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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Technical.ly
28-05-2025
- Technical.ly
EDA Tech Hubs get another shot at funding, thanks to a Trump administration overall that canceled 6 awards
The future of a historic effort to boost local innovation scenes with federal funds will get a defense-friendly overhaul under the Trump administration. Earlier this month, Department of Commerce Secretary Howard Lutnick said he directed the agency to 'revamp' the Economic Development Administration's (EDA) Tech Hubs program. In its place, Lutnick pledged a redone version 'to prioritize national security, project quality, benefit to the taxpayer and a fair process.' It also stripped six regions of $210 million in previously awarded funding, which Lutnick said wasn't available anyway. 'The process was rushed, opaque and unfair — administration officials did not make prospective applicants aware of the competition and chose awardees using outdated applications submitted nearly a year earlier,' Lutnick said. Lutnick and the Commerce Department neither elaborated on what flaws they found with the program nor provided any concrete examples. Instead, the EDA plans to open new funding opportunities this summer and announce 'selections' early next year. Lutnick also said that currently designated tech hubs can seek out funding alongside other possible ones. For regions that missed out on past grants, like Philadelphia and Baltimore, the announcement provides a new opportunity to compete for funds. But tech hubs facing the cancellation are now leaning more heavily on local partners to still try to accomplish their missions. The Commerce Department did not immediately return answers to questions about how it determined the process's flaws, including the lack of available funds for the awards the Biden administration gave to hubs in places like Alabama, Washington, Idaho and Vermont. It also did not answer questions about the status of any of the 31 tech hubs the last admin designated in 2023. Shifting priorities doesn't kill faith in PROPEL's mission The Philadelphia region's Tech Hub consortium is excited that the program will continue and that there will be another opportunity to submit their proposal, Tony Green, chief scientific officer for Ben Franklin Technology Partners, told 'EDA's goals for the program and our goals for the PROPEL Hub are in alignment — to bring innovation, manufacturing and jobs back to the US,' he said. Philly's hub is PROPEL: the National Center for Precision Medicine, which focuses on advancing biomanufacturing infrastructure, creating a strong workforce development pipeline, providing resources to local startups, and advancing commercialization and access to precision medicines. The consortium that put together the original $80 million proposal consists of over 100 organizations across southeastern Pennsylvania, northern Delaware and southern New Jersey. PROPEL was not selected for phase two funding or for the most recent round in January. However, stakeholders welcomed EDA leaders to Philly last fall to gather feedback and show off the work consortium members were already doing. At the time, Tech Hubs program director Eric Smith told the consortium should focus on refining its vision, emphasizing collaboration and providing more specifics in its proposal. Since then, members have been working to apply those critiques, Green said. 'We are confident we have addressed the important feedback we received from EDA while ensuring consistency with the current Administration's priorities,' Green said. 'In the end, the mission and vision of the Hub has not changed and remains vital to the health and economy of our region and to national security.' Baltimore's bid head evaluates fit under Trump priorities CEO Mark Anthony Thomas of the Greater Baltimore Committee said that his organization, which led the $70 million bid behind The Baltimore Tech Hub, learned about the pivot straight from the Commerce Department about two weeks ago. The agency specifically said that money granted in January would be reallocated; like PROPEL, the region's own biotechnology- and AI-focused project missed out on funding then, as well as the prior July, and also hosted a visit from EDA officials. Thomas saw Lutnick's memo as a positive development and a sign of confidence in the program. 'It's a validation of what created the need for the program, and then the continuation of the program under this administration,' he said. 'Which is a good sign, not even just for Baltimore, but for the overarching future of America's economy.' Going forward, the GBC aims to determine how its various projects, including the Tech Hub, can best align with the Trump administration's priorities for innovation. That will involve seeking out another partner, like it found in Accenture during the phase two process, to help translate the project into that shifted focus. 'What I want is a partner who truly can speak to the way this administration is thinking about economic development and global competitiveness,' he said, 'and help our existing projects and partners align their work with those federal goals and the broader market opportunity.' The region is well-positioned for at least one of the priorities mentioned in Lutnick's memo. The counties under the GBC's purview already boast several major national security assets, too, from a massive cybersecurity industry to defense installations like Aberdeen Proving Ground and Fort Meade. Despite funding pullback, Vermont's bid moves 'full steam ahead' One Tech Hub impacted by the funding cut, Vermont Gallium Nitride, acknowledged the award pullback with plans to draft a highly competitive proposal for its semiconductor project in the next round of funding. In the meantime, it already has the money and partnerships to continue making progress, according to Douglas Merrill, the University of Vermont's regional innovation officer. 