The Greater Baltimore region is the 20th largest metropolitan population in the U.S. with more than 2.8 million residents and encompasses more than 2,500 square miles of diverse land. With its premier geographic location, the region provides overnight access to one-third of the U.S. consumer market. For residents, it is a short trip from Washington D.C., New York, Philadelphia and Boston.
The 2016 Regional Report provides an overview of Greater Baltimore’s performance over a wide range of economic and social metrics.
The Greater Baltimore region is the economic center for the state of Maryland, representing 50 percent of the state's GDP. Residents enjoy high per capita incomes and employers find a highly-educated workforce.
When it comes to employment growth, Greater Baltimore has consistently performed better than the U.S. average over the last 10 years. The region's diverse industry base has seen continued growth, and with companies and organizations having easy access to a talented workforce, Greater Baltimore continues to not only develop, but thrive.
As of April 2018, Greater Baltimore has the 13th lowest unemployment rate among the 25 largest U.S. metros at 3.9 percent, identical to the U.S. average (3.9 percent).
As can be seen listed below, the region’s top employers come from a wide range of industries that span both the public and private sectors. To see who else makes the list, download our Top 100 Employers list.
The region’s top military institutions, Fort George G. Meade and Aberdeen Proving Ground (APG), employ over 50,000 people.
The top three health care companies, Johns Hopkins Health System, University of Maryland Health System and MedStar Health, employ roughly 54,000 people.
IT and defense contractors Northrop Grumman, Lockheed Martin, CSC, Booz Allen Hamilton, and Textron Systems employ over 15,600 people.
Retailers and distributors like Wal-Mart, UPS, Giant Food, Home Depot, and Target employ over 46,000 people.
In addition, the Maryland Department of Commerce reports top employers both statewide and by county.
Given its geographic location on the Northeast corridor, the Greater Baltimore market presents a great value for real estate. The low costs of buying and leasing property, both residential and commercial, present a competitive advantage for businesses and home buyers looking to expand in or relocate to Greater Baltimore.
The office market in Greater Baltimore presents the opportunity for affordable expansion and relocation. From low-cost commercial and industrial space, to high-end office buildings and manufacturing facilities, the Greater Baltimore market is built to suit the various needs of many different types of businesses.
The Economic Alliance of Greater Baltimore helps businesses during the expansion or relocation process. Please contact us for more information about how we can help you grow in the Greater Baltimore community.
The Greater Baltimore housing market offers one of the best values among all major U.S. coastal metros. The affordable home prices create a favorable market for potential buyers and renters.
As of April 2018, Greater Baltimore's median home price was $262,000 and came in marginally higher than that of the U.S. average of $215,000. However, the region’s price remained lower than most other coastal markets, including neighboring D.C. at $566,000.
Greater Baltimore's production level is the 21st largest in the nation, with a regional GDP rivaling that of New Zealand and Portugal.
Maryland ranks 2nd in public schools AP test scores according to US News & World Report.
At 6 percent growth, the 5-year change in the region's millennial population outpaces the other large metros' and U.S. averages.
Maryland ranked 7th for its rate of green commercial and industrial space in 2016, tracked by the U.S. Green Building Council.
The Port of Baltimore remains one of the world’s most efficient ports, according to The Journal of Commerce. Baltimore is ranked 9th for the total dollar value of foreign waterborne commerce and 14th for cargo tonnage among all ports in the nation.
According to Census, Greater Baltimore and D.C. metros have the 4th and 1st highest rates , respectively, of