Carroll County, Maryland: commercial real estate data.
Carroll County, Maryland had an estimated 177,108 residents on July 1, 2024, up 2.4 percent since the 2020 census base of 172,887, across 448 square miles. County output reached $8.88 bn in 2024, 4,279 establishments operate here, and the SBA record carries 182 7(a) approvals worth $73.6 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Carroll County
How many people live in Carroll County
- Population, American Community Survey 2020-2024175,321
- Households64,285
- Average household size2.73
- Median household income$118,211
- Median age41.3
- Median gross rent$1,427 per month
- Median owner-occupied home value$434,000
- Home value to household income3.7 times
- Annual rent as a share of median income14.5 percent
- Adults 25 and over with a bachelor degree or higher40.7 percent
- Adults 25 and over with a graduate degree15.7 percent
- Adults 25 and over122,327
- Population under 1838,635
- Share under 1822.0 percent
- Population 65 and over31,453
- Share 65 and over17.9 percent
- Working age population, 18 to 64105,233
- Civilian labor force95,243
- Unemployment rate3.5 percent
- Labor force participation, adults 18 and over69.7 percent
- Rank by population among Maryland counties9th of 24
- Rank by population among US county-equivalents, Puerto Rico included391st of 3,222
Carroll County is the 9th largest of 24 Maryland counties by population. A median home costs 3.7 times median household income, which is moderately unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 22.0 percent against 17.9 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Carroll County
Is Carroll County's population growing?
- Population, July 1, 2024177,108
- Census 2020 base population172,887
- Population change since the 2020 census base2.44 percent
- Population change, 2023 to 2024373
- Births, 20241,740
- Deaths, 20241,766
- Natural change, 2024-26
- Net domestic migration, 202419
- Net international migration, 2024385
- Total net migration, 2024404
- Cumulative net domestic migration, 2021 to 20243,467
- Rank by growth among US county-equivalents1023rd of 3,144
The county has grown 2.44 percent since the 2020 census base. Deaths exceeded births in 2024 and the population still grew, so all of the growth came from people moving in. A market held up by migration is more sensitive to a change in relative cost than one growing from household formation.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Carroll County
Where are people moving to Carroll County from?
- Tax returns filed by households arriving4,432
- People arriving, from those returns8,390
- Tax returns filed by households leaving4,152
- Net household movement280
- Adjusted gross income arriving$382.8 m
- Net adjusted gross income movement$-604,000
- Average income of an arriving household$86,366
- Average income of a leaving household$92,336
- Largest single originBaltimore County (912 households)
- Largest single destinationBaltimore County (553 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Baltimore County | 912 | 1,777 | $75.4 m |
| Howard County | 564 | 1,166 | $58.0 m |
| Frederick County | 405 | 708 | $31.3 m |
| Anne Arundel County | 382 | 811 | $39.1 m |
| Montgomery County | 285 | 550 | $38.0 m |
| Baltimore city | 198 | 314 | $16.7 m |
| York County | 165 | 271 | $9.1 m |
| Prince George's County | 100 | 201 | $8.0 m |
Households arriving report $5,970 less average income than households leaving, which drains spending power even where headcount holds up. The largest single source of arrivals is Baltimore County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Carroll County
What is the Carroll County economy?
- County GDP, 2024$8.88 bn
- County GDP, 2023$8.39 bn
- GDP change, 2023 to 20245.8 percent
- GDP change over five years35.1 percent
- Rank by GDP among the Maryland areas BEA publishes11th of 24
- Rank by GDP among the US county areas BEA publishes489th of 3,127
- GDP per resident$50,635
Output grew 5.8 percent in the latest year and 35.1 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Carroll County
Employment by industry in Carroll County
- Covered employment, annual average59,195
- Establishments reporting4,506
- Average annual pay$57,405
- Average weekly wage$1,104
- Health care and social assistance, employment9,441
- Health care and social assistance, average annual pay$54,158
- Retail trade, employment8,016
- Retail trade, average annual pay$35,751
- Construction, employment6,339
- Construction, average annual pay$70,486
- Accommodation and food services, employment5,786
- Accommodation and food services, average annual pay$24,577
- Manufacturing, employment4,003
- Wholesale trade, employment3,300
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 9,441 | 516 | $54,158 |
| Retail trade | 8,016 | 444 | $35,751 |
| Construction | 6,339 | 723 | $70,486 |
| Accommodation and food services | 5,786 | 272 | $24,577 |
| Manufacturing | 4,003 | 148 | $81,915 |
| Wholesale trade | 3,300 | 168 | $72,713 |
| Administrative and support and waste management services | 3,004 | 333 | $51,730 |
| Professional, scientific and technical services | 2,502 | 572 | $94,233 |
Health care and social assistance is the largest private sector at 9,441 jobs, 15.9 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Carroll County
How many businesses are in Carroll County?
