Carroll County, Maryland: commercial real estate data.
Carroll County, Maryland has a population of 175,321 across 448 square miles, up 2.4 percent since the 2020 census base. 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.
123 sourced county values · tier FULL · 11 sections
Carroll County
How many people live in Carroll County
- Population175,321
- 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-equivalents391st
Carroll County is the 9th largest of 24 Maryland counties by population. A median home costs 3.7 times median household income, which is an affordable ownership market 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 growing
- Population change since the 2020 census base2.44 percent
- Census 2020 base population172,887
- 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
The county has grown 2.44 percent since the 2020 census base. Deaths exceeded births in 2024, so all of the growth came from people moving in. A market held up by migration alone 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 people moving to Carroll County come from
- Tax returns filed by households arriving4,432
- People arriving, from those returns8,390
- Adjusted gross income arriving$382.8 m
- Net adjusted gross income movement$0
- Average income of an arriving household$86,366
- Largest single originCarroll County Non-migrants (67,972 households)
- Largest single destination (67,972 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Carroll County Non-migrants | 67,972 | 143,607 | $7.49 bn |
| Other flows - Different State | 1,003 | 1,860 | $74.8 m |
| Baltimore County | 912 | 1,777 | $75.4 m |
| Howard County | 564 | 1,166 | $58.0 m |
| Other flows - South | 491 | 916 | $36.0 m |
| Frederick County | 405 | 708 | $31.3 m |
| Anne Arundel County | 382 | 811 | $39.1 m |
| Montgomery County | 285 | 550 | $38.0 m |
The largest single source of arrivals is Carroll County Non-migrants, 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 the Carroll County economy runs on
- 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 Maryland counties11th
- Rank by GDP among US county-equivalents489th
- 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
Who employs people in Carroll County
- Covered employment, annual average59,195
- Establishments reporting4,506
- Average annual pay$57,405
- Average weekly wage$1,104
- Sector 62, employment9,441
- Sector 62, average annual pay$54,158
- Sector 44-45, employment8,016
- Sector 44-45, average annual pay$35,751
- Sector 23, employment6,339
- Sector 23, average annual pay$70,486
- Sector 72, employment5,786
- Sector 72, average annual pay$24,577
- Sector 31-33, employment4,003
- Sector 42, employment3,300
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 9,441 | 516 | $54,158 |
| Sector 44-45 | 8,016 | 444 | $35,751 |
| Sector 23 | 6,339 | 723 | $70,486 |
| Sector 72 | 5,786 | 272 | $24,577 |
| Sector 31-33 | 4,003 | 148 | $81,915 |
| Sector 42 | 3,300 | 168 | $72,713 |
| Sector 56 | 3,004 | 333 | $51,730 |
| Sector 54 | 2,502 | 572 | $94,233 |
The largest sector is the biggest private employer group at 9,441 jobs, 15.9 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Carroll County
What businesses operate 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.
US Census Bureau, County Business Patterns, 2023.
Carroll County
What is being built in Carroll County
- Housing units authorised by permit, 2024156
- Declared construction value permitted$56.9 m
- Single family units authorised144
- Multifamily units authorised12
- Multifamily share of units7.7 percent
- Average declared value per unit$364,714
- Units authorised per 1,000 households2.4
Multifamily is 7.7 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Carroll County
How much SBA lending happens in Carroll County
- 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$1,125,000
- 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
- Leading industry by approval countLimited-Service Restaurants (8)
- 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)
- 7(a) share of SBA approvals88.8 percent
- Combined SBA approval dollars$92.8 m
The average approval of $404,630 sits well above the median of $150,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually 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
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.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Carroll County
Which parts of Carroll County get the lending
- Places in the county with recorded lending17
- Westminster, approvals66
- Sykesville, approvals50
- Mount Airy, approvals13
- MANCHESTER, approvals11
- FINKSBURG, approvals11
- Hampstead, approvals9
| Place | Approvals | Gross approval dollars |
|---|---|---|
| Westminster | 66 | $33,114,800 |
| Sykesville | 50 | $22,037,400 |
| Mount Airy | 13 | $2,605,600 |
| 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 |
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 big 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 boundary3
- 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.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- No NFIP communities are listed for this county in the FEMA Community Status Book.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
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.
- Population175,321
- 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?
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 growing?
The population has grown 2.44 percent since the 2020 census base. 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 there 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 the average wage in Carroll County?
Average annual pay is $57,405, or $1,104 a week, across 59,195 covered jobs. 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 totalling $73.6 m since FY2020, across 36 lenders, with a median approval of $150,000, plus 23 504 approvals worth $19.2 m. 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.
What is being built in Carroll County?
156 housing units were authorised 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 Carroll County Non-migrants, with 67,972 households. Arriving households report an average income of $86,366 against null 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?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.