'The Vermont Tech Hub continues to move forward full steam ahead, having attracted over $3.9 million in funding and 60 members and partners to date,' Merrill said. 'A new agreement with the Northeast Microelectronics Coalition (NEMC) will fund a key element of our Tech Hub — a semiconductor test and characterization laboratory, which will be available to Tech Hub and NEMC members by early 2026.' The other five Tech Hubs that lost funding did not immediately respond to request for comment. First round of funded Tech Hubs moves forward as planned For all Tech Hubs that have been awarded funding, the recent announcement has been a time to reflect on the work their doing and push ahead, leaders tell The 12 2024 grant awardees will be able to move forward as planned. Montana's Headwaters Tech Hub, Wisconsin's Biohealth Tech Hub, Tulsa's Tech Hub and South Florida's ClimateReady Tech Hub all confirmed with that they are doing as much. The other eight did not immediately respond to request for comment. 'All Tulsa Tech Hub initiatives are moving ahead as planned and fully funded,' said Hayden Hinchey, senior associate of marketing and communications at Tulsa Innovation Labs. The hub's mission focuses on securing autonomous systems for everything from agriculture to regional transportation. In Wisconsin, the Biohealth Tech Hub will remain focused on 'biohealth innovation that strengthens both our regional economy and national security,' said Rissa Guffey, senior director of marketing and communications at Bio Forward Wisconsin. The Biohealth Tech Hub's EDA webpage does not mention a focus on national security, though Lutnick stated it as a priority in his recent memo. The Headwaters Tech Hub in Montana is using AI and machine learning to build smart sensing systems that can be employed in rugged terrain, precision agriculture and roadway settings. The project was not directly impacted by the recent announcement and continues to maintain strong bipartisan support, according to Tim VanReken, executive director and regional innovation officer at the Headwaters Tech Hub. 'As we move forward, we're going to continue to bring attention to the importance of the technologies we develop in Montana,' he said. 'Highlighting these wins help [sic] highlight our region and the brand of innovation we're building, and our hope [that] it will also bring greater attention and understanding of the catalytic value of the Tech Hub Program investments.'
Technical.ly
27-05-2025
- Technical.ly
Industry leaders celebrate Baltimore's ‘bold moves' in biotech, sports and higher ed
A few months ago, one of the region's premier economic development organizations envisioned a dynamic future for Baltimore by announcing a new regional brand: ' Bold Moves.' That nonprofit, the Greater Baltimore Committee (GBC), leaned in further last week, when it convened the region's political, corporate and academic circles for the 2025 Baltimore Region Investment Summit. Designed to provide a snapshot of funding, growth and related opportunities within the city and surrounding counties, the event at Baltimore Center Stage offered leaders in various prominent sectors — including biotechnology, higher education, sports, defense and local government — the chance to celebrate regional wins. It also served as a spinoff event from the federal SelectUSA investment summit. Several of these speakers, including the city's chief executive, took that opportunity to embrace the GBC's messaging while praising its industry assets. 'Baltimore is the place to be for companies looking to make bold moves,' said Mayor Brandon Scott before naming several high-profile local firms (T. Rowe Price, Under Armour, CFG Bank) that built new headquarters in the city over the past few years. The GBC's chief economic officer Lakey Boyd explained that 'Bold Moves' captures Baltimore's identity as a place that drives change, even as it draws from its traditional strengths. It's all part of the GBC's overall goals of building bridges between industries and making the region attractive to outside investors. 'We're partnering public, private, big and small across our region, and we're winning — and those wins are about economic growth and shared prosperity,' Boyd said. 'So the concept of 'bold moves' positions the Baltimore region as a place that not only adapts to change, but drives it.' To that end, people like Deborah Hemingway, managing partner of medical technology-focused VC firm Ecphora Capital; Bob Storey, leader of biotech manufacturing accelerator The Launchport; CEO Ellington West of stethoscope and medical monitoring startup Sonavi Labs; and Tom Osha, executive vice president of research facility real estate firm Wexford Science and Technology all highlighted successes within the region's vibrant and university-driven life sciences sector. Goucher College President Kent Devereaux discussed plans for construction management giant Whiting-Turner to relocate its headquarters to the Towson school's campus. The event ended with a fireside conversation between Orioles owner David Rubenstein, whose private equity connections prompted a protest when he spoke at another event last year, and President Mohan Suntha of the University of Maryland Medical System. The GBC also held this event just a few days after it and UpSurge Baltimore, the startup ecosystem-building entity with whom the GBC pursued a federal Tech Hub bid before the two orgs combined, celebrated UpSurge's 200th Equitech Tuesday. That commemoration also marked the release of UpSurge's 2025 Baltimore Tech Ecosystem Report, which features such data points as $664.7 million in regional venture funding, 10 startup exits and 486 tech startups across the area.
