2016 - eagb · the report uses the most recent data available at the time the analysis is...

2016R e g i o n a l R e p o R t

G r e a t e r B a lt i m o r e

Economic AlliAncE of GrEAtEr BAltimorE 1

Data sources often lag for several months or years. The report uses the most recent 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 [email protected] with any questions. For more data, news, and updates on the Economic Alliance of Greater Baltimore, please visit us at www.greaterbaltimore.org.

the economic alliance of Greater Baltimore is a partnership 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 data from sources such as the Bureau of labor Statistics, the Census Bureau, the Bureau of economic analysis, and the National Science Foundation.

Contents

2 Population

3 millennials

4 education

5 employment

6 Productivity

7 entrepreneurship

8 Quality of life

9 Jobs and investment

10 Development

2 Economic AlliAncE of GrEAtEr BAltimorE

GrEAtEr BAltimorE is home to 2.8 million residents, making it the 20th largest metropolitan area in the nation. over the past five years, Greater Baltimore’s growth has outpaced Philadelphia, Chicago and Detroit. the density of the millennial population (age 18–34) in the region is slightly higher than the large mSa average, and is similar to that of Boston and Dallas. Greater Baltimore predominantly attracts educated professionals from out-of-state, ranking 3rd in the share of bachelor’s degree holders among those who move into the region.

Population

Greater Baltimore

18-24 45-54

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

25 Largest MSAs

25-34 55-6435-44 64-75 75+

greater Baltimore

7%

6%

5%

4%

3%

2%

1%

0%25 largest MSas US

5-yeaR popUlation gRowth

popUlation age DiStRiBUtion

The median age in Greater Baltimore is 38, slightly higher than Washington D.C., but lower than New York and Philadelphia.

42% 46% 50% 54% 58%

washington, DC

Boston

Baltimore

San Francisco

Denver

Seattle

Minneapolis

St louis

philadelphia

ShaRe oF aDUltS FRoM oUt-oF-State holDing BaCheloR’S DegReeS


over the past 5 years, Greater Baltimore has experienced a 6 percent growth in its millennial population, outpacing the

large mSa and US averages. in comparison to the other metros, its growth is on par with Phoenix and los angeles, and is 4 percent higher than that of Washington, DC. though Greater Baltimore’s college-educated millennial growth rate is low in comparison to the national aggregates, when compared to the lower overall population growth in the region, Greater Baltimore is attracting young talented individuals at a higher density than most large mSas.

Millennials

greater Baltimore 25 largest MSas US

7%

6%

5%

4%

3%

2%

1%

0%

5-yeaR popUlation gRowth: 25- to 34-yeaR-olDS, 2010-2015

greater Baltimore

12%10%8%6%4%2%0%

5-yeaR popUlation gRowth: 25- to 34-yeaR-olDS with BaCheloR’S DegRee oR higheR 2010-2015

25 largest MSas US

Greater Baltimore is attracting young, talented individuals at the 5th highest density

among large MSAs.

ShaRe oF aDUltS FRoM oUt-oF-State holDing BaCheloR’S DegReeS

0% 2% 4% 6% 8% 10% 12%14%16% 18%

health professions

Business & Marketing

education

Social Sciences

engineering

Biological & Biomedical

Computer & info. Sciences

Fine arts

public policy

Comm. & Journalism

top 10 FielDS oF DegReeS ConFeRReD in gReateR BaltiMoRe


GrEAtEr BAltimorE is the 4th

most educated region among the large metros, with 17 percent of its population holding advanced or professional degrees. the state’s high schools are some of the best in the country in preparing students for higher education. US News and World Report awards medals to schools that have high rates of advanced Placement test participation and passing scores. approximately 29 percent of maryland schools were awarded gold and silver distinctions, making maryland college preparation the best in the nation.

national UniveRSitieS

Rank School 10 Johns Hopkins University 159 University of Maryland, Baltimore County

national liBeRal aRtS College Rank School 12 United States Naval Academy 53 St. John’s College 113 Goucher College 128 McDaniel College

Regional UniveRSitieS

Rank School 3 Loyola University of Maryland 51 Notre Dame of Maryland Univeristy 51 Towson University 75 Stevenson University

hiStoRiCally BlaCk CollegeS

Rank School 20 Morgan State University

MoSt innovative SChoolS Rank School 5 University of Maryland, Baltimore County 8 Goucher College

pUBliC SChoolS

Rank School 1 United States Naval Academy 14 Towson University 83 University of Maryland, Baltimore County

0.0% 10.0% 20.0% 30.0% 40.0%

Maryland

Connecticut

California

Florida

Mass.

high SChool ap peRFoRManCe: top 5 StateS By peRCentageoF SChoolS eaRning higheSt DiStinCtionS

greater Baltimore

45%40%35%30%25%20%15%10%5%0%

eDUCational attainMent: BaCheloR’S DegRee oR higheR

25 largest MSas US

Education

Undergraduate education RankingsUS News and World Rankings 2017

Greater Baltimore is home to more than 30 colleges and universities.


over the last ten years, Greater Baltimore’s employment has grown 5.8 percent, keeping it on track with the US average.

