Using data to power Baltimore’s innovation-driven economic growth

As Maryland grapples with a state budget deficit and federal cuts continue, Baltimore faces a challenging economic landscape. 

The Greater Baltimore Committee is working to counterbalance these challenges through proactive federal engagement, robust data-driven strategies and new partnerships and collaborations. Our commitment is to drive growth, fortify local industries and ensure Baltimore not only withstands these fiscal headwinds but emerges stronger and more resilient.

The forthcoming Annual Investment Scorecard will shed light on untapped potential and highlight trends that matter. The Tech Hub designation continues to attract funding and spark innovation across sectors. At the recent International Economic Development Council (IEDC) 2025 Leadership Summit in DC, the Greater Baltimore Committee underscored our renewed pursuit of national partnerships. 

“Our partnership with IEDC is one of several activities we’ve initiated to strengthen our federal engagement,” said GBC CEO Mark Anthony Thomas, “and ensure the Baltimore Region’s economic vision makes us worthy of attention and investment.”

Discussions at the summit highlighted the critical role federal investment plays in supporting commercial and housing development, while addressing the uncertainties of the current political landscape. Bridging the gap between policy making and catalyzing economic opportunity remains at the forefront of our mission.

Economic development is not without its challenges. Over my career, finding the opportunity in challenge or crisis has been a constant. In sessions and conversations with my IEDC colleagues, some of us referenced strategies utilized during the 2008 financial crisis and the 2020+ pandemic. I have also worked in many communities hard hit by plant closures, industrial restructuring and military installation shutdowns. This can be serious and challenging work. The reward is in moving through these kinds of times to find revitalization, transformation and sustainability.

Our commitment to serving the Baltimore region means actively seeking ways to mitigate risk and foster sustainable development.

Driving innovation through data-driven initiatives and strategic partnerships

Baltimore’s status as a federal Tech Hub continues to drive innovation across several key sectors, including artificial intelligence, biotechnology and advanced manufacturing. Since fall 2023, the Baltimore Region Tech Hub has successfully leveraged $23.1 million in investments. Key projects fueling this innovation include:

• UpRise for Equitech (UpSurge + TEDCO): A $1.8 million initiative supporting startups and small businesses. 
• Early Charm Ventures Advanced Manufacturing Facility: A $1.2 million investment in collaboration with Coppin State University and MCB Real Estate. 
• EDA Consortium Accelerator Grant: A $500,000 grant to continue to build the capacity of the 49-member consortium and the Region Innovation Office (RIO) to prepare for the next funding phase. 

Federal support — most notably through the CHIPS & Science Act of 2022 — has allocated $10 billion over five years to bolster tech hubs nationwide. To date, 18 Tech Hubs have received a combined $714 million in funding over two years, signaling vast opportunities for further investments in innovation-driven growth. These strategic federal initiatives are integral to our mission of nurturing Baltimore’s burgeoning innovation ecosystem.

Recent political and administrative actions have sparked uncertainty about the continued flow of federal funds. The president wants Congress to rescind the CHIPS Act entirely; he has been calling it “horrible” and “bad.” 

For now, Baltimore’s innovation projects continue to move forward, but the region’s business investment and startup ecosystem largely underperforms based on our assets and potential. The data clearly speaks to the fragility of our economic environment.

The Annual Investment Scorecard is a window into that critically important data. It compiles statistics on regional investment, tracking capital flows, job creation and overall economic impact over the previous decade. The 2023 Investment Dashboard set the foundation for this effort. The 2024 Scorecard, unveiled at Pulse Check on March 17 at Towson University, provides an updated, comprehensive look at our economic environment. It is a call to action for local decisionmakers and investors to come together and leverage our assets for long-term growth.