Baltimore reports more tax revenue and big-ticket development deals in 2024

One of the region’s main economic growth-focused nonprofits used the occasion of a brand reveal to highlight what 2024 brought in investments, ongoing development projects, real estate and job growth. 

This week’s Pulse Check event was the second time the Greater Baltimore Committee (GBC) released a “scorecard,” and about 400 ecosystem leaders came together at Towson University on Tuesday to get the news. This new report takes into account economic data like venture capital flow in the region or an out-of-state company constructing a new building. 

Mark Anthony Thomas, president and CEO of the GBC, joined several colleagues and other speakers in highlighting the assets and promise behind their efforts. 

“With the release of the 2024 scorecard,” said Thomas, “we have the data that shows our region has a healthy level of investment, but we’d love to see more.”

The GBC also announced a new regional “brand” at the event, summed up under the concept: “Bold Moves.” That phrase resulted from research among focus groups, interviews, evaluations of similar regions and a national survey to see how people perceive Baltimore externally. 

Leaders highlighted many regional projects from 2024 and other evergreen plans, as well as how they’ve influenced the economy. These initiatives ranged from the Sparrows Point Container Terminal redevelopment project to the new efforts to build up the Baltimore Peninsula neighborhood. 

Here are some takeaways from the scorecard’s findings.  

Manufacturing continues to grow in Maryland 

Manufacturing was a key part of Baltimore’s economy in 2024 and will continue to be for years to come, per the GBC’s report. 

Baltimore’s federal Tech Hubs bid focuses on biomanufacturing, as well as biotech capabilities, building up investor networks for entrepreneurs and reinvigorating job training in the region. The region missed out on two rounds of funding from the Economic Development Administration, and it’s unclear when the next round of hubs will receive capital. 

Despite that, manufacturing still made an impact throughout the region — one the scorecard defines as including Baltimore City, as well as Baltimore, Carroll, Anne Arundel, Howard, Harford and Cecil counties. The sector nabbed $1 of every $7 invested across venture funds and development deals. In 2024, manufacturing-focused companies scored 17 investments out of 85 transactions. That’s in addition to 25 development projects related to the industry out of 147 total planned  — a 127% increase from 2023. 

“Manufacturing remains a throughline for Baltimore’s 2024 success and growth,” said Patrick Hosford, the GBC’s director of strategy and research.

For example, Hellenic Cables just broke ground to establish a cable manufacturing facility in South Baltimore. The GBC’s report lists the deal at $300 million. 

In addition, Rapafusyn Pharmaceuticals, a builder of molecular glue steps away from the Johns Hopkins University Hospital, landed $28 million in one of last year’s top five investment deals.  

Tax revenue spikes 

The region generated $670 million in tax revenue in 2024 — a 68% increase from 2023. 

A bulk of the funds came from federal tax revenue ($154 million), plus $22 million from the state and $13 million from local jurisdictions, per the report.  

Some industries paid more than others: Transportation and warehousing contributed $189 million (a nearly 3,000% increase) while $158 million flowed from the utilities sector. 

Other key sectors the GBC highlighted include scientific and technical services, real estate, manufacturing and healthcare. 

Area businesses’ taxes are a matter of concern one of Anne Arundel County’s main industries: the state government. To raise $1 billion and close a budget gap, Maryland lawmakers previously considered a new 2.5% tax on services businesses sell to each other. Gov. Wes Moore announced Tuesday that that was no longer the case. 

Development deals are up, investment is down 

Baltimore saw about an 18% increase in capital flow from development projects compared to 2023, with major contributors like the Hellenic Cables deal and the $1 billion Sparrows Point Container Terminal redevelopment project. 

Conversely, investments in companies themselves are down by more than 50% from last year, with 85 deals culminating in $569 million. 

Baltimore isn’t unique in this slowdown, and a lot of the capital has been funneled to later-stage firms. 

Because of all of the developments in the region, Baltimore’s capital expenditures overall remain “steady,” said GBC’s Hosford. 

“Like the nation,” he added, “the region was shaped by mega projects which helped bolster and really drive capital expenditures in the region.”