Big Bets, Real Discipline: What We Heard from Governor Wes Moore
The Board of Trade hosted Maryland Governor Wes Moore on November 18 for a fireside chat with MGM National Harbor President & COO Melonie Johnson, bringing together executives from business, nonprofit, academia, and government from across the Capital Region to talk frankly about growth, risk, and what comes next for Maryland and the region’s economy.
The backdrop was serious. Maryland is staring at a projected budget gap of roughly $1.4–$1.5 billion in fiscal year 2027, even after earlier tax and spending changes. At the same time, the state is positioning itself to lead in quantum, AI, life sciences, and other high-growth sectors through major initiatives like the “Capital of Quantum” and a new AI partnership with Anthropic and Percepta.
Local coverage rightly highlighted the tension: WUSA9 framed the afternoon around “economic revival amid budget deficit concerns,” while WTOP focused on Moore’s call for business leaders to “take big bets” in 2026.
Our lens is simple: what does all of this mean for leaders across the Capital Region?
Why this moment matters for our members
Maryland is a core pillar of the regional economy. When its fiscal strategy or growth model shifts, the effects don’t stop at the state line; they ripple through hiring, investment, and competitiveness across D.C., Maryland, and Virginia.
Two realities framed the discussion on stage:
- Federal dependence is no longer predictable. Coming out of the longest federal government shutdown in U.S. history, Moore was direct about how much of Maryland’s economic and fiscal base is currently tied to the federal government and how much less predictable that arm has become.
- The opportunity set is changing fast. Initiatives like the $1 billion “Capital of Quantum” and the state’s AI partnership are designed to reposition Maryland around sectors that can drive long-term revenue, higher-wage jobs, and regional competitiveness.
For employers, that combination of constraint and opportunity is exactly where strategy gets tested.
Big bets with guardrails
Moore framed his agenda around three imperatives:
- Grow the economy. Make it easier for companies to come to Maryland, stay in Maryland, and scale, with an emphasis on durable private investment rather than short-lived incentives.
- Diversify the economy. Strengthen sectors like quantum and advanced computing, cybersecurity, life sciences, climate and resilience solutions, and other innovation industries so Maryland isn’t overly exposed to federal spending cycles and job cuts.
- Move faster. He challenged both government and business to move beyond a culture of “no and slow” and toward a more disciplined “yes and now”; shortening timelines, reducing friction, and being more intentional about where risk is worth taking.
For the business community, the ask was straightforward: align your 2026–27 “big bets” with the places where Maryland and the Capital Region are deliberately building capacity, take risks, and be part of making those bets succeed.
A regional lens on competitiveness
A consistent theme of the afternoon was regionalism. As WTOP noted, Moore told the room that when he pitches companies, one of the main things he sells is not just Maryland in isolation but the strength of the broader DMV.
What resonated most was his emphasis on working with D.C. and Virginia on transit, talent, and energy. These are regional systems, and if we align them, we strengthen Maryland and the broader Capital Region. That’s the kind of collaboration our business community is ready to support.
Read more on the Board of Trade’s regional focus discussed in recent publications:
What’s next
For the Board of Trade, this fireside chat is the continuation of a deeper set of conversations and workstreams. Be part of the conversation and growing our region’s economy – the Board of Trade calls on you to:
- Stress-test your 2026–27 strategy against the region’s direction. As you plan capital investments, expansions, and hiring, ask where they intersect with Maryland’s and the Capital Region’s emerging strengths in quantum, AI, cybersecurity, life sciences, and resilience.
- Engage on both growth and discipline. Fiscal constraints make it more important to advance projects and policies that deliver long-term economic value. The business community’s voice will be critical in shaping which investments move forward and how they’re structured.
- Stay at the regional table. Through DMV Moves, the Potomac Conference, and ongoing executive convenings, the Board of Trade will continue bringing business, government, and civic leaders together to tackle transit, energy, digital infrastructure, and talent issues at the scale they actually exist: the Capital Region.
We’re grateful to Governor Wes Moore for his candor, to Melonie Johnson and MGM National Harbor for hosting, and to every member who joined us.
This is not a moment for “no and slow.” It’s a moment for informed, collaborative “yes and now” and our region’s business and civic leaders will be central to making that real.
Thank you to MGM National Harbor for helping support the Board of Trade’s mission.
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