Technical.ly
24-05-2025
- Technical.ly
Ecosystem building is more than a buzzword — it's a full-time job
As investing in innovation becomes a popular economic development strategy for cities and regions across the US, 'ecosystem builder' is no longer a niche title. It's a position with growing responsibilities and expectations of real outcomes. 'Everybody in this room is an ecosystem builder,' said Ashli Sims, managing director of Build in Tulsa. 'Whether you're professionally an ecosystem builder or not, you're all ecosystem builders.' That was the unambiguous message from 'Ecosystem Building is a Job Now: Organizing, Connecting and Storytelling,' a panel at the 2025 Builders Conference moderated by Smitha Gopal, COO of Baltimore-based EcoMap Technologies. Michael Binko, a co-creator of Startup America and longtime Baltimore-area entrepreneur, said that ecosystem building became necessary when entrepreneurs repeatedly found themselves lost in a tangle of disconnected resources. Through initiatives like Startup Maryland and the Startup Champions Network, Binko has spent more than a decade helping make those networks navigable. While abundant resources exist, he said, if you can't find them, it's meaningless. That includes investing in visibility. 'Get your entrepreneurs out in front of your media outlets and your resources,' Binko said. He later added: 'Celebration is storytelling.' Storytelling as leverage Tammi Thomas, chief development and marketing officer of TEDCO, made that case explicit. The Maryland -backed investor and venture development organization invested in sponsored content that resulted in measurable impact, including one startup securing $6 million in follow-on funding after being featured in Thomas emphasized the value of localized media partnerships, noting that 'local is also global' when the right stakeholders are engaged. From economic development officials to university research labs, TEDCO has used storytelling as a connective tissue across the ecosystem. Beyond the aforementioned $6 million, the startup highlighted got connected to economic development professionals and a university with lab space. 'So when Chris [Wink, CEO of was saying, 'What story were we telling?' we were telling that this startup company was a good bet for you to put money in,' she said. 'We were telling the state that this startup company was worth the tax incentives for them to wrap around those business resources.' Thomas also noted how TEDCO tries other ways of showcasing its ecosystems, including an upcoming drone video initiative to spotlight rural Maryland business communities. Sims, meanwhile, shared how Build in Tulsa draws on the legacy of Black Wall Street to create multigenerational wealth and opportunity in a city where, about a century ago, centers of Black wealth were targeted by racist violence. By connecting history to present-day entrepreneurship, she explained, storytelling becomes both cultural reclamation and economic strategy. Building equity and sustainability into ecosystem growth As panelists pointed out, the work of ecosystem building isn't new, but recognizing it as a job is. That understanding can enable more formalized roles, specific support and, in some cases, professional burnout. That's why defining the actual work matters. It means being intentional about metrics, Binko said. It means avoiding overly transactional relationships, Sims added, and instead cultivating shared goals and transparency. At stake in all of this is whether ecosystems can evolve equitably and sustainably. Build in Tulsa began just after COVID, in the shadow of the 100-year commemoration of the 1921 Tulsa Race Massacre. For Sims, that background demanded a vision rooted in equity. In just four years, Build in Tulsa has invested $13 million and supported 650 entrepreneurs — results Sims said 'took layering on top of [Tulsa's history] and bringing it future-forward for people to buy in.' She brought that sentiment into her response to Gopal's request for advice that audience members could take home. Listen to your community,' Sims said. 'That's going to unlock a lot.' Answering the same question, Thomas recommended a joyous approach: 'Go out there with gusto and be the beacon of light for everybody.' And when that gusto doesn't sustain you, remember that your community can, according to Binko. 'Ecosystem builder burnout is real,' Binko said. 'Rely on your ecosystem when your energy is low.'
