ROCKY GAP - An educated work force and a rapidly growing knowledge-based economy has Maryland poised to benefit economically.

But it won't be without its challenges.

Lt. Gov. Anthony Brown offered his thoughts on economic development and opportunities during the Maryland Economic Development Association's banquet held Monday at Rocky Gap Lodge & Golf Resort. With 240 people attending, the group's 46th annual conference, which continues today, is based on the theme "Balancing Growth in Maryland."

"Small businesses really are big business in Maryland," Brown said, noting 450,000 people are employed in such.

Such businesses include minority- and women-owned enterprises, with Maryland having the highest number of women-owned companies. The science and technology, or knowledge, based businesses, though, are driving the changes in Maryland with thousands of jobs created in the biotech industry. The state ranks third in the number of such jobs.

In office 150 days, Brown said several steps have been taken to further build the technology field.

Brown said $6 million worth of tax credits for biotech firms has been set aside with another $23 million for stem cell research.

He also addressed the O'Malley administration's new subcabinet to help the state prepare for the tens of thousands of jobs expected because of the Base Realignment and Closure, or BRAC, process.

As the chairman of that group, Brown said 60,000 new jobs are possible and signifies Maryland's "single largest job activity since World War II."

It also equates to 24,000 families moving to Maryland and is expected to serve as a catalyst to the state's economy.

"It's an incredible opportunity to grow but there's a lot of challenges as One Maryland we have to face," he said.

Some of those challenges in-clude infrastructure, schools and work force training.

Those aren't the only challenges.

Brown said this administration has inherited a projected $1.4 billion structural deficit in fiscal 2009. The deficit, he said, is a "result of two ambitious and well intended programs" of tax cuts and public education.

To close that expected deficit, the administration is working to be fiscally responsible, establish a long-term solution, be fair and equitable to middle-class families and to have a "united commitment" to improve both educational and economic opportunities.

Also during the banquet, MEDA presented its 2007 awards to both individuals and projects.

David Edgerley, former economic development director for Allegany County, received the Hall of Fame award. He was nominated by the Montgomery County Department of Economic Development, where he also served as economic development director until becoming the state secretary of the Department of Business and Economic Development.

While with Allegany County he served as president of MEDA from 1992 to 1993.

Maria Smith can be reached at msmith@times-news.com.