2016 Regional Report

Greater

he Economic Alliance of Greater Baltimore is a partnership of T 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 Contents such as the Bureau of Labor Statistics, the Census Bureau, the Bureau of 2 Population 7 Entrepreneurship Economic Analysis, and the National 3 Millennials 8 Quality of Life Science Foundation. 4 Education 9 Jobs and Investment Data sources often lag for several months or years. The report uses the most recent data available at the 5 Employment 10 Development 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 6 Productivity any questions. For more data, news, and updates on the Economic Alliance of Greater Baltimore, please visit us at www.greaterbaltimore.org.

Economic Alliance of Greater Baltimore 1 Population

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.

5-year Population Growth Share of Adults from Out-of-State Holding Bachelor’s Degrees Washington, DC 7% Boston 6% Baltimore 5% San Francisco 4% Denver 3% Seattle 2% Minneapolis

1% St Louis

0% Philadelphia Greater Baltimore 25 Largest MSAs US 42% 46% 50% 54% 58%

Population Age Distribution Greater Baltimore 25 Largest MSAs 16.0% 14.0% The median age in 12.0% Greater Baltimore is 10.0% 38, slightly higher 8.0% than Washington D.C., but lower than New 6.0% York and Philadelphia. 4.0% 2.0% 0.0% 18-24 25-34 35-44 45-54 55-64 64-75 75+

2 Economic Alliance of Greater Baltimore Millennials

5-year Population Growth: 25- to 34-Year-Olds, 2010-2015 ver the past 5 years, Greater Baltimore 7% has experienced a 6 percent growth in 6% its Millennial population, outpacing the 5% O large MSA and US averages. In comparison 4% to the other metros, its growth is on par 3% with Phoenix and Los Angeles, and is 4 2% 1% percent higher than that of Washington, DC. 0% Though Greater Baltimore’s college-educated Greater Baltimore 25 Largest MSAs US millennial growth rate is low in comparison to the national aggregates, when compared to the lower overall population growth in the 5-year Population Growth: 25- to 34-Year-Olds with Bachelor’s Degree or Higher 2010-2015 region, Greater Baltimore is attracting young 12% talented individuals at a higher density than Share of Adults from Out-of-State Holding Bachelor’s Degrees 10% most large MSAs. 8% 6% 4% 2% 0% Greater Baltimore 25 Largest MSAs US

Greater Baltimore is attracting young, talented individuals at the 5th highest density among large MSAs.

Top 10 Fields of Degrees Conferred in Greater Baltimore Health Professions Business & Marketing Education Social Sciences Engineering Biological & Biomedical Computer & Info. Sciences Fine Arts Public Policy Comm. & Journalism 0% 2% 4% 6% 8% 10% 12%14%16% 18%

Economic Alliance of Greater Baltimore 3 Education

Undergraduate Education Rankings US News and World Rankings 2017 Greater Baltimore is the 4th National Universities most educated region among the large Rank School metros, with 17 percent of its population 10 159 University of Maryland, Baltimore County holding advanced or professional degrees. The state’s high schools are some of the best in National Liberal Arts College the country in preparing students for higher Rank School 12 United States Naval Academy education. US News and World Report awards 53 St. John’s College medals to schools that have high rates of 113 128 McDaniel College Advanced Placement test participation and passing scores. Approximately 29 percent Regional Universities Rank School of Maryland schools were awarded gold and 3 Loyola University of Maryland silver distinctions, making Maryland college 51 Notre Dame of Maryland Univeristy 51 preparation the best in the nation. 75

Historically Black Colleges Rank School 20

Most Innovative Schools Rank School 5 University of Maryland, Baltimore County 8 Goucher College Greater Baltimore is home to more than 30 colleges and universities. Public Schools Rank School 1 United States Naval Academy 14 Towson University 83 University of Maryland, Baltimore County

Educational Attainment: Bachelor’s Degree or Higher High School AP Performance: Top 5 states by percentage of Schools Earning Highest Distinctions 45% 40% 35% Maryland

30% Connecticut 25% 20% California

15% Florida 10% 5% Mass. 0% Greater Baltimore 25 Largest MSAs US 0.0% 10.0% 20.0% 30.0% 40.0%

