SlideShare a Scribd company logo
1 of 22
Download to read offline
Front Cover
page 2
page 3
Introduction
TheEconomicAllianceofGreaterBaltimoreisapartnership
of government, industry, and higher education promoting
Greater Baltimore as a world-class market in which to live,
work, learn, and invest.
The organization promotes regional economic
development through marketing, business retention,
business attraction, partnership, and thought leadership.
The Economic Alliance tracks the Baltimore Metropolitan
Statistical Area (MSA) annually using key economic
indicators. Throughout this report, Greater Baltimore is
compared to the average of every US metropolitan region
and to the US national average. Where specified, Greater
Baltimore is ranked among the 25 most populous US
metropolitan areas or benchmarked among select metro
areas, determined to be comparable to the Greater
Baltimore region.
The Greater Baltimore Regional Report includes year-end
data from sources such as the Bureau of Labor Statistics,
the Census Bureau, the Bureau of Economic Analysis,
and the National Science Foundation.
A note regarding sources and timing: Data sources often
lag for several months or years. The report uses the most
recent year-end and monthly data available at the time
the analysis is completed.
This report is made available for reference and your
own purposes. Contact us at 888.298.4322 or info@
greaterbaltimore.org with any questions. For more data,
news, and updates on the Economic Alliance of Greater
Baltimore, please visit us at www.greaterbaltimore.org.
Defining the Region	 4
Greater Baltimore and
the Baltimore-Washington Corridor	 4
Population	5
Demographics	6
Educational Attainment	 7
The Regional Economy	 8
Employment & Productivity	 8
Entrepreneurship and Innovation	 10
Quality of Life	 11
Homeownership and Home Prices	 11
Wage Growth and Purchasing Power	 12
Climate & Amenities	 13
Jobs & Investment	 14
Expansion, Retention, and Relocation	 14
New Development	 15
page 4
Defining the Region
Greater Baltimore and the Baltimore-Washington Corridor
The federally defined Baltimore Metropolitan Statistical Area (MSA) includes Baltimore City and the surrounding
counties of Anne Arundel, Baltimore, Carroll, Harford, Howard and Queen Anne’s. Cecil County is a partner of the
Economic Alliance, but is not included in official metropolitan data for Greater Baltimore. Where possible, Cecil County
information is included in EAGB reporting.
Additionally, the larger Baltimore-Washington Combined Statistical Area (CSA) is comprised of the Baltimore MSA, the
Washington, DC MSA, and other small metro and micropolitan areas and is referred to as the Baltimore-Washington
Corridor.
Greater Baltimore is unique among the markets it is commonly compared to because of it borders with the Washing-
ton, DC MSA, which allows the region to draw employees from a larger workforce than exists within its defined bound-
aries. Commuting patterns support the notion of an expanded workforce region, as many residents of either region
commute every day to work across metropolitan boundaries.
Regional Commuters
From
Greater Baltimore to:
From
MD Suburbs of DC to:
From
DC to:
From
Northern VA to:
Greater Baltimore 945,626 117,791 7,150 20,563
MD/DC Suburbs 149,284 471,745 37,132 86,470
DC 30,511 202,233 169,915 179,428
Northern VA 22,260 94,160 35,564 941,196
page 5
Defining the Region
Population
Greater Baltimore is home to more than 2.7 million
residents, making it one of the 25 largest metropolitan
regions in the United States. The region’s population has
grown 2.6 percent since 2010, faster than the New York,
Chicago, Pittsburgh, and Detroit MSAs, but not as rapidly
as the US metro average at 3.7 percent.
Greater Baltimore is a diverse region. Twenty-eight percent
of residents are black/African American; 5 percent are
hispanic; and 5 percent are Asian.
The median age for residents in Greater Baltimore is 38.2,
the ninth-oldest age among the 25 largest metropolitan
regions.
Greater Baltimore has a typical age distribution, and the
counties in the region are generally similar in terms of age
distribution. Only Baltimore City stands out as having a
large population of 22- to 29-year-olds. Greater Baltimore
itself does not have a particularly large population of
residents in any age group.
Foreign-born residents of Greater Baltimore make up
roughly 10 percent of the region’s population, below the
share of foreign-born residents nationally and among all
US metros.
other
asian
hispanic
black
white
white
black
hispanic
asian
other 59%
28%
5%
5%
3%
Race in Greater Baltimore
2014
page 6
Defining the Region
Demographics
Economies compete to attract talent. Skilled young
professionals are the next generation of entrepreneurs
and executives, and establishing a lifestyle and workplace
culture that attracts young professionals can be beneficial
to continued economic prosperity.
Greater Baltimore ranks eighth among the 25 largest US
metros for the growth of young professionals. Over the
last five years, the number of young professionals in the
region has grown just over 10 percent, similar to the rate
of young professional growth in San Diego, San Francisco,
and Houston.
While the young professional age group does include 18-
to 24-year-olds, the residency of subset of the population
is particularly unstable. Many 18- to 24-year-olds have
changed residence due to going to college in a different
county or state, and have little desire to remain in the
area following their graduation or after gaining experience
at a first job. The 25- to 34-year-old subset of young
professionals is slightly more stable, and as a result,
is used to gauge the region’s ability to attract young,
qualified workers with job opportunities and quality of life.
Greater Baltimore would benefit from not only attracting
18- to 24-year-olds interested in the region’s world-class
educational institutions but also from retaining them in
the workforce following graduation.
The region is attractive to college-educated young
professionals. Greater Baltimore ranks seventh among
the 25 largest US metros for the growth in young
professionals with a Bachelor’s degree or higher. This
subset of the population has grown roughly 22 percent
since 2010, a rate competitive with Seattle, San Antonio,
and San Francisco.
Additionally, this population has degrees in relevant fields.
Among the 25 largest US metros, Greater Baltimore has
experienced the third-fastest growth of 25- to 39-year-
olds with Education degrees; the fourth-fastest growth
with Science & Engineering Related Fields, which lead
to occupations as architects, clinical lab technicians,
and pharmacists; and the fifth-fastest growth of young
professionals with Business degrees.
Greater Baltimore is particularly popular among young
professionals with advanced degrees. While the total
number of Greater Baltimore residents with advanced
degrees has grown over 12 percent over the last five
years, the number of 25- to 34-year-old residents with
Master’s and Doctorate degrees in Greater Baltimore
has grown over 30 percent over the same time period.
Greater Baltimore has experienced the fourth fastest rate
of growth of young professionals with advanced degrees
among the 25 largest US metros, while overall growth of
residents with advanced degrees has been slower than
the US average.
s,
s,
s,
s,
page 7
Defining the Region
Educational Attainment
Greater Baltimore is home to one of the most educated
populations in the country. The region ranks fourth
among the 25 largest US metros with over 16 percent of
residents holding graduate or professional degrees and
eighth with over 37 percent of residents with a Bachelor’s
degree or higher. Greater Baltimore is significantly more
dense with highly educated residents than the national
average and the average US metro area.
The nearby DC Metro has the highest concentration
of college graduates in the country. Because the two
metropolitan areas share a fluid workforce, employers in
both regions have access to a combined talent pool of
highly-skilled and well-educated people.
Greater Baltimore’s universities are graduating students
into high-wage jobs. The highest starting salaries for
recent graduates are in computer science, engineering,
and mathematics degree fields, and nearly 15 percent
of Greater Baltimore residents have four-year degrees in
computer science or engineering. Four-year universities
in Maryland conferred over 11,700 degrees in STEM
fields in 2014, including 4,200 degrees in technology
fields, 3,000 degrees in engineering, and 550 degres in
mathematics.
US News and World Report recognizes Greater Baltimore
colleges and universities as among the best regionally
and nationally. Seven regional universities are also listed
among the 100 best colleges for veterans in the US due
to their participation in federal programs that serve active
service members and veterans. Johns Hopkins University
was named one of the best value schools in the country.
Maryland Institute College of Art is listed as the #7 fine
arts school in the country, and was ranked #3 in graphic
design.
Other media outlets have recognized the unparalleled
higher education assets in Greater Baltimore. UMBC was
one of just 20 public universities to be named a best
buy in Fiske’s 2016 Guide to Colleges. Seven Greater
Baltimore colleges and universities were named to the
Princeton Review’s list of The Best 380 Colleges.
US News and World Report
Undergraduate Education Rankings
2016
National Universities
10 Johns Hopkins University
156 University of Maryland, Baltimore County
National Liberal Arts Colleges
9 US Naval Academy
55 St. John’s College
112 Goucher College