Comparable metro regions in growth over the last ten years include minneapolis and tampa.

Since the recession, the region has seen a steady decrease in unemployment to 4.0 percent, and as of December 2016, ranked as the 8th lowest unemployment rate among the 25 largest metros. Greater Baltimore ranks in the top 10 for highest labor force participation with a rate of 53 percent.

Boston

Denver

washington D.C.

San Francisco

Minneapolis

San antonio

Dallas

Baltimore

portland

Seattle

loweSt 10 UneMployMent RateS oF 25 laRgeSt MSaS, DeC. 2016

0% 1% 2% 3% 4% 5%

greater Baltimore

10%9%8%7%6%5%4%3%2%1%0%

10-yeaR eMployMent gRowth

25 largest MSas

US

UneMployMent Rate: Jan. 2006 to Jan. 2017

12%

10%

8%

6%

4%

2%

0%2006 2008 2010 2012 2014 2016

USGreater Baltimore

Employment

Broken out by county, Greater Baltimore unemployment levels range from 2.7 percent to 5.7 percent.

The educational services industry employment has grown more than 25 percent in the last 10 years, and 6 percent in 2016.


Chemicals

transportation equipment

Computer & electronic products

Machinery, except electrical

Miscellaneous Manufactured goods

inDUStRy ShaRe oF total MaRylanD expoRtS, 2016

0% 5% 10% 15% 20% 25%

government

Utilities

educational services, health care, and social assistance

professional and business services

Construction

Finance, insurance, real estate, rental, and leasing

arts entertainment and accommodation

transportation and warehousing

wholesale trade

0 .5 1 1.5 2

greater Baltimore’s productivity over the last ten years has continued to grow steadily. Since 2010, Greater Baltimore

GDP has increased consistently, on par with the national GDP. Government, utilities, and educational services, health care, and social assistance industries are the most densely represented in the region, all being more than 25 percent more productive than the national average. more than 50 percent of Greater Baltimore’s exports are from the chemical, transportation, and computer & electronic product industries.

4%3%2%1%0%

-1%-2%-3%-4%

2005 2007 2009 2011 2013 2015

Greater BaltimoreMSA Average

Productivity

annUal Change oF Real gDp 2005 to 2015

gReateR BaltiMoRe gDp inDUStRy DenSity, 2016(Ex. Government Density = 1.7x National Avg.)

If Greater Baltimore was a country, its $181 billion GDP would represent the 59th largest economy in the world.


inC. 5000 FiRMS in BaltiMoRetotal RevenUe oF $908M: By inDUStRy, 2016

San antonio

Baltimore

Denver

new york

San Francisco

San Diego

Chicago

phoenix

houston

Dallas

oppoRtUnity ShaRe oF new entRepReneURS: Top 10 of Large MSAs , 2016

70% 75% 80% 85% 90%

washington, D.C.

San antonio

Baltimore

Boston

San Diego

San Francisco

Denver

St. louis

Seattle

philadelphia

0% 50% 100% 150%

Business Products & Services

Advertising & Marketing

Consumer Products & Services

Government Services

OtherIT Services

Entrepreneurship

AccordinG to thE KAuffmAn indEx Greater Baltimore is one of the best metros for growing new ventures, ranking 3rd in startup growth, 5th for new business survival rate, and 7th in scale-ups. Greater Baltimore’s opportunity share of new entrepreneurs ranks 2nd of the largest metro regions in the US at 87 percent. Kauffman describes this ranking as a proxy indicator of the percent of new entrepreneurs starting businesses because they saw market opportunities. it measures the percent of new entrepreneurs who were not unemployed before starting their business.

Maryland is ranked 3rd in Innovation and Entrepreneurship by the US Chamber of Commerce.

new StaRtUp 5-yeaR eMployMent gRowth: Top 10 of Large MSAs , 2016

38%

22%

20%

9%

6%

5%


7%6%5%4%3%2%1%0%

2007 2009 2011 2013 2015

JoBS aDDeD By expanDing FiRMSpeRCent oF total eMployMent, 2007-2016

washington D.C.

new york

Boston

philadelphia

Baltimore

CoSt oF living CoMpaReD to national aveRage SeleCt CitieS, 2016

100% 120% 140% 160% 180%

Quality of Life

With A rElAtivEly loW cost of livinG compared to similar metros, and growing job opportunities, the Greater Baltimore region has consistently been ranked as a premiere place to live, work, and play. in 2016, The Daily Beast ranked it as the number three hottest destination and Money Magazine named the city of Columbia as the number one best place to live in the country. Baltimore was also named as one of the happiest cities to work by Forbes.

Detroit

Minneapolis

Baltimore

St. louis

Chicago

Riverside

washington

phoenix

Charlotte

philadelphia

56% 58% 60% 64%62% 68%66% 72%70% 74%

higheSt hoMeowneRShip RateS oF the 25 laRgeSt MSaS, 2016

RankeD 1St

Greater Baltimore is 40 minutes from Washington D.C., a 2 hour drive from the beach, and a 2 hour train ride from New York City.

Greater Baltimore MSA Average

eqUality

■ Maryland ranks 1st in Overall Policy on the Asset and Opportunity scorecard by CFED

■ Maryland ranks 1st in the Bloomberg News U.S. Gender-Equality Leadership Ranking

new anD expanDingNearly 9,700 jobs were generated from new and expanding firms within the Greater Baltimore region. Four organizations made the decision to bring their global or regional headquarters to Greater Baltimore. listed below are the notable firms that moved into, or grew within the region.


Jobs & investment

CoMpany

amazon

Under armour

Morgan Stanley

Coastal Sunbelt produce

Maryland live Casino

oceaneering international*

xpo logistics

Fedex Distribution Center

ironnet Cybersecurity

praxis engineering*

harbor Designs

Cisco - Sourcefire, inc.

american Urological

BSC america

taylor Farms

Smiths Detection, inc.

Frito-lay

Compass pointe healthcare System

green valley Marketplace

giant grocery

keyw Corporation

lidl*

loomis armored U.S.

gordon Food Services

applied technology group*

loCation

Baltimore City

Baltimore County

Baltimore City

Howard County

Anne Arundel County

Anne Arundel County

Harford County

Baltimore County

Howard County

Anne Arundel County

Baltimore City

Howard County

Anne Arundel County

Harford County

Howard County

Harford County

Harford County

Baltimore County

Anne Arundel County

Anne Arundel County

Anne Arundel County

Cecil County

Baltimore County

Harford County

Carroll County

new JoBS

3,500

1,000

800

400

400

400

400

300

260

250

200

200

170

150

150

141

140

125

120

100

100

100

100

90

75

type

New/Expanding

Expanding

Expanding

Expanding

Expanding

Expanding

New

Expanding

New

Expanding

Expanding

Expanding

Expanding

Expanding

Expanding

Expanding

Expanding

New

New

New

Expanding

New

Expanding

Expanding

New

* denotes global or regional headquarters


ovEr thE lAst fEW yEArs, Greater Baltimore has seen a resurgence of development projects throughout the entire region. in 2016, over 55 million square feet of development hasbeen proposed, is in progress, or was completed region-wide. of these projects, many are mixed use properties with office, residential, retail, and warehouse space.

Development

Carroll

Howard

Anne Arundel

Baltimore County

Balt. City

Harford

Cecil

3

4

5

1

12

8

10

11

6

7

2

9

A map of the largest projects is shown here, and each project is listed on the following pages, with additional details where available.


Development

StatUS: Completed in June 2016

Size: 300,000 sq ft

Capital inveStMent: $60 million

type: Retail

3. elDeRSBURg CoMMonS

StatUS: In Progress

Size: 13 million sq ft

Capital inveStMent: $2.3 billion

type: Residential, Retail, Office

4. Downtown ColUMBia

StatUS: Completed in November 2016

Size: 50 acres; 380,000 sq ft


type: Mixed Use

StatUS: In Progress

Size: 45 acres; over 1.62 million sq ft


type: Office, Retail, Residential, Educational Facilities

1. FoUnDRy Row 2. MetRo CentRe

BaltiMoRe CoUnty BaltiMoRe CoUnty

CaRRoll CoUnty howaRD CoUnty


Development

7. pRinCipio BUSineSS paRk

StatUS: In Progress Size: 1,000 acres; 6 million sq ft

Capital inveStMent: Includes Lidl’s $100 million expansion, as well as Amazon’s $90 million expansion

type: Warehouse, Industrial

StatUS: In Progress

Size: 3,100 acres; 15 million sq ft

Capital inveStMent: $2 billion

8. tRaDepoint atlantiC

StatUS: In Progress

Size: 1,620 acres; over 4.2 million sq ft


type: Office, Retail, Warehouse, Residential

StatUS: In Progress

Size: 243 acres; 2.3 million sq ft

type: Warehouse, Industrial

5. oDenton town CenteR 6. eaStgate

anne aRUnDel CoUnty haRFoRD CoUnty

CeCil CoUnty BaltiMoRe CoUnty


Development

StatUS: In Progress

Size: 266 acres; 15 million sq ft

Capital inveStMent: $5.5 billion

type: Retail, Residential, Office, Industrial

9. poRt Covington

StatUS: In Progress

Size: 165,000 sq ft


type: Manufacturing

11. FRito lay

StatUS: In Progress


type: Office, Industrial, Retail, Residential

10. gReenleigh at CRoSSRoaDS

StatUS: In Progress, Phase I completed in 2016

Size: 400,000 sq ft in Phase II

Capital inveStMent: $1.1 billion (All phases)

type: Retail, Residential, Office

12. haRBoR point

BaltiMoRe City BaltiMoRe CoUnty

haRFoRD CoUnty BaltiMoRe City

410.468.0100 | 888.298.4322 | GreaterBaltimore.org

2016 - eagb · the report uses the most recent data available at the time the analysis is...

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