Mayor, BDC Release 2014 Comprehensive Economic Development Strategy
Wednesday Nov 19th, 2014
FOR IMMEDIATE RELEASE
Mayor Rawlings-Blake, Baltimore Development Corporation Release 2014 Comprehensive Economic Development Strategy
New report offers five-year blueprint focused on creating a stronger economic future
BALTIMORE, Md. (November 19, 2014)—Today, Mayor Stephanie Rawlings-Blake joined Baltimore Development Corporation (BDC) President William Cole to release a new report, "Seizing the Momentum, Building a Brighter Future," a comprehensive economic development strategy that will build on the mayor's vision of growing Baltimore's population by supporting job growth, expanding business opportunities, encouraging entrepreneurship, and fostering economic inlcusion. This plan will help guide the City's economic development efforts for the next five years.
"Right now, Baltimore's economy is growing, and I plan to keep it that way," said Mayor Rawlings-Blake. "This new report will help us write the next chapter of success in Baltimore's rich history. By utilizing this comprehensive, results-driven strategy, I am certain that Baltimore will continue to attract and retain residents and businesses, expand job opportunities, and invest in our neighborhoods."
The new report highlights the economic assets that contribute to the health of the city's economy, identifies the factors currently impeding Baltimore's economic growth, and offers a series of strategic recommendations to grow Baltimore's economy over the next five years. The comprehensive economic development strategy for Baltimore City is centered around eight major approaches that will tap into Baltimore's potential to create a stronger economic future:
- Focus on Business Retention and Attraction
- Improve Baltimore's Resources for Small Business and Entrepreneurs
- Foster Economic Inclusion
- Expand Support for Mid-Size Companies
- Recruit Nationally and Internationally
- Focus Economic Development Efforts on Six Key Industry Clusters
- Use Investments and Real Estate Development to Support Economic Development Goals
- Work Strategically to Position Baltimore Regionally and Nationally as a Premier Place to do Business and Invest
"The report confirms some of what we already knew about small business, but also points to new exciting data on manufacturing and technology related industries," said BDC President William Cole. "Baltimore is growing and a number of diverse business sectors are driving that growth. With the strategies contained in the this report, BDC will focus on ways to sustain that expansion, while developing creative ways to support the Mayor's vision of growing small businesses, retaining existing businesses, and becoming an even more attractive place for business development and job creation."
The BDC prepared the comprehensive economic development strategy, which incorporates findings by Angelou Economics.
There will be a 30-day comment period, beginning today and ending Friday, December 19, 2014. To view the complete report or submit comments, visit baltimoredevelopment.com/ceds-report/.