Most Innovative Schools
4 University of Maryland, Baltimore County
6 Goucher College
Regional Universities (North)
3 Loyola University Maryland
43 Towson University
58 Notre Dame of Maryland University
79 Stevenson University
122 University of Baltimore
Public Schools
1 US Naval Academy
12 Towson University
37 University of Baltimore
84 University of Maryland, Baltimore County
page 8
The Regional Economy
Employment & Productivity
Greater Baltimore has exhibited strong employment
growth over the last decade. The region has grown by
59,200 jobs since 2005, just over 4.5 percent in the
ten-year period. This rate ranks thirteenth among the 25
largest US metros and is comparable to the growth of
nearby Washington, DC, New York, and San Diego. The
25 largest US metros grew by an average of 5.8 percent
between 2005 and 2014, 1.3 points faster than Greater
Baltimore.
Despite the region’s steady ten-year growth, employment
growth since 2013 is slower than the US average and
significantly slower than fast-growing large metropolitan
regions. Between 2013 and 2014, Greater Baltimore
employment grew 0.9 percent, a full point below the US
average of 1.9 percent. The average one-year growth in
employment among the 25 largest US metros in the same
period totaled 2.3 percent, nearly 1.5 points greater than
Greater Baltimore’s one-year growth rate.
The Greater Baltimore unemployment rate of 5.5 percent
has declined slowly from its peak in early 2010. The US
unemployment rate, which sits at 4.9 percent, is below
the unemployment rate in Greater Baltimore after having
been multiple percentage points higher in the late
2000s. The unemployment rate in Greater Baltimore
continues to trend nearly identically to the national rate
of unemployment.
Meanwhile, more residents than the national average
in Greater Baltimore are part of the labor force, defined
as employed or actively looking for work, which is
an indication that residents are optimistic about job
prospects. A declining unemployment rate coupled with
low rates of labor force participation would signify that
people are no longer searching for jobs.
page 9
The Regional Economy
Employment & Productivity
Greater Baltimore’s economy was resilient through
the recession of the late 2000s and has since grown
steadily. The region experienced only a minor decrease
in real output in the late 2000s while the average US
metro suffered a nearly 3 percent decline in productivity
during the financial crisis. After showing 3 percent growth
immediately following the financial crisis, the regional
economy has grown at roughly 1.5 percent annually. This
rate of growth is slower, but remains more consistent,
than that of the US and the average US metro.
Exports from the State of Maryland reached historic highs
in 2014. Over $12 billion worth of goods and services
were exported from Maryland, $400 million more than in
2013.
Greater Baltimore was responsible for nearly half of the
State’s exports, amassing $5.9 billion in international
sales in 2014.
Greater Baltimore benefits greatly from its proximity to the
federal government. Federal expenditure is responsible
for roughly 12 percent of the region’s output, a figure
that has risen slowly but steadily since 2001. The typical
US metropolitan region generates about 4 percent of its
output through federal expenditure. This economic activity
generated by the federal government is generally reliable,
and was key to Greater Baltimore’s steady economy
through the last decade.
Government expenditure now accounts for nearly $35
billion of output in Greater Baltimore, with over half of
that total coming from federal expenditure.
While the region should seek to capitalize on its proximity
to the federal government, a natural advantage to many
businesses in the region, it is wise to continue to mix
commercialization and entrepreneurship into the Greater
Baltimore’s economic base. Attempts to manage the
federal budget, like those seen during sequestration,
may have too large an impact on an economy that relies
heavily on government contracts.
Recently, the region and the State of Maryland have
placed greater emphasis on commercialization of
research and development projects that exist throughout
the region as well as government technologies that could
serve both public and private enterprise. In this way, firms
in Greater Baltimore, and the region as a whole, have an
opportunity to capitalize on the acyclical nature of the
federal government while also realizing returns in the
commercial market.
page 10
Maintaining a growth in the rate at which startups are
formed is critical to the productivity in Greater Baltimore.
The entrepreneurial environment fostered around the
region has helped to generate strong young firms. Fifty-
one companies from Greater Baltimore were listed on
the 2015 Inc. 5000, a comprehensive list of the fastest-
growing private companies in the country. Many of the
region’s fastest growing firms are in high-tech sectors; 15
of the region’s firms are in the IT services and software
industries. Government services firms on the Inc. 5000
employ more people in Greater Baltimore than any other
industry.
The Regional Economy
Entrepreneurship and Innovation
An emphasis on innovation and entrepreneurship has
led to increased productivity and job creation in Greater
Baltimore and elsewhere. Because a majority of net
new jobs are created by firms less than five years old,
it is important to ensure that the infrastructure for the
sustained success of new ventures is in place.
Greater Baltimore and Maryland are consistently rated
among the best places to launch a business. The US
Chamber of Commerce rates Maryland as the #3 state in
the country for innovation and entrepreneurship, noting
the state’s dedication to research and development
in BioHealth and Cyber Security and the abundance of
STEM professionals in the State as key to its success as a
top economic performer.
According to the Kauffman Foundation, Greater Baltimore
ranks second among US metros for the opportunity
share of new entrepreneurs, defined as the number of
new entrepreneurs that were not unemployed before
launching their new business. New startups in the region
are overwhelmingly founded by the already-employed.
The Kauffman Foundation considers this a key metric in
determining where entrepreneurship is being driven by
market opportunity.
The rate of startup formation, defined as the percentage
of firms that are less than one year old, fell rapidly
across the US following the financial and housing crises.
Greater Baltimore has increased startup activity by 7.4%
since 2010, compared to the US metro average of 3.1%
and the national average of 3.5% over the same period.
page 11
Quality of Life
Homeownership and Home Prices
Greater Baltimore residents often own their own homes.
Since 2009, the rate of homeownership in Greater
Baltimore has been roughly that of the US, but with
more quarterly variation. Greater Baltimore has the
seventh-highest rate of homeownership among the
twenty-five largest US metros, and the fifth-highest rate of
homeownership among select comparison markets.
The rate of homeownership in Greater Baltimore is similar
to that of Washington, DC, just below that of Philadelphia,
and just above homeownership rates in Boston. New
York has an unusually low rate of homeownership in
the Northeast Corridor, likely due to the high cost of
ownership and the frequency of young adults renting in
New York City.
Homeownership in Greater Baltimore is high in part
because the region is relatively inexpensive compared to
its large-market peers. As of Q2 2015, the median home
price in Greater Baltimore is $254,500, twelfth among
the twenty-five largest metro areas.
Like most major metro areas, rental properties are
available throughout the region, and rent prices are
similar to those in nearby metro areas. As a result,
Greater Baltimore is often named among cities in which it
is cheaper to buy a house than to rent.
The National Association of Realtors has established
a Home Affordability Index according to metropolitan
median income, median home price, and the prevailing
mortgage interest rate to determine where residents are
most likey to be able to afford a home.
Among the 25 largest US metros, Greater Baltimore
ranks eighth in this measure of home affordability. With a
2014 Affordability Index of 185.1, the Affordability Index
indicates that a Greater Baltimore family earning the
median family income and making a 20 percent down
payment has 185 percent of the income necessary to
qualify for a conventional loan.
Among select comparison markets, Greater Baltimore
residents earn wages that are most likely to afford them
the opportunity for homeownership. The region is one of
the most afforable regions among these similar markets.
page 12
Quality of Life
Wage Growth and Purchasing Power
Greater Baltimore residents enjoy a low cost of living
relative to those living in other large US markets. While
the cost of living in the Baltimore-Washington corridor has
risen over the last decade, it is still well below that of the
US City Average.
The Consumer Price Index (CPI) allows for measuring
the price of goods over time. Prices in the Baltimore-
Washington corridor and all US cities have risen nearly
55 percent since 1997, the reference year used for the
Baltimore-Washington region’s CPI calculation. However,
wages in Greater Baltimore have increased faster than
the cost of living in the region, so that residents of the
region have more buying power today than at nearly any
other time in the last twenty years.
Residents of Greater Baltimore generally have greater
buying power than people in other markets due to steady
