of industries, Gaithersburg shines in sectors like information, public administration, and scientific services. As a result, each of these leads in median earnings and offers diverse opportunities for new businesses. Additionally, its strategic Maryland location makes it a hub for interstate trade, especially benefiting sectors like transportation and warehousing.
Quality of life factors
Gaithersburg is a place where quality of life shines, making it more than just a business destination. Here’s a snapshot of the benefits of life in Gaithersburg:
- Economic stability. As mentioned before, the median household income in Gaithersburg is pretty high, which signals a stable economic environment.
- Housing. With a median property value of $427,400 in 2021, the city offers diverse housing options, balancing affordability with quality.
- Healthcare quality. The city boasts high healthcare standards, ensuring that both residents and the workforce have access to quality medical care.
- Climate comfort. With a high Climate Index, Gaithersburg offers a pleasant environment, enhancing the overall living experience.
- Low pollution. The city has a very low Pollution Index, ensuring clean air and a healthier lifestyle.
- Manageable commuting. A very low Traffic Commute Time Index means less stress and more efficiency for daily commuters.
A skilled and diverse workforce
When it comes to the workforce, Gaithersburg stands out, making it an ideal spot for businesses seeking skilled employees. The percentage of highly educated people in the city is impressive, with 53.4% of persons aged 25 and over holding a bachelor’s degree or higher. This level of education in the workforce is a clear indicator of the city’s intellectual capital and potential for innovation and skilled labor that businesses can tap into.
What’s more, Gaithersburg’s workforce is as diverse as it is qualified. The city’s demographics consist of people of different racial and ethnic backgrounds. It’s something the experienced Maryland movers can confirm after helping a very large number of people relocate to this city. As a result, this diversity brings a variety of perspectives and ideas to the table, which is invaluable for businesses looking to innovate and connect with a broad customer base.
Technology and innovation are a priority
One of the reasons to expand your business to Gaithersburg is that this city is rapidly becoming a focal point for technology and innovation. Several key developments are painting a picture of a city on the cutting edge.
- Monument Innovation Center – A new 4-story life science building and laboratory, this center showcases Gaithersburg’s growing influence in the tech and science sectors. Also, the center will be LEED Gold certified, featuring state-of-the-art mechanical and HVAC systems, electric charging stations, and a blend of lab and office space.
- Focus on life sciences – The emphasis on life sciences at the Monument Innovation Center highlights Gaithersburg’s commitment to this critical field, which positions the city as a hub for research and development.
- Sustainable development. The city’s push towards sustainable and environmentally friendly buildings, as seen in the construction of the Monument Innovation Center, sets a precedent for future development projects.
Nurturing business growth
Gaithersburg stands out for its supportive business landscape. Its business environment is as inviting and accommodating as the local movers MD residents trust, who help new businesses settle in. As a matter of fact, the city, backed by the Gaithersburg-Germantown Chamber of Commerce, offers ample networking and growth opportunities. From streamlined business setup processes to growth-oriented initiatives, Gaithersburg caters to both new and expanding businesses. Small businesses, in particular, find a nurturing ground here, thanks to local incentives and a community eager to support entrepreneurial endeavors.
Competitive cost of doing business
Gaithersburg offers a favorable economic climate for businesses, balancing costs with ample growth opportunities. Here are some key aspects:
- Diverse tax credits and incentives. Montgomery County offers various tax credits and incentives for businesses. For instance, these include Enterprise Zone Tax Credits, Job Creation Tax Credits, and Maryland Opportunity Zone Enhancement Credits, which are designed to promote job creation and investments in certain areas.
- Business Personal Property Tax. In Gaithersburg, businesses need to pay a Business Personal Property Tax, with the minimum fee being $300 per year. This tax applies to most businesses and is filed annually.
- Development impact taxes. For new residential and commercial buildings, Development Impact Taxes are levied to fund improvements supporting increased capacity. These taxes are assessed before issuing a building permit.
- Excise taxes on consumer goods. Montgomery County imposes excise taxes on the manufacture and distribution of certain consumer goods, like electronic cigarettes and fuel energy.
- Cost of living. Gaithersburg’s cost of living is 44.9% higher than the national average, with significant increases in transportation, food, and housing costs. This could impact both operational costs and employee salaries.
- Minimum wage. Maryland’s minimum wage is set at $15 per hour as of 2024, which is higher than the federal minimum wage. This could affect labor costs for businesses, especially for those employing a large workforce.
Expand your business to Gaithersburg and open new horizons for your company
In conclusion, Gaithersburg emerges as a prime location for business expansion, blending opportunities and challenges in a dynamic setting. It offers a strategic location, a diverse economy, and a skilled workforce, supported by a business-friendly environment with beneficial incentives. While costs are above average, the returns in quality of life and economic stability make it a promising destination for growth-oriented businesses. All of these 7 reasons make it very clear why you should expand your business to Gaithersburg. In essence, that business move will open new horizons for your company.