4 Economic Alliance of Greater Baltimore Employment

Unemployment Rate: Jan. 2006 to Jan. 2017 12% 10% 8% 6% 4% 2% 0% 2006 2008 2010 2012 2014 2016 Greater Baltimore US

10-Year Employment Growth 10% The educational 9% services industry 8% employment has 7% grown more than 6% 25 percent in the 5% last 10 years, and 4% 6 percent in 2016. 3% 2% 1% 0% ver the last ten years, Greater Baltimore’s Greater 25 Largest US Baltimore MSAs employment has grown 5.8 percent, Okeeping it on track with the US average. Lowest 10 Unemployment Rates of 25 Largest MSAs, Dec. 2016 Comparable metro regions in growth over the Boston last ten years include Minneapolis and Tampa. Denver Since the recession, the region has seen Washington D.C. a steady decrease in unemployment to 4.0 San Francisco percent, and as of December 2016, ranked Minneapolis as the 8th lowest unemployment rate among San Antonio Dallas the 25 largest metros. Greater Baltimore Baltimore ranks in the top 10 for highest labor force Portland participation with a rate of 53 percent. Seattle 0% 1% 2% 3% 4% 5%

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

Economic Alliance of Greater Baltimore 5 Productivity

Annual Change of Real GDP 2005 to 2015 reater Baltimore’s productivity over the MSA Average Greater Baltimore last ten years has continued to grow 4% Gsteadily. Since 2010, Greater Baltimore 3% GDP has increased consistently, on par with 2% the national GDP. Government, utilities, 1% and educational services, health care, and 0% social assistance industries are the most -1% -2% densely represented in the region, all being -3% more than 25 percent more productive than -4% the national average. More than 50 percent 2005 2007 2009 2011 2013 2015 of Greater Baltimore’s exports are from the

chemical, transportation, and computer & Greater Baltimore GDP Industry Density, 2016 electronic product industries. (Ex. Government Density = 1.7x National Avg.) 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

Industry Share of Total Maryland Exports, 2016 Chemicals Transportation Equipment Computer & Electronic Products Machinery, Except Electrical Miscellaneous Manufactured Goods 0% 5% 10% 15% 20% 25%

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

6 Economic Alliance of Greater Baltimore 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.

Inc. 5000 Firms in Baltimore Opportunity Share of New Entrepreneurs: Total Revenue of $908m: By Industry, 2016 Top 10 of Large MSAs , 2016 San Antonio Baltimore IT Services Other Denver New York Business San Francisco Products 20% San Diego & Services Chicago 5% 38% Phoenix Houston Dallas 6% 70% 75% 80% 85% 90% Advertising 9% & Marketing 22% New Startup 5-Year Employment Growth: Top 10 of Large MSAs , 2016 Consumer Products Washington, D.C. & Services San Antonio Baltimore Government Services Boston San Diego San Francisco Maryland is ranked 3rd in Innovation Denver and Entrepreneurship by the St. Louis US Chamber of Commerce. Seattle Philadelphia 0% 50% 100% 150%

Economic Alliance of Greater Baltimore 7 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.

Equality Highest Homeownership Rates of the 25 Largest MSAs, 2016

Detroit st Ranked 1 Minneapolis Baltimore ■ Maryland ranks 1st in Overall Policy on the St. Louis Asset and Opportunity scorecard by CFED Chicago Riverside Washington st ■ Maryland ranks 1 in the Bloomberg News Phoenix U.S. Gender-Equality Leadership Ranking Charlotte Philadelphia 56% 58% 60% 62% 64% 66% 68% 70% 72% 74%

Jobs Added by Expanding Firms Cost of Living Compared to National Average Select Cities, 2016 Percent of Total Employment, 2007-2016 7% Washington D.C. 6% New York

5% Boston 4% Philadelphia 3% Baltimore 2% Greater Baltimore MSA Average 1% 0% 100% 120% 140% 160% 180% 2007 2009 2011 2013 2015

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.

8 Economic Alliance of Greater Baltimore Jobs & Investment

New and Expanding Nearly 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.

COMPANY LOCATION NEW JOBS TYPE

Amazon Baltimore City 3,500 New/Expanding Under Armour Baltimore County 1,000 Expanding Morgan Stanley Baltimore City 800 Expanding Coastal Sunbelt Produce Howard County 400 Expanding Maryland Live Casino Anne Arundel County 400 Expanding Oceaneering International* Anne Arundel County 400 Expanding XPO Logistics Harford County 400 New FedEx Distribution Center Baltimore County 300 Expanding IronNet Cybersecurity Howard County 260 New Praxis Engineering* Anne Arundel County 250 Expanding Harbor Designs Baltimore City 200 Expanding Cisco - Sourcefire, Inc. Howard County 200 Expanding American Urological Anne Arundel County 170 Expanding BSC America Harford County 150 Expanding Taylor Farms Howard County 150 Expanding Smiths Detection, Inc. Harford County 141 Expanding Frito-Lay Harford County 140 Expanding Compass Pointe Healthcare System Baltimore County 125 New Green Valley Marketplace Anne Arundel County 120 New Giant Grocery Anne Arundel County 100 New KEYW Corporation Anne Arundel County 100 Expanding Lidl* Cecil County 100 New Loomis Armored U.S. Baltimore County 100 Expanding Gordon Food Services Harford County 90 Expanding Applied Technology Group* Carroll County 75 New

* denotes global or regional headquarters

Economic Alliance of Greater Baltimore 9 Development

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 has been proposed, is in progress, or was completed region-wide. Of these projects, many are mixed use properties with office, residential, retail, and warehouse space.

Cecil 7 Carroll Harford

Baltimore County 11

3 6 1 2

Balt. City 10

12 9 Howard 8

4

5 Anne Arundel

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

10 Economic Alliance of Greater Baltimore Development

1. Foundry Row 2. Metro Centre Status: Completed in November 2016 Status: In Progress Size: 50 acres; 380,000 sq ft Size: 45 acres; over 1.62 million sq ft Capital Investment: $140 million Capital Investment: $550 million Type: Mixed Use Type: Office, Retail, Residential, Educational Facilities

Baltimore County Baltimore County

3. Eldersburg Commons 4. Downtown Columbia

Status: Completed in June 2016 Status: In Progress Size: 300,000 sq ft Size: 13 million sq ft Capital Investment: $60 million Capital Investment: $2.3 billion Type: Retail Type: Residential, Retail, Office

Carroll County Howard County

Economic Alliance of Greater Baltimore 11 Development

5. Odenton Town Center 6. Eastgate

Status: In Progress Status: In Progress Size: 1,620 acres; over 4.2 million sq ft Size: 243 acres; 2.3 million sq ft Capital Investment: $15 million Type: Warehouse, Industrial Type: Office, Retail, Warehouse, Residential

Anne Arundel County Harford County

7. Principio Business Park 8. Tradepoint Atlantic

Status: In Progress Size: 1,000 acres; 6 million sq ft Status: In Progress Capital Investment: Includes Lidl’s $100 million Size: 3,100 acres; 15 million sq ft expansion, as well as Amazon’s $90 million expansion Capital Investment: $2 billion Type: Warehouse, Industrial

Cecil County Baltimore County

12 Economic Alliance of Greater Baltimore Development

9. Port Covington 10. Greenleigh at Crossroads

Status: In Progress Status: In Progress Size: 266 acres; 15 million sq ft Capital Investment: $100 million Capital Investment: $5.5 billion Type: Office, Industrial, Retail, Residential Type: Retail, Residential, Office, Industrial

Baltimore City Baltimore County

11. Frito Lay 12. Harbor Point

Status: In Progress Status: In Progress, Phase I completed in 2016 Size: 165,000 sq ft Size: 400,000 sq ft in Phase II Capital Investment: $122 million Capital Investment: $1.1 billion (All phases) Type: Manufacturing Type: Retail, Residential, Office

Harford County Baltimore City

Economic Alliance of Greater Baltimore 13 410.468.0100 | 888.298.4322 | GreaterBaltimore.org