inflation but faster wage growth than the average in other
US cities.
Residents of the region enjoy not only access to Greater
Baltimore’s picturesque waterfront and world-class health
care system, but do so at a far lower cost than residents
of other cities like Boston and New York.
page 13
Quality of Life
Climate & Amenities
As a historic port city, Greater Baltimore’s economy used
to rely on water access. While the Port of Baltimore
remains a strong economic engine, Greater Baltimore’s
coastline has become as much a recreation feature and
tourist attraction as a generator of productivity.
The region sits on the Chesapeake Bay, and six of the eight
municipalities that make up the region sit on the water.
In total, Greater Baltimore features over 1,680 miles of
shoreline that is used for trade, recreation, sightseeing,
and natural environmental areas, all of which allow for
unique activities and stunning views that benefit the
region’s residents.
Maryland is home to nearly 9,900 square miles of
federal and state parkland, which covers over 6 percent
of the state’s surface. Each municipality manages local
parklands not counted in this total as well; Baltimore
City alone has 7.6 square miles of green space, which
represents over 8 percent of the City’s area. Counties
shown here in darker green are more dense with public
park space. Because of the abundance of nearby federal,
state, and local parkland, residents of Greater Baltimore
and the State of Maryland can easily partake in outdoor
recreational activities or simply engage with the natural
environment of the region.
Greater Baltimore’s moderate climate offers a true four
seasons and plenty of sunshine. The region sees an
estimated 2,496.6 hours of sunshine every year, or 6.84
hours of sunshine per day. Residents of Greater Baltimore
get as much sunshine as Houston and enjoy more hours
of sunlight than Chicago, Detroit, and Portland. With 105
clear days every year, residents of Greater Baltimore have
plenty of opportunities to enjoy the outdoor amenities
available throughout the region.
Greater Baltimore is home to a number of world-class
hospitals, and residents have access to a standard of care
that is unmatched elsewhere. Johns Hopkins Hospital
was ranked the third best hospital in the country by US
News and World Report and is nationally ranked in 15
adult specialties and 10 pediatric specialties. University
of Maryland Medical Center is ranked nationally in two
adult specialties and is home to the R Adams Cowley
Shock Trauma Center, the first facility in the world to treat
shock.
Parkland Density in Maryland Counties
page 14
Jobs & Investment
Expansion, Retention, and Relocation
New and Expanding Firms in Greater Baltimore
2014 - First Half 2015
Company County Jobs Expansion or Relocation
Amazon Baltimore City 3,100 New
Exelon Baltimore City 1,500 Consolidation/Expansion
McCormick & Co. Baltimore 900 Retention
Towson Square Baltimore 870 Redevelopment Project
Johnson, Mirmiran & Thompson (JMT) Baltimore 630 Expansion
Coastal Sunbelt Produce Howard 500 Expansion
Kelly & Associates Baltimore 500 Expansion
Reliable Church Hill Baltimore 500 Relocation
IronNet Howard 260 New
Pandora Baltimore City 250 New/Relocation
Social Solutions Baltimore 200 Expansion
Cisco/SOURCEfire Inc. Howard 197 Expansion
Fuchs North America Carroll 160 New/Relocation
BSC America Harford 150 Expansion
Flagger Force Anne Arundel 150 Expansion
Gordon Food Service Inc. Harford 150 New/Relocation
Smith's Detection Harford 141 Expansion
Frito-Lay, Inc. Harford 100 Expansion
Loomis Armored US Baltimore 100 Expansion
Prime AE Baltimore 100 Consolidation/Relocation
Exelon Harford 95 Expansion
Vorbeck Materials Corp. Howard 85 Expansion
Accenture Federal Services Anne Arundel 80 Expansion
Skyline Technologies Anne Arundel 77 Expansion
Carlisle Etcetera LLC Carroll 75 Expansion
Fourth Dimension Engineering Howard 75 Expansion
idX Expanding Howard 75 Expansion
Plan B Technologies Anne Arundel 65 New/Relocation
Power Electronics Inc. Queen Anne's 65 Expansion
BD Diagnostic Baltimore 60 Expansion
IMC Anne Arundel 60 New/Relocation
New and expanding firms in Greater Baltimore have generated nearly 9,900 jobs in 2014 and 2015. The region has
grown to be a popular destination for firms across a variety of industries, including information technology and cyber
security as well as logistics and distribution. Below are thirty notable firms with new and expanding operations in the
Greater Baltimore region using data provided by jurisdictions within the region.
page 15
Map of development sites
Jobs & Investment
New Development
1.	 Harbor Point Expansion & Regional Headquarters
Status: In Progress/Planned
Type: Office, Residential, Retail, Hotel
Capital Investment: $270 million in Phase I
Size: 3 million square feet mixed use
Developer: Beatty Development
2.	 Canton Crossing
Status: Architecture Review
Capital Investment: $1 billion
Size: 1.1 million square feet office
Type: Office, Residential, Retail, Recreational
Developer: COPT
As Greater Baltimore continues to grow and attract
businesses, many developers have invested in new
buildings for office workers, health care, and residence.
Over $2 billion of renovation and new construction has
been proposed, is in progress, or has been recently
completed in the region, creating more space to house
firms and families. Over 11.7 million square feet of office,
warehouse, hospital, and research and development
space is being built in Greater Baltimore.
While a great deal of development is taking place in
Baltimore City, speculative warehouse space is being
established in Harford County; over 90,000 square
feet of office and laboratory R&D space is being built in
Baltimore County, including the continued growth of the
Metro Centre transit-oriented development project; and
many existing projects in Anne Arundel County are being
expanded to accomodate rapid growth.
A map of the largest active projects is shown to here, and
each project is listed below with additional details where
available.
ChesapeakeBay
Patapsco River
ANNE
ARUNDEL
BALTIMORE
COUNTY
CALVERT
CAROLINE
CARROLL
CECIL
CHARLES
DORCHESTER
FREDERICK
HARFORD
HOWARD
MONTGOMERY
PRINCE
GEORGE’S
QUEEN
ANNE'S
ST. MARY'S
SOMERSET
TALBOT
BALTIMORE CITY
DISTRICT
OF COLUMBIA
ADAMS CHESTERYORK LANCASTER
FAIRFAX
WESTMORELAND
KING GEORGE
PRINCE
WILLIAM
STAFFORD
LOUDOUN
PENNSYLVANIA
VIRGINIA
KENT5
4
1
3
210
9
6
7
8
18
11
12
13
14
15
16
17
19
20
21
page 16
5.	 Johns Hopkins Skip Viragh Outpatient Cancer Building
Status: In Progress
Capital Investment: $100 million
Size: 184,000 square feet
Type: Medical
6.	 LifeBridge Health and Express Care Urgent Care Center
Status: In Progress
Capital Investment: $2 million
Size: 5,000 square feet
Type: Medical
Business Growth
New Development
3.	 Canton Crossing
Status: Approved
Capital Investment: $60 million
Size: 13-story office tower
Type: Office, Retail
Developer: Merritt Properties LLC
4.	 Baltimore Crossroads
Status: In Progress
Size: 3 buildings, 89,310 square feet total
Type: Office, Research and Development
Developer: St. John Properties
page 17
9.	 300 E Pratt
Status: Architecture Review
Size: 200 hotel rooms, 400 residential units,
10,000 square feet of retail
Type: Residential, Hotel, Retail
Developer: Comstock Partners
10.	1 Light Street
Status: Approved
Size: 10 floors of office space, 14 floors of residential
Type: Office, Residential
Developer: Metropolitan Partnership Limited &
J. Joseph Clarke
New Development
Business Growth
7.	 Port 95 Industrial Park
Status: In Progress
Capital Investment: $47.2 million
Size: 2 buildings, 500,000 square feet total
Type: Warehouse
Developer: Chesapeake Real Estate Group
8.	 Perryman Logistics Center
Status: In Progress
Capital Investment: $40 million
Size: 571,000 square feet
Type: Warehouse
Developer: Chesapeake Real Estate Group
page 18
13.	Towson Row
Status: In Progress
Capital Investment: $350 million
Size: 1 million square feet total
Type: Office, Residential, Hotel, Retail
Developer: Caves Valley Partners
14.	Little Patuxent Square
Status: In Progress
Size: 160 units, 160,000 square feet
Type: Office, Residential
Developer: Costello Construction & CORE Group
New Development
Business Growth
11.	Metro Centre
Status: In Progress
Capital Investment: $50 million
Size: 200,000 square feet total
Type: Office, Retail
Developer: David S. Brown Enterprises
12.	Principio Business Park
Status: Permitted
Size: 1.2 million square feet
Type: Warehouse
W Old Philadelphia Rd
7
Gonce Rd
Pulaski Highway
BelvidereRd
Perryville
Cold Storage
1 Principio Pkwy
Subject property
1.2 million SF
page 19
17.	8115 Maple Lawn Boulevard
Status: In Progress
Size: 138,900 square feet
Type: Office
Developer: Greenbaum Enterprises
18.	Eastgate
Status: Seeking Entitlements
Size: 2,275,500 square feet
Type: Warehouse, Industrial
Developer: MRP Industrial
New Development
Business Growth
15.	The Metropolitan Downtown Columbia
Status: In Progress
Size: 380 units, 14,000 square feet of retail
Type: Residential, Retail
Developer: Howard Hughes & Kettler
16.	Columbia Gateway Business Park
Status: Completed, 2015
Size: 52,000 square feet
Type: Office
Developer: COPT & Manekin LLC
page 20
21.	Arundel Preserve Town Center
Status: In Permitting
Size: 242 apartments
Type: Residential, Retail
19.	Maryland Live! Casino
Status: Expansion; In Planning
Size: 300-room hotel,
20,000 square foot conference center
Capital Investment: $150 million
Type: Hotel, Retail
Developer: Cordish Cos.
20.	National Business Park North
Status: In Progress, Planned
Size: 350,000 square feet total
Type: Office
Developer: COPT
New Development
Business Growth
page 21
Rear Cover
www.greaterbaltimore.org