- Establishments, all industries4,279
- Employment at those establishments53,981
- Annual payroll$2.80 bn
- Establishments per 1,000 residents24.4
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Carroll County
Building permits in Carroll County
- Housing units authorized by permit, 2024156
- Declared construction value permitted$56.9 m
- Single family units authorized144
- Multifamily units authorized12
- Multifamily share of units7.7 percent
- Average declared value per unit$364,714
- Units authorized per 1,000 households2.4
Single-family homes are 92.3 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Carroll County
SBA loans in Carroll County (7(a) and 504)
- 7(a) approvals recorded182
- 7(a) gross approval dollars$73.6 m
- Average 7(a) approval$404,630
- Median 7(a) approval$150,000
- 10th percentile approval$25,000
- 90th percentile approval$1,112,500
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)2,186
- Jobs per approval12.0
- Distinct 7(a) lenders active36
- Distinct industries receiving approvals86
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer6.0 percent
- Loans on real estate terms11
- Loans on working capital terms, 120 months or shorter159
- Franchise loans16
- Franchise share of approvals8.8 percent
- Most active lenderManufacturers and Traders Trust Company (85)
- 504 approvals recorded23
- 504 gross approval dollars$19.2 m
- Average 504 approval$834,130
- Median 504 approval$516,000
- Distinct CDCs active3
- 504 jobs per approval15.2
- 504 jobs per million dollars approved18.2
- Most active CDCBusiness Finance Group, Inc. (13)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$92.8 m
The average approval of $404,630 sits well above the median of $150,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 6.0 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Carroll County
SBA loan default and charge-off rates in Carroll County
Do SBA loans in Carroll County get paid back?
- Loans with a final outcome recorded39
- Paid in full31
- Charged off8
- Charge-off rate on resolved loans20.5 percent
- Status: Exempt from disclosure99
- Status: Paid in full31
- Status: Cancelled25
- Status: Charged off8
- Status: Committed, not yet disbursed19
Of the 39 loans that have reached a final outcome, 20.5 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Carroll County
SBA lending by place in Carroll County
- Borrower cities with recorded lending16
- Westminster, approvals66
- Sykesville, approvals50
- Mount Airy, approvals14
- Manchester, approvals11
- Finksburg, approvals11
- Hampstead, approvals9
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Westminster | 66 | $33,114,800 |
| Sykesville | 50 | $22,037,400 |
| Mount Airy | 14 | $2,822,600 |
| Manchester | 11 | $4,627,000 |
| Finksburg | 11 | $1,774,400 |
| Hampstead | 9 | $855,000 |
| Eldersburg | 7 | $2,328,500 |
| New Windsor | 5 | $1,320,000 |
| 8 other borrower cities | 9 | $4,763,000 |
Westminster accounts for 66 approvals against 50 in Sykesville. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Carroll County
How large is Carroll County?
- Land area448 sq mi
- Rank by land area among Maryland counties10th of 24
- Width, east to west26.7 mi
- Height, north to south25.6 mi
- Geographies sharing a boundary5
- Residents per square mile of land391
- Establishments per square mile9.55
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Carroll County
Flood risk in Carroll County
- Participation of the county's own NFIP community Carroll County, unincorporated areasParticipating, community 240015
- Community Rating System class of the county's own communityClass 5
- Communities in the county in the NFIP Community Status Book9
- Of those, participating in the NFIP9
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 5
- Communities carrying a CRS class1
- Radon levels in Carroll County, EPA zone predicted average indoor radon screening level greater than 4 pCi/LZone 1
The county's own community in the status book, unincorporated Carroll County (community 240015), participates in the National Flood Insurance Program and carries Community Rating System class 5, a flood insurance premium discount for policies written there. The EPA places Carroll County in radon zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 5, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Carroll County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Carroll County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-2024175,321
- Households64,285
- Average household size2.73
- Median household income$118,211
- Median age41.3
Common questions
Carroll County questions, answered from the record.
How many people live in Carroll County, Maryland?
The Census Bureau estimates 177,108 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 175,321, in 64,285 households, ranking 9th of 24 Maryland counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Carroll County's population growing?
The population has grown 2.44 percent since the 2020 census base of 172,887, to 177,108 on July 1, 2024. In 2024 there were 1,740 births against 1,766 deaths, with net migration of 404. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Carroll County?
$118,211. The median owner-occupied home is valued at $434,000, which is 3.7 times income, and median gross rent is $1,427 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Carroll County?
4,279 establishments, employing 53,981 people with an annual payroll of $2.80 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Carroll County?
Health care and social assistance is the largest private sector at 9,441 jobs, 15.9 percent of covered employment. Covered employment averages 59,195 jobs at an average annual pay of $57,405, or $1,104 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Carroll County?
182 7(a) approvals totaling $73.6 m since FY2020, across 36 lenders, with a median approval of $150,000, plus 23 504 approvals worth $19.2 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Carroll County get paid back?
Of the 39 loans that have reached a final outcome, 31 were paid in full and 8 charged off, a charge-off rate of 20.5 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Carroll County?
156 housing units were authorized by permit in 2024, with a declared construction value of $56.9 m. Multifamily was 7.7 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Carroll County?
Zone 1, a predicted average indoor radon screening level greater than 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Carroll County come from?
The largest single origin is Baltimore County, with 912 households. Arriving households report an average income of $86,366 against $92,336 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Carroll County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Carroll County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Carroll County
Cities and places in Carroll.
9 Census places lie wholly or partly in Carroll County. All 9 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Eldersburg | CDP | 31,695 | 7 | Wholly in this county |
| Westminster | city | 20,445 | 66 | Wholly in this county |
| Mount Airy | town | 9,805 | 14 | 66.5 percent here, 33.5 percent Frederick County |
| Taneytown | city | 7,932 | 2 | Wholly in this county |
| Hampstead | town | 6,251 | 9 | Wholly in this county |
| Manchester | town | 5,439 | 11 | Wholly in this county |
| Sykesville | town | 4,491 | 50 | Wholly in this county |
| New Windsor | town | 1,400 | 5 | Wholly in this county |
| Union Bridge | town | 1,055 | 1 | Wholly in this county |
A further 17 of the county's 182 SBA 7(a) approvals are to borrowers in cities that match no Census place in Carroll County, the largest being Finksburg (11), Woodbine (1), Clarksville (1). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby