Where Do We Go from Here Sustainability & Innovation
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COUNTY BUSINESS UPDATE WEBINAR #3 CHIEF ADMINISTRATIVE OFFICE TARA JACKSON WHERE DO WE GO FROM HERE SUSTAINABILITY & INNOVATION FRIDAY, JULY 23RD | 9:30AM COUNTY REGIONAL DIRECTOR, U.S. SENATOR BEN CARDIN'S OFFICE JARRYD HAWKINS SPONORED BY: ECONOMI ST ANIRBAN BASU RECORDING IN SESSION OPEN REMARKS David Iannucci President & CEO Prince George's County Economic Development Corporation HOUSE KEEPING • IF YOU HAVE QUESTIONS DURING THE PRESENTATION PLEASE USE THE 'Q&A' BUTTON BELOW • CAMERAS AND MICROPHONES ARE DISABLED FOR THIS WEBINAR • THIS WEBINAR WILL BE AVAILABLE AT PGCEDC.COM/COVID19 AGENDA • OPEN REMARKS • PRINCE GEORGE'S COUNTY UPDATE ⚬ County steps to stimulate local economy ⚬ Regional Hospital ⚬ Impact of Federal infrastructure measure on County ⚬ Questions & Discussion • FEDERAL UPDATE ⚬ Infrastructure Bill ⚬ Questions & Discussion • ECONOMY UPDATE ⚬ Maryland State of Economy ⚬ Prince George’s County economy ⚬ 2021 and 2022 ⚬ Questions & Discussion COUNTY UPDATE Tara Jackson Chief Administrative Officer Prince George's County DISCUSSION TOPICS • County steps to stimulate localeconomy • Regional Hospital • Impact of Federal infrastructure measure on County INTRODUCTION OF SPEAKER David Harrington President & CEO Prince George's Chamber of Commerce FEDERAL UPDATE Jarryd Hawkins U.S. Senator Ben Cardin's Office DISCUSSION TOPICS • Infrastructure Bill • Questions & Discussion PRINCE GEORGE’S COUNTY CHAMBER OF COMMERCE WHERE DO WE GO FROM HERE? Jarryd Hawkins, United States Senator Ben Cardin’s Office 202-997-7725 [email protected] Acknowledgments COUNTY EXECUTIVE ANGELA ALSOBROOKS PRINCE GEORGE’S CHAMBER OF COMMERCE DAVID HARRINGTON & TEAM ECONOMIC DEVELOPMENT COMMITTEE TOM FARASY & ADENIA BRADLEY, CO-CHAIRS ECONOMIC DEVELOPMENT CORPORATION DAVID IANNUCCI & TEAM FIRST ELECTED TO THE SENATE IN 2006, SENATOR CARDIN CURRENTLY SERVES AS CHAIR OF THE SMALL BUSINESS & ENTREPRENEURSHIP COMMITTEE, WHICH IS ON THE FOREFRONT OF REBUILDING OUR ECONOMY. HE IS A SENIOR MEMBER OF THE SENATE FOREIGN RELATIONS, FINANCE, AND ENVIRONMENT & PUBLIC WORKS COMMITTEES. Federal Update COVID-19 INFRASTRUCTURE PACKAGE SMALL BUSINESS Covid-19 “These shots need to get in everybody’s arms as rapidly as possible or we’re going to be back in a situation in the fall that we don’t yearn for — that we went through last year.” –Sen. Mitch McConnell (R) Bipartisan Infrastructure Package Build Back Better! Small Business MAKING SURE SMALL BUSINESSES HAVE EQUITABLE ACCESS TO OPPORTUNITIES IN THE INFRASTRUCTURE PACKAGE. IMPROVING THE 8(A) PROGRAM. REAUTHORIZING THE MINORITY BUSINESS DEVELOPMENT AGENCY AS A STAND ALONE AGENCY. “IT IS LONG PAST TIME FOR CONGRESS TO MAKE MBDA PERMANENT AND GIVE THE AGENCY ALL THE RESOURCES NECESSARY TO SUPPORT MINORITY ENTREPRENEURS WHO FACE PERVASIVE AND HISTORIC BARRIERS TO BUSINESS OWNERSHIP.” – SEN. BEN CARDIN THANK YOU INTRODUCTION OF SPEAKER Adenia Bradley Business Development Communications Advisor Southern Management ECONOMIC UPDATE Anirban Basu Economist CAREER HIGHLIGHTS • Chairman & CEO of Sage Policy Group, Inc. • Chair of the Maryland Economic Development Commission. • Chairman of the Baltimore County Economic Advisory Committee • Johns Hopkins University in Global Strategy Lecuere • 2007 & 2016 Maryland’s 50 most influential people • 2010 Baltimore Business Journal 20 most powerful business leaders ECONOMIC UPDATE Anirban Basu Economist DISCUSSION TOPICS • Maryland State of Economy • Prince George’s County Economy • 2021 and 2022 Anirban Basu & The Chamber of Data By: Anirban Basu MPP, MA, JD, PhD Sage Policy Group, Inc. On Behalf of Prince George’s County Economic Development Corporation & Chamber of Commerce July 23rd, 2021 Photo: Fandom Toward the Post-Pandemic World The Prisoner of My-house- kaban A Global Economy Transfigured Real GDP Growth 2020, Estimated Annual Percent Change Source: International Monetary Fund, World Economic Outlook Database, April 2021 Economicus Destructus! Estimated Growth in Output by Select Global Areas, 2020 Advanced Economies -4.7% Euro Area -6.6% France -8.2% Germany -4.9% Italy -8.9% Spain -11.0% Japan -4.8% United Kingdom -9.9% Canada -5.4% Australia -2.4% United States -3.5% Emerging Market & Developing Economies -2.2% Sub-Saharan Africa -1.9% Emerging & Developing Europe -2.0% Russia -3.1% Emerging & Developing Asia -1.0% China 2.3% India -8.0% Middle East & Central Asia -2.9% Latin America & the Caribbean -7.0% Mexico -8.2% Brazil -4.1% -15.0% -10.0% -5.0% 0.0% 5.0% Annual % Change 2020 Global Output Growth: -3.3% Source: International Monetary Fund, World Economic Outlook Database, April 2021 Source: U.S. Bureau of Economic Analysis *3 Analysis of Economic Bureau U.S. Source: 1990 1990Q1 Product Domestic Gross -10% - -6% -8% -4% 10% -2% 2019 6% 0% 8% 4% 2% 1990Q1 1990Q4 1991Q3 – 1992Q2 2021Q1* 1993Q1 1993Q4 1994Q3 rd 1995Q2 (Final) Estimate (Final) 1996Q1 1996Q4 1997Q3 1998Q2 1999Q1 1999Q4 2000Q3 2001Q2 (SAAR) Period Preceding from % Change 2002Q1 2002Q4 2003Q3 2004Q2 2005Q1 2005Q4 2006Q3 2007Q2 2008Q1 2008Q4 2009Q3 2010Q2 2011Q1 2011Q4 2012Q3 2013Q2 2014Q1 2014Q4 2021Q1: +6.4% 2015Q3 2016Q2 2017Q1 2017Q4 2018Q3 2019Q2 2020Q1 2020Q4 2020 -40% -30% -20% -10% 0% 10% 20% 30% 40% - 2021 Help Not The Goblet of Wanted Lost Jobs Photo: Harrypotterfanzone.com Source: U.S. Bureau of Labor Statistics Bureau U.S. Source: April 2002-February 2020 June 2002 June 2002 Jobs inU.S. Change Net -1,000 -600 -800 -400 -200 600 800 400 200 0 Jun-02 Dec-02 Jun-03 – Dec-03 June 2021 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Monthly Job Growth (000’s) Growth Job Monthly Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 June 2021: June Jun-17 +850,000 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 -25,000 -20,000 -15,000 -10,000 -5,000 0 5,000 10,000 15,000 20,000 March 2020-June 2021 U.S. Nonfarm Employment by Industry Sector February 2020 v. June 2021 Leisure & Hospitality -2,181 Education & Health Services -1,028 Government -995 Professional & Business Services -633 Trade, Transportation, & Utilities -598 Manufacturing -481 Other Services -297 Construction -238 Information -178 Financial Activities -75 All told 6.8 million jobs lost Mining & Logging -60 -3,000 -2,000 -1,000 0 Thousands, SA Source: U.S. Bureau of Labor Statistics Maryland Nonfarm Employment by Industry Sector Groups (SA) February 2020 v. June 2021 Absolute Change Leisure & Hospitality -60,200 Education & Health Services -18,400 Trade, Transportation, & Utilities -13,200 Professional & Business Services -11,800 Government -9,600 Other Services -8,500 Mining, Logging, & Construction -8,400 MD Total: Financial Activities -144.7K; -5.2% -6,100 Manufacturing US Total (SA): -5,100 -6.8M; -4.4% Information -3,400 -70,000 -50,000 -30,000 -10,000 *According to the Local Area Unemployment Statistics (LAUS) program MD lost 249,118 jobs between February 2020 and June 2021. Source: U.S. Bureau of Labor Statistics Washington, DC-Arlington-Alexandria MSA Nonfarm Employment by Industry Sector Groups (NSA) February 2020 v. June 2021 Absolute Change Leisure & Hospitality -65,400 Education & Health Services -31,100 Other Services -16,700 Trade, Transportation, & Utilities -11,100 Financial Activities -7,300 Government -6,800 Information -4,900 DC MSA Total: Professional & Business Services -146.0K; -4.4% -3,500 Manufacturing US Total (SA): -800 Mining, Logging, & Construction -6.8M; -4.4% 1,600 -80,000 -60,000 -40,000 -20,000 0 Source: U.S. Bureau of Labor Statistics Employment Growth, 25 Largest Metros (NSA) February 2020 v. June 2021 Percent Change Rank MSA % Rank MSA % 1 San Antonio-New Braunfels, TX -1.0% Philadelphia-Camden-Wilmington, 14 -4.5% 2 Denver-Aurora-Lakewood, CO -1.1% PA-NJ-DE-MD 3 Dallas-Fort Worth-Arlington, TX -1.4% 15 Chicago-Naperville-Elgin, IL-IN-WI -4.6% 4 Charlotte-Concord-Gastonia, NC-SC -2.2% 15 Houston-The Woodlands-Sugar Land, TX -4.6% 4 Tampa-St. Petersburg-Clearwater, FL -2.2% 17 Detroit-Warren-Dearborn, MI -4.7% 6 Phoenix-Mesa-Scottsdale, AZ -2.4% 18 Boston-Cambridge-Nashua, MA-NH -4.9% 7 Atlanta-Sandy Springs-Roswell, GA -2.9% 19 Portland-Vancouver-Hillsboro, OR-WA -5.0% 8 Baltimore-Columbia-Towson, MD -3.0% 20 Miami-Fort Lauderdale-West Palm Beach, FL -7.0% 9 St. Louis, MO-IL -3.2% 21 San Diego-Carlsbad, CA -7.1% 10 Seattle-Tacoma-Bellevue, WA -3.5% 22 New York-Newark-Jersey City, NY-NJ-PA -7.4% 11 Minneapolis-St. Paul-Bloomington, MN-WI -3.6% 23 San Francisco-Oakland-Hayward, CA -8.0% 12 Riverside-San Bernardino-Ontario, CA -3.7% 24 Los Angeles-Long Beach-Anaheim, CA -8.2% Washington-Arlington-Alexandria, 13 -4.4% 25 Orlando-Kissimmee-Sanford, FL -10.4% DC-VA-MD-WV U.S. Percent Change Source: U.S. Bureau of Labor Statistics, Current 2/2020 v. 6/2021: -4.4% Employment Statistics (CES) Survey Source: U.S. Bureau of Labor Statistics Bureau U.S. Source: June 2000 June 2000 Rate Unemployment U.S. Unemployment Rate (%) 20.0 16.0 10.0 18.0 14.0 12.0 6.0 0.0 8.0 4.0 2.0 Jun-00 Dec-00 Jun-01 Dec-01 – Jun-02 June 2021 Dec-02 Jun-03 Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Total Unemployment Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Men Jun-11 Dec-11 Women Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Maryland Unemployment Rates by County May 2021 Rank Jurisdiction % Rank Jurisdiction % 1 Carroll County 4.1 13 Cecil County 5.1 2 Queen Anne's County 4.3 14 Washington County 5.5 2 St.