More Related Content

What's hot

2019 Election| Truth about Unions and Union Dues| Canada| September 2019
2019 Election| Truth about Unions and Union Dues| Canada| September 20192019 Election| Truth about Unions and Union Dues| Canada| September 2019
2019 Election| Truth about Unions and Union Dues| Canada| September 2019paul young cpa, cga
 
MBO Partners State of Independence 2019
MBO Partners State of Independence 2019 MBO Partners State of Independence 2019
MBO Partners State of Independence 2019 MBO Partners
 
Fiscal Health - USA Cities - Local Government
Fiscal Health - USA Cities - Local Government Fiscal Health - USA Cities - Local Government
Fiscal Health - USA Cities - Local Government paul young cpa, cga
 
The gig economy the economic backbone of the future by brodmin.com
The gig economy the economic backbone of the future by brodmin.comThe gig economy the economic backbone of the future by brodmin.com
The gig economy the economic backbone of the future by brodmin.comMohammadSaifulIslam45
 
California as a Guide to Understanding the New America
California as a Guide to Understanding the New AmericaCalifornia as a Guide to Understanding the New America
California as a Guide to Understanding the New AmericaAlan Walsh
 
The Great Depression Of 2008 And The Decline Of The Usa 3 10
The Great Depression Of 2008 And The Decline Of The Usa 3 10The Great Depression Of 2008 And The Decline Of The Usa 3 10
The Great Depression Of 2008 And The Decline Of The Usa 3 10Sharp Metropolitan Medical Campus
 
Tabor 100 March 2019 Newsletter
Tabor 100 March 2019 NewsletterTabor 100 March 2019 Newsletter
Tabor 100 March 2019 NewsletterTabor 100
 
Atoz Survey 2021: “A wind of change”
Atoz Survey 2021: “A wind of change” Atoz Survey 2021: “A wind of change”
Atoz Survey 2021: “A wind of change” Paperjam_redaction
 
Transportation and the New Generation: Why Young People Are Driving Less and ...
Transportation and the New Generation: Why Young People Are Driving Less and ...Transportation and the New Generation: Why Young People Are Driving Less and ...
Transportation and the New Generation: Why Young People Are Driving Less and ...The Rockefeller Foundation
 
Final project financing for development
Final project financing for developmentFinal project financing for development
Final project financing for developmentdranwaar
 
Hunt Institute Multistate Overview
Hunt Institute Multistate OverviewHunt Institute Multistate Overview
Hunt Institute Multistate OverviewMebane Rash
 
Policies and Affairs| Indigenous (First Nations| Analysis and Commentary
Policies and Affairs| Indigenous (First Nations| Analysis and CommentaryPolicies and Affairs| Indigenous (First Nations| Analysis and Commentary
Policies and Affairs| Indigenous (First Nations| Analysis and Commentarypaul young cpa, cga
 
Policies and Affairs - Indigenous - Canada
Policies and Affairs - Indigenous - CanadaPolicies and Affairs - Indigenous - Canada
Policies and Affairs - Indigenous - Canadapaul young cpa, cga
 
2016 Economic Outlook Presentation
2016 Economic Outlook Presentation 2016 Economic Outlook Presentation
2016 Economic Outlook Presentation Maxwell Snelling
 
2019 Election| Job Quality and Employment| Canada | June 2019
2019 Election| Job Quality and Employment| Canada | June 20192019 Election| Job Quality and Employment| Canada | June 2019
2019 Election| Job Quality and Employment| Canada | June 2019paul young cpa, cga
 
Population Stratification, U.S. 1 C
Population Stratification, U.S. 1 CPopulation Stratification, U.S. 1 C
Population Stratification, U.S. 1 Cjcarlson1
 
Urban Professionals Shopping Behaviour Report (US and UK)
Urban Professionals Shopping Behaviour Report (US and UK)Urban Professionals Shopping Behaviour Report (US and UK)
Urban Professionals Shopping Behaviour Report (US and UK)Erika Lee
 

What's hot (20)

2019 Election| Truth about Unions and Union Dues| Canada| September 2019
2019 Election| Truth about Unions and Union Dues| Canada| September 20192019 Election| Truth about Unions and Union Dues| Canada| September 2019
2019 Election| Truth about Unions and Union Dues| Canada| September 2019
 
MBO Partners State of Independence 2019
MBO Partners State of Independence 2019 MBO Partners State of Independence 2019
MBO Partners State of Independence 2019
 
Fiscal Health - USA Cities - Local Government
Fiscal Health - USA Cities - Local Government Fiscal Health - USA Cities - Local Government
Fiscal Health - USA Cities - Local Government
 
The gig economy the economic backbone of the future by brodmin.com
The gig economy the economic backbone of the future by brodmin.comThe gig economy the economic backbone of the future by brodmin.com
The gig economy the economic backbone of the future by brodmin.com
 
What is going on with Unions?
What is going on with Unions? What is going on with Unions?
What is going on with Unions?
 
T21whitepaper3.2.15 (7)
T21whitepaper3.2.15 (7)T21whitepaper3.2.15 (7)
T21whitepaper3.2.15 (7)
 
California as a Guide to Understanding the New America
California as a Guide to Understanding the New AmericaCalifornia as a Guide to Understanding the New America
California as a Guide to Understanding the New America
 
The Great Depression Of 2008 And The Decline Of The Usa 3 10
The Great Depression Of 2008 And The Decline Of The Usa 3 10The Great Depression Of 2008 And The Decline Of The Usa 3 10
The Great Depression Of 2008 And The Decline Of The Usa 3 10
 
Tabor 100 March 2019 Newsletter
Tabor 100 March 2019 NewsletterTabor 100 March 2019 Newsletter
Tabor 100 March 2019 Newsletter
 
Atoz Survey 2021: “A wind of change”
Atoz Survey 2021: “A wind of change” Atoz Survey 2021: “A wind of change”
Atoz Survey 2021: “A wind of change”
 
Transportation and the New Generation: Why Young People Are Driving Less and ...
Transportation and the New Generation: Why Young People Are Driving Less and ...Transportation and the New Generation: Why Young People Are Driving Less and ...
Transportation and the New Generation: Why Young People Are Driving Less and ...
 
Final project financing for development
Final project financing for developmentFinal project financing for development
Final project financing for development
 
Hunt Institute Multistate Overview
Hunt Institute Multistate OverviewHunt Institute Multistate Overview
Hunt Institute Multistate Overview
 
Policies and Affairs| Indigenous (First Nations| Analysis and Commentary
Policies and Affairs| Indigenous (First Nations| Analysis and CommentaryPolicies and Affairs| Indigenous (First Nations| Analysis and Commentary
Policies and Affairs| Indigenous (First Nations| Analysis and Commentary
 
Policies and Affairs - Indigenous - Canada
Policies and Affairs - Indigenous - CanadaPolicies and Affairs - Indigenous - Canada
Policies and Affairs - Indigenous - Canada
 
2016 Economic Outlook Presentation
2016 Economic Outlook Presentation 2016 Economic Outlook Presentation
2016 Economic Outlook Presentation
 
2019 Election| Job Quality and Employment| Canada | June 2019
2019 Election| Job Quality and Employment| Canada | June 20192019 Election| Job Quality and Employment| Canada | June 2019
2019 Election| Job Quality and Employment| Canada | June 2019
 
Canada and low income (poverty)
Canada and low income (poverty)Canada and low income (poverty)
Canada and low income (poverty)
 
Population Stratification, U.S. 1 C
Population Stratification, U.S. 1 CPopulation Stratification, U.S. 1 C
Population Stratification, U.S. 1 C
 
Urban Professionals Shopping Behaviour Report (US and UK)
Urban Professionals Shopping Behaviour Report (US and UK)Urban Professionals Shopping Behaviour Report (US and UK)
Urban Professionals Shopping Behaviour Report (US and UK)
 

Viewers also liked

Present Continuous - Presentation
Present Continuous - PresentationPresent Continuous - Presentation
Present Continuous - Presentationgorodetska
 
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)robinbad123100
 
farm mechanization
farm mechanization farm mechanization
farm mechanization Prabir Datta
 
тема 3 18.04.16
тема 3   18.04.16тема 3   18.04.16
тема 3 18.04.16kolch
 
Landslide monitoring systems & techniques
Landslide monitoring systems & techniquesLandslide monitoring systems & techniques
Landslide monitoring systems & techniquesmaneeb
 
Shruti Amin Resume 4-11-16
Shruti Amin Resume 4-11-16Shruti Amin Resume 4-11-16
Shruti Amin Resume 4-11-16Shruti Amin
 
Strategic Analysis of Bombardier Inc.
Strategic Analysis of Bombardier Inc.Strategic Analysis of Bombardier Inc.
Strategic Analysis of Bombardier Inc.Minghui Yu
 
ULUSLARARASI KARIYER ZIRVESI
ULUSLARARASI KARIYER ZIRVESIULUSLARARASI KARIYER ZIRVESI
ULUSLARARASI KARIYER ZIRVESIDamla Erim
 
Manual de robótica
Manual de robótica Manual de robótica
Manual de robótica Jhon Martinez
 
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...Tiarles Rodeghiero
 
Time Mastery Profile
Time Mastery ProfileTime Mastery Profile
Time Mastery ProfileChuck Apple
 

Viewers also liked (15)

Index
IndexIndex
Index
 
Present Continuous - Presentation
Present Continuous - PresentationPresent Continuous - Presentation
Present Continuous - Presentation
 
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)
36565 c7562acaacf28c2c4d3b0a01260a344b(autosave)
 
Imop
ImopImop
Imop
 
farm mechanization
farm mechanization farm mechanization
farm mechanization
 
тема 3 18.04.16
тема 3   18.04.16тема 3   18.04.16
тема 3 18.04.16
 
Landslide monitoring systems & techniques
Landslide monitoring systems & techniquesLandslide monitoring systems & techniques
Landslide monitoring systems & techniques
 
Shruti Amin Resume 4-11-16
Shruti Amin Resume 4-11-16Shruti Amin Resume 4-11-16
Shruti Amin Resume 4-11-16
 
Strategic Analysis of Bombardier Inc.
Strategic Analysis of Bombardier Inc.Strategic Analysis of Bombardier Inc.
Strategic Analysis of Bombardier Inc.
 
ULUSLARARASI KARIYER ZIRVESI
ULUSLARARASI KARIYER ZIRVESIULUSLARARASI KARIYER ZIRVESI
ULUSLARARASI KARIYER ZIRVESI
 
Chapter 14 - PhD Portfolio and publications
Chapter 14 - PhD Portfolio and publicationsChapter 14 - PhD Portfolio and publications
Chapter 14 - PhD Portfolio and publications
 
Manual de robótica
Manual de robótica Manual de robótica
Manual de robótica
 
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...
Mosaicos - Prof. Tiarles Rodeghiero - Estágio docente no mestrado em Ensino d...
 
Instalación
InstalaciónInstalación
Instalación
 
Time Mastery Profile
Time Mastery ProfileTime Mastery Profile
Time Mastery Profile
 

Similar to 2015 EAGB Regional Report

Alternative Workforce Development
Alternative Workforce Development Alternative Workforce Development
Alternative Workforce Development nado-web
 
Regional Snapshot--100 Metros
Regional Snapshot--100 MetrosRegional Snapshot--100 Metros
Regional Snapshot--100 MetrosARCResearch
 
Reaching a Postsecondary Attainment Goal: A Multistate Overview
Reaching a Postsecondary Attainment Goal: A Multistate OverviewReaching a Postsecondary Attainment Goal: A Multistate Overview
Reaching a Postsecondary Attainment Goal: A Multistate OverviewMolly Osborne
 
Decline in the us colllege enrollment
Decline in the us colllege enrollmentDecline in the us colllege enrollment
Decline in the us colllege enrollmentIndalytics Advisors
 
Boston's Immigrants: An Essential Component of a Strong Economy
Boston's Immigrants: An Essential Component of a Strong EconomyBoston's Immigrants: An Essential Component of a Strong Economy
Boston's Immigrants: An Essential Component of a Strong EconomyInstituto Diáspora Brasil (IDB)
 
2019 top us-markets-for-large-multifamily-investment-report
2019 top us-markets-for-large-multifamily-investment-report2019 top us-markets-for-large-multifamily-investment-report
2019 top us-markets-for-large-multifamily-investment-reportLane Kawaoka, PE
 
2021-5-May-20-Fort-Bend-EDC-Presentation.pptx
2021-5-May-20-Fort-Bend-EDC-Presentation.pptx2021-5-May-20-Fort-Bend-EDC-Presentation.pptx
2021-5-May-20-Fort-Bend-EDC-Presentation.pptxMaheshPatil527151
 
Fiscal and Economic Management| Federal and State Government| USA
Fiscal and Economic Management| Federal and State Government| USAFiscal and Economic Management| Federal and State Government| USA
Fiscal and Economic Management| Federal and State Government| USApaul young cpa, cga
 
Issue Issue 2 SHAPE MERGEF.docx
Issue                    Issue       2 SHAPE   MERGEF.docxIssue                    Issue       2 SHAPE   MERGEF.docx
Issue Issue 2 SHAPE MERGEF.docxchristiandean12115
 
ncrc_baltimore_lending_analysis_web-3
ncrc_baltimore_lending_analysis_web-3ncrc_baltimore_lending_analysis_web-3
ncrc_baltimore_lending_analysis_web-3Nicole West
 
Public Finance| Fiscal Management| The United States| State, Local and Federa...
Public Finance| Fiscal Management| The United States| State, Local and Federa...Public Finance| Fiscal Management| The United States| State, Local and Federa...
Public Finance| Fiscal Management| The United States| State, Local and Federa...paul young cpa, cga
 
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student SuccessArizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student Successbvontran
 
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student SuccessArizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student Successbvontran
 
Five reasons Americans can’t find jobs
Five reasons Americans can’t find jobsFive reasons Americans can’t find jobs
Five reasons Americans can’t find jobstorpidpenitenti59
 
US Remittance Market Research Report
US Remittance Market Research ReportUS Remittance Market Research Report
US Remittance Market Research Reportkenresearch12
 

Similar to 2015 EAGB Regional Report (20)

MIAMI
MIAMIMIAMI
MIAMI
 
Alternative Workforce Development
Alternative Workforce Development Alternative Workforce Development
Alternative Workforce Development
 
EB-5 Presentation
EB-5 Presentation EB-5 Presentation
EB-5 Presentation
 
Regional Snapshot--100 Metros
Regional Snapshot--100 MetrosRegional Snapshot--100 Metros
Regional Snapshot--100 Metros
 
Reaching a Postsecondary Attainment Goal: A Multistate Overview
Reaching a Postsecondary Attainment Goal: A Multistate OverviewReaching a Postsecondary Attainment Goal: A Multistate Overview
Reaching a Postsecondary Attainment Goal: A Multistate Overview
 
Decline in the us colllege enrollment
Decline in the us colllege enrollmentDecline in the us colllege enrollment
Decline in the us colllege enrollment
 
MHHI_CBA - Copy
MHHI_CBA - CopyMHHI_CBA - Copy
MHHI_CBA - Copy
 
Boston's Immigrants: An Essential Component of a Strong Economy
Boston's Immigrants: An Essential Component of a Strong EconomyBoston's Immigrants: An Essential Component of a Strong Economy
Boston's Immigrants: An Essential Component of a Strong Economy
 
2019 top us-markets-for-large-multifamily-investment-report
2019 top us-markets-for-large-multifamily-investment-report2019 top us-markets-for-large-multifamily-investment-report
2019 top us-markets-for-large-multifamily-investment-report
 
2021-5-May-20-Fort-Bend-EDC-Presentation.pptx
2021-5-May-20-Fort-Bend-EDC-Presentation.pptx2021-5-May-20-Fort-Bend-EDC-Presentation.pptx
2021-5-May-20-Fort-Bend-EDC-Presentation.pptx
 
Fiscal and Economic Management| Federal and State Government| USA
Fiscal and Economic Management| Federal and State Government| USAFiscal and Economic Management| Federal and State Government| USA
Fiscal and Economic Management| Federal and State Government| USA
 
Issue Issue 2 SHAPE MERGEF.docx
Issue                    Issue       2 SHAPE   MERGEF.docxIssue                    Issue       2 SHAPE   MERGEF.docx
Issue Issue 2 SHAPE MERGEF.docx
 
Career city index
Career city indexCareer city index
Career city index
 
ncrc_baltimore_lending_analysis_web-3
ncrc_baltimore_lending_analysis_web-3ncrc_baltimore_lending_analysis_web-3
ncrc_baltimore_lending_analysis_web-3
 
VPS Millennials LAC WP
VPS Millennials LAC WPVPS Millennials LAC WP
VPS Millennials LAC WP
 
Public Finance| Fiscal Management| The United States| State, Local and Federa...
Public Finance| Fiscal Management| The United States| State, Local and Federa...Public Finance| Fiscal Management| The United States| State, Local and Federa...
Public Finance| Fiscal Management| The United States| State, Local and Federa...
 
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student SuccessArizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
 
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student SuccessArizona's Economic Imperative: Leading the Nation in Latino Student Success
Arizona's Economic Imperative: Leading the Nation in Latino Student Success
 
Five reasons Americans can’t find jobs
Five reasons Americans can’t find jobsFive reasons Americans can’t find jobs
Five reasons Americans can’t find jobs
 
US Remittance Market Research Report
US Remittance Market Research ReportUS Remittance Market Research Report
US Remittance Market Research Report
 

2015 EAGB Regional Report

  • 3. page 3 Introduction TheEconomicAllianceofGreaterBaltimoreisapartnership of government, industry, and higher education promoting Greater Baltimore as a world-class market in which to live, work, learn, and invest. The organization promotes regional economic development through marketing, business retention, business attraction, partnership, and thought leadership. The Economic Alliance tracks the Baltimore Metropolitan Statistical Area (MSA) annually using key economic indicators. Throughout this report, Greater Baltimore is compared to the average of every US metropolitan region and to the US national average. Where specified, Greater Baltimore is ranked among the 25 most populous US metropolitan areas or benchmarked among select metro areas, determined to be comparable to the Greater Baltimore region. The Greater Baltimore Regional Report includes year-end data from sources such as the Bureau of Labor Statistics, the Census Bureau, the Bureau of Economic Analysis, and the National Science Foundation. A note regarding sources and timing: Data sources often lag for several months or years. The report uses the most recent year-end and monthly data available at the time the analysis is completed. This report is made available for reference and your own purposes. Contact us at 888.298.4322 or info@ greaterbaltimore.org with any questions. For more data, news, and updates on the Economic Alliance of Greater Baltimore, please visit us at www.greaterbaltimore.org. Defining the Region 4 Greater Baltimore and the Baltimore-Washington Corridor 4 Population 5 Demographics 6 Educational Attainment 7 The Regional Economy 8 Employment & Productivity 8 Entrepreneurship and Innovation 10 Quality of Life 11 Homeownership and Home Prices 11 Wage Growth and Purchasing Power 12 Climate & Amenities 13 Jobs & Investment 14 Expansion, Retention, and Relocation 14 New Development 15
  • 4. page 4 Defining the Region Greater Baltimore and the Baltimore-Washington Corridor The federally defined Baltimore Metropolitan Statistical Area (MSA) includes Baltimore City and the surrounding counties of Anne Arundel, Baltimore, Carroll, Harford, Howard and Queen Anne’s. Cecil County is a partner of the Economic Alliance, but is not included in official metropolitan data for Greater Baltimore. Where possible, Cecil County information is included in EAGB reporting. Additionally, the larger Baltimore-Washington Combined Statistical Area (CSA) is comprised of the Baltimore MSA, the Washington, DC MSA, and other small metro and micropolitan areas and is referred to as the Baltimore-Washington Corridor. Greater Baltimore is unique among the markets it is commonly compared to because of it borders with the Washing- ton, DC MSA, which allows the region to draw employees from a larger workforce than exists within its defined bound- aries. Commuting patterns support the notion of an expanded workforce region, as many residents of either region commute every day to work across metropolitan boundaries. Regional Commuters From Greater Baltimore to: From MD Suburbs of DC to: From DC to: From Northern VA to: Greater Baltimore 945,626 117,791 7,150 20,563 MD/DC Suburbs 149,284 471,745 37,132 86,470 DC 30,511 202,233 169,915 179,428 Northern VA 22,260 94,160 35,564 941,196
  • 5. page 5 Defining the Region Population Greater Baltimore is home to more than 2.7 million residents, making it one of the 25 largest metropolitan regions in the United States. The region’s population has grown 2.6 percent since 2010, faster than the New York, Chicago, Pittsburgh, and Detroit MSAs, but not as rapidly as the US metro average at 3.7 percent. Greater Baltimore is a diverse region. Twenty-eight percent of residents are black/African American; 5 percent are hispanic; and 5 percent are Asian. The median age for residents in Greater Baltimore is 38.2, the ninth-oldest age among the 25 largest metropolitan regions. Greater Baltimore has a typical age distribution, and the counties in the region are generally similar in terms of age distribution. Only Baltimore City stands out as having a large population of 22- to 29-year-olds. Greater Baltimore itself does not have a particularly large population of residents in any age group. Foreign-born residents of Greater Baltimore make up roughly 10 percent of the region’s population, below the share of foreign-born residents nationally and among all US metros. other asian hispanic black white white black hispanic asian other 59% 28% 5% 5% 3% Race in Greater Baltimore 2014
  • 6. page 6 Defining the Region Demographics Economies compete to attract talent. Skilled young professionals are the next generation of entrepreneurs and executives, and establishing a lifestyle and workplace culture that attracts young professionals can be beneficial to continued economic prosperity. Greater Baltimore ranks eighth among the 25 largest US metros for the growth of young professionals. Over the last five years, the number of young professionals in the region has grown just over 10 percent, similar to the rate of young professional growth in San Diego, San Francisco, and Houston. While the young professional age group does include 18- to 24-year-olds, the residency of subset of the population is particularly unstable. Many 18- to 24-year-olds have changed residence due to going to college in a different county or state, and have little desire to remain in the area following their graduation or after gaining experience at a first job. The 25- to 34-year-old subset of young professionals is slightly more stable, and as a result, is used to gauge the region’s ability to attract young, qualified workers with job opportunities and quality of life. Greater Baltimore would benefit from not only attracting 18- to 24-year-olds interested in the region’s world-class educational institutions but also from retaining them in the workforce following graduation. The region is attractive to college-educated young professionals. Greater Baltimore ranks seventh among the 25 largest US metros for the growth in young professionals with a Bachelor’s degree or higher. This subset of the population has grown roughly 22 percent since 2010, a rate competitive with Seattle, San Antonio, and San Francisco. Additionally, this population has degrees in relevant fields. Among the 25 largest US metros, Greater Baltimore has experienced the third-fastest growth of 25- to 39-year- olds with Education degrees; the fourth-fastest growth with Science & Engineering Related Fields, which lead to occupations as architects, clinical lab technicians, and pharmacists; and the fifth-fastest growth of young professionals with Business degrees. Greater Baltimore is particularly popular among young professionals with advanced degrees. While the total number of Greater Baltimore residents with advanced degrees has grown over 12 percent over the last five years, the number of 25- to 34-year-old residents with Master’s and Doctorate degrees in Greater Baltimore has grown over 30 percent over the same time period. Greater Baltimore has experienced the fourth fastest rate of growth of young professionals with advanced degrees among the 25 largest US metros, while overall growth of residents with advanced degrees has been slower than the US average. s, s, s, s,
  • 7. page 7 Defining the Region Educational Attainment Greater Baltimore is home to one of the most educated populations in the country. The region ranks fourth among the 25 largest US metros with over 16 percent of residents holding graduate or professional degrees and eighth with over 37 percent of residents with a Bachelor’s degree or higher. Greater Baltimore is significantly more dense with highly educated residents than the national average and the average US metro area. The nearby DC Metro has the highest concentration of college graduates in the country. Because the two metropolitan areas share a fluid workforce, employers in both regions have access to a combined talent pool of highly-skilled and well-educated people. Greater Baltimore’s universities are graduating students into high-wage jobs. The highest starting salaries for recent graduates are in computer science, engineering, and mathematics degree fields, and nearly 15 percent of Greater Baltimore residents have four-year degrees in computer science or engineering. Four-year universities in Maryland conferred over 11,700 degrees in STEM fields in 2014, including 4,200 degrees in technology fields, 3,000 degrees in engineering, and 550 degres in mathematics. US News and World Report recognizes Greater Baltimore colleges and universities as among the best regionally and nationally. Seven regional universities are also listed among the 100 best colleges for veterans in the US due to their participation in federal programs that serve active service members and veterans. Johns Hopkins University was named one of the best value schools in the country. Maryland Institute College of Art is listed as the #7 fine arts school in the country, and was ranked #3 in graphic design. Other media outlets have recognized the unparalleled higher education assets in Greater Baltimore. UMBC was one of just 20 public universities to be named a best buy in Fiske’s 2016 Guide to Colleges. Seven Greater Baltimore colleges and universities were named to the Princeton Review’s list of The Best 380 Colleges. US News and World Report Undergraduate Education Rankings 2016 National Universities 10 Johns Hopkins University 156 University of Maryland, Baltimore County National Liberal Arts Colleges 9 US Naval Academy 55 St. John’s College 112 Goucher College Most Innovative Schools 4 University of Maryland, Baltimore County 6 Goucher College Regional Universities (North) 3 Loyola University Maryland 43 Towson University 58 Notre Dame of Maryland University 79 Stevenson University 122 University of Baltimore Public Schools 1 US Naval Academy 12 Towson University 37 University of Baltimore 84 University of Maryland, Baltimore County
  • 8. page 8 The Regional Economy Employment & Productivity Greater Baltimore has exhibited strong employment growth over the last decade. The region has grown by 59,200 jobs since 2005, just over 4.5 percent in the ten-year period. This rate ranks thirteenth among the 25 largest US metros and is comparable to the growth of nearby Washington, DC, New York, and San Diego. The 25 largest US metros grew by an average of 5.8 percent between 2005 and 2014, 1.3 points faster than Greater Baltimore. Despite the region’s steady ten-year growth, employment growth since 2013 is slower than the US average and significantly slower than fast-growing large metropolitan regions. Between 2013 and 2014, Greater Baltimore employment grew 0.9 percent, a full point below the US average of 1.9 percent. The average one-year growth in employment among the 25 largest US metros in the same period totaled 2.3 percent, nearly 1.5 points greater than Greater Baltimore’s one-year growth rate. The Greater Baltimore unemployment rate of 5.5 percent has declined slowly from its peak in early 2010. The US unemployment rate, which sits at 4.9 percent, is below the unemployment rate in Greater Baltimore after having been multiple percentage points higher in the late 2000s. The unemployment rate in Greater Baltimore continues to trend nearly identically to the national rate of unemployment. Meanwhile, more residents than the national average in Greater Baltimore are part of the labor force, defined as employed or actively looking for work, which is an indication that residents are optimistic about job prospects. A declining unemployment rate coupled with low rates of labor force participation would signify that people are no longer searching for jobs.
  • 9. page 9 The Regional Economy Employment & Productivity Greater Baltimore’s economy was resilient through the recession of the late 2000s and has since grown steadily. The region experienced only a minor decrease in real output in the late 2000s while the average US metro suffered a nearly 3 percent decline in productivity during the financial crisis. After showing 3 percent growth immediately following the financial crisis, the regional economy has grown at roughly 1.5 percent annually. This rate of growth is slower, but remains more consistent, than that of the US and the average US metro. Exports from the State of Maryland reached historic highs in 2014. Over $12 billion worth of goods and services were exported from Maryland, $400 million more than in 2013. Greater Baltimore was responsible for nearly half of the State’s exports, amassing $5.9 billion in international sales in 2014. Greater Baltimore benefits greatly from its proximity to the federal government. Federal expenditure is responsible for roughly 12 percent of the region’s output, a figure that has risen slowly but steadily since 2001. The typical US metropolitan region generates about 4 percent of its output through federal expenditure. This economic activity generated by the federal government is generally reliable, and was key to Greater Baltimore’s steady economy through the last decade. Government expenditure now accounts for nearly $35 billion of output in Greater Baltimore, with over half of that total coming from federal expenditure. While the region should seek to capitalize on its proximity to the federal government, a natural advantage to many businesses in the region, it is wise to continue to mix commercialization and entrepreneurship into the Greater Baltimore’s economic base. Attempts to manage the federal budget, like those seen during sequestration, may have too large an impact on an economy that relies heavily on government contracts. Recently, the region and the State of Maryland have placed greater emphasis on commercialization of research and development projects that exist throughout the region as well as government technologies that could serve both public and private enterprise. In this way, firms in Greater Baltimore, and the region as a whole, have an opportunity to capitalize on the acyclical nature of the federal government while also realizing returns in the commercial market.
  • 10. page 10 Maintaining a growth in the rate at which startups are formed is critical to the productivity in Greater Baltimore. The entrepreneurial environment fostered around the region has helped to generate strong young firms. Fifty- one companies from Greater Baltimore were listed on the 2015 Inc. 5000, a comprehensive list of the fastest- growing private companies in the country. Many of the region’s fastest growing firms are in high-tech sectors; 15 of the region’s firms are in the IT services and software industries. Government services firms on the Inc. 5000 employ more people in Greater Baltimore than any other industry. The Regional Economy Entrepreneurship and Innovation An emphasis on innovation and entrepreneurship has led to increased productivity and job creation in Greater Baltimore and elsewhere. Because a majority of net new jobs are created by firms less than five years old, it is important to ensure that the infrastructure for the sustained success of new ventures is in place. Greater Baltimore and Maryland are consistently rated among the best places to launch a business. The US Chamber of Commerce rates Maryland as the #3 state in the country for innovation and entrepreneurship, noting the state’s dedication to research and development in BioHealth and Cyber Security and the abundance of STEM professionals in the State as key to its success as a top economic performer. According to the Kauffman Foundation, Greater Baltimore ranks second among US metros for the opportunity share of new entrepreneurs, defined as the number of new entrepreneurs that were not unemployed before launching their new business. New startups in the region are overwhelmingly founded by the already-employed. The Kauffman Foundation considers this a key metric in determining where entrepreneurship is being driven by market opportunity. The rate of startup formation, defined as the percentage of firms that are less than one year old, fell rapidly across the US following the financial and housing crises. Greater Baltimore has increased startup activity by 7.4% since 2010, compared to the US metro average of 3.1% and the national average of 3.5% over the same period.
  • 11. page 11 Quality of Life Homeownership and Home Prices Greater Baltimore residents often own their own homes. Since 2009, the rate of homeownership in Greater Baltimore has been roughly that of the US, but with more quarterly variation. Greater Baltimore has the seventh-highest rate of homeownership among the twenty-five largest US metros, and the fifth-highest rate of homeownership among select comparison markets. The rate of homeownership in Greater Baltimore is similar to that of Washington, DC, just below that of Philadelphia, and just above homeownership rates in Boston. New York has an unusually low rate of homeownership in the Northeast Corridor, likely due to the high cost of ownership and the frequency of young adults renting in New York City. Homeownership in Greater Baltimore is high in part because the region is relatively inexpensive compared to its large-market peers. As of Q2 2015, the median home price in Greater Baltimore is $254,500, twelfth among the twenty-five largest metro areas. Like most major metro areas, rental properties are available throughout the region, and rent prices are similar to those in nearby metro areas. As a result, Greater Baltimore is often named among cities in which it is cheaper to buy a house than to rent. The National Association of Realtors has established a Home Affordability Index according to metropolitan median income, median home price, and the prevailing mortgage interest rate to determine where residents are most likey to be able to afford a home. Among the 25 largest US metros, Greater Baltimore ranks eighth in this measure of home affordability. With a 2014 Affordability Index of 185.1, the Affordability Index indicates that a Greater Baltimore family earning the median family income and making a 20 percent down payment has 185 percent of the income necessary to qualify for a conventional loan. Among select comparison markets, Greater Baltimore residents earn wages that are most likely to afford them the opportunity for homeownership. The region is one of the most afforable regions among these similar markets.
  • 12. page 12 Quality of Life Wage Growth and Purchasing Power Greater Baltimore residents enjoy a low cost of living relative to those living in other large US markets. While the cost of living in the Baltimore-Washington corridor has risen over the last decade, it is still well below that of the US City Average. The Consumer Price Index (CPI) allows for measuring the price of goods over time. Prices in the Baltimore- Washington corridor and all US cities have risen nearly 55 percent since 1997, the reference year used for the Baltimore-Washington region’s CPI calculation. However, wages in Greater Baltimore have increased faster than the cost of living in the region, so that residents of the region have more buying power today than at nearly any other time in the last twenty years. Residents of Greater Baltimore generally have greater buying power than people in other markets due to steady inflation but faster wage growth than the average in other US cities. Residents of the region enjoy not only access to Greater Baltimore’s picturesque waterfront and world-class health care system, but do so at a far lower cost than residents of other cities like Boston and New York.
  • 13. page 13 Quality of Life Climate & Amenities As a historic port city, Greater Baltimore’s economy used to rely on water access. While the Port of Baltimore remains a strong economic engine, Greater Baltimore’s coastline has become as much a recreation feature and tourist attraction as a generator of productivity. The region sits on the Chesapeake Bay, and six of the eight municipalities that make up the region sit on the water. In total, Greater Baltimore features over 1,680 miles of shoreline that is used for trade, recreation, sightseeing, and natural environmental areas, all of which allow for unique activities and stunning views that benefit the region’s residents. Maryland is home to nearly 9,900 square miles of federal and state parkland, which covers over 6 percent of the state’s surface. Each municipality manages local parklands not counted in this total as well; Baltimore City alone has 7.6 square miles of green space, which represents over 8 percent of the City’s area. Counties shown here in darker green are more dense with public park space. Because of the abundance of nearby federal, state, and local parkland, residents of Greater Baltimore and the State of Maryland can easily partake in outdoor recreational activities or simply engage with the natural environment of the region. Greater Baltimore’s moderate climate offers a true four seasons and plenty of sunshine. The region sees an estimated 2,496.6 hours of sunshine every year, or 6.84 hours of sunshine per day. Residents of Greater Baltimore get as much sunshine as Houston and enjoy more hours of sunlight than Chicago, Detroit, and Portland. With 105 clear days every year, residents of Greater Baltimore have plenty of opportunities to enjoy the outdoor amenities available throughout the region. Greater Baltimore is home to a number of world-class hospitals, and residents have access to a standard of care that is unmatched elsewhere. Johns Hopkins Hospital was ranked the third best hospital in the country by US News and World Report and is nationally ranked in 15 adult specialties and 10 pediatric specialties. University of Maryland Medical Center is ranked nationally in two adult specialties and is home to the R Adams Cowley Shock Trauma Center, the first facility in the world to treat shock. Parkland Density in Maryland Counties
  • 14. page 14 Jobs & Investment Expansion, Retention, and Relocation New and Expanding Firms in Greater Baltimore 2014 - First Half 2015 Company County Jobs Expansion or Relocation Amazon Baltimore City 3,100 New Exelon Baltimore City 1,500 Consolidation/Expansion McCormick & Co. Baltimore 900 Retention Towson Square Baltimore 870 Redevelopment Project Johnson, Mirmiran & Thompson (JMT) Baltimore 630 Expansion Coastal Sunbelt Produce Howard 500 Expansion Kelly & Associates Baltimore 500 Expansion Reliable Church Hill Baltimore 500 Relocation IronNet Howard 260 New Pandora Baltimore City 250 New/Relocation Social Solutions Baltimore 200 Expansion Cisco/SOURCEfire Inc. Howard 197 Expansion Fuchs North America Carroll 160 New/Relocation BSC America Harford 150 Expansion Flagger Force Anne Arundel 150 Expansion Gordon Food Service Inc. Harford 150 New/Relocation Smith's Detection Harford 141 Expansion Frito-Lay, Inc. Harford 100 Expansion Loomis Armored US Baltimore 100 Expansion Prime AE Baltimore 100 Consolidation/Relocation Exelon Harford 95 Expansion Vorbeck Materials Corp. Howard 85 Expansion Accenture Federal Services Anne Arundel 80 Expansion Skyline Technologies Anne Arundel 77 Expansion Carlisle Etcetera LLC Carroll 75 Expansion Fourth Dimension Engineering Howard 75 Expansion idX Expanding Howard 75 Expansion Plan B Technologies Anne Arundel 65 New/Relocation Power Electronics Inc. Queen Anne's 65 Expansion BD Diagnostic Baltimore 60 Expansion IMC Anne Arundel 60 New/Relocation New and expanding firms in Greater Baltimore have generated nearly 9,900 jobs in 2014 and 2015. The region has grown to be a popular destination for firms across a variety of industries, including information technology and cyber security as well as logistics and distribution. Below are thirty notable firms with new and expanding operations in the Greater Baltimore region using data provided by jurisdictions within the region.
  • 15. page 15 Map of development sites Jobs & Investment New Development 1. Harbor Point Expansion & Regional Headquarters Status: In Progress/Planned Type: Office, Residential, Retail, Hotel Capital Investment: $270 million in Phase I Size: 3 million square feet mixed use Developer: Beatty Development 2. Canton Crossing Status: Architecture Review Capital Investment: $1 billion Size: 1.1 million square feet office Type: Office, Residential, Retail, Recreational Developer: COPT As Greater Baltimore continues to grow and attract businesses, many developers have invested in new buildings for office workers, health care, and residence. Over $2 billion of renovation and new construction has been proposed, is in progress, or has been recently completed in the region, creating more space to house firms and families. Over 11.7 million square feet of office, warehouse, hospital, and research and development space is being built in Greater Baltimore. While a great deal of development is taking place in Baltimore City, speculative warehouse space is being established in Harford County; over 90,000 square feet of office and laboratory R&D space is being built in Baltimore County, including the continued growth of the Metro Centre transit-oriented development project; and many existing projects in Anne Arundel County are being expanded to accomodate rapid growth. A map of the largest active projects is shown to here, and each project is listed below with additional details where available. ChesapeakeBay Patapsco River ANNE ARUNDEL BALTIMORE COUNTY CALVERT CAROLINE CARROLL CECIL CHARLES DORCHESTER FREDERICK HARFORD HOWARD MONTGOMERY PRINCE GEORGE’S QUEEN ANNE'S ST. MARY'S SOMERSET TALBOT BALTIMORE CITY DISTRICT OF COLUMBIA ADAMS CHESTERYORK LANCASTER FAIRFAX WESTMORELAND KING GEORGE PRINCE WILLIAM STAFFORD LOUDOUN PENNSYLVANIA VIRGINIA KENT5 4 1 3 210 9 6 7 8 18 11 12 13 14 15 16 17 19 20 21
  • 16. page 16 5. Johns Hopkins Skip Viragh Outpatient Cancer Building Status: In Progress Capital Investment: $100 million Size: 184,000 square feet Type: Medical 6. LifeBridge Health and Express Care Urgent Care Center Status: In Progress Capital Investment: $2 million Size: 5,000 square feet Type: Medical Business Growth New Development 3. Canton Crossing Status: Approved Capital Investment: $60 million Size: 13-story office tower Type: Office, Retail Developer: Merritt Properties LLC 4. Baltimore Crossroads Status: In Progress Size: 3 buildings, 89,310 square feet total Type: Office, Research and Development Developer: St. John Properties
  • 17. page 17 9. 300 E Pratt Status: Architecture Review Size: 200 hotel rooms, 400 residential units, 10,000 square feet of retail Type: Residential, Hotel, Retail Developer: Comstock Partners 10. 1 Light Street Status: Approved Size: 10 floors of office space, 14 floors of residential Type: Office, Residential Developer: Metropolitan Partnership Limited & J. Joseph Clarke New Development Business Growth 7. Port 95 Industrial Park Status: In Progress Capital Investment: $47.2 million Size: 2 buildings, 500,000 square feet total Type: Warehouse Developer: Chesapeake Real Estate Group 8. Perryman Logistics Center Status: In Progress Capital Investment: $40 million Size: 571,000 square feet Type: Warehouse Developer: Chesapeake Real Estate Group
  • 18. page 18 13. Towson Row Status: In Progress Capital Investment: $350 million Size: 1 million square feet total Type: Office, Residential, Hotel, Retail Developer: Caves Valley Partners 14. Little Patuxent Square Status: In Progress Size: 160 units, 160,000 square feet Type: Office, Residential Developer: Costello Construction & CORE Group New Development Business Growth 11. Metro Centre Status: In Progress Capital Investment: $50 million Size: 200,000 square feet total Type: Office, Retail Developer: David S. Brown Enterprises 12. Principio Business Park Status: Permitted Size: 1.2 million square feet Type: Warehouse W Old Philadelphia Rd 7 Gonce Rd Pulaski Highway BelvidereRd Perryville Cold Storage 1 Principio Pkwy Subject property 1.2 million SF
  • 19. page 19 17. 8115 Maple Lawn Boulevard Status: In Progress Size: 138,900 square feet Type: Office Developer: Greenbaum Enterprises 18. Eastgate Status: Seeking Entitlements Size: 2,275,500 square feet Type: Warehouse, Industrial Developer: MRP Industrial New Development Business Growth 15. The Metropolitan Downtown Columbia Status: In Progress Size: 380 units, 14,000 square feet of retail Type: Residential, Retail Developer: Howard Hughes & Kettler 16. Columbia Gateway Business Park Status: Completed, 2015 Size: 52,000 square feet Type: Office Developer: COPT & Manekin LLC
  • 20. page 20 21. Arundel Preserve Town Center Status: In Permitting Size: 242 apartments Type: Residential, Retail 19. Maryland Live! Casino Status: Expansion; In Planning Size: 300-room hotel, 20,000 square foot conference center Capital Investment: $150 million Type: Hotel, Retail Developer: Cordish Cos. 20. National Business Park North Status: In Progress, Planned Size: 350,000 square feet total Type: Office Developer: COPT New Development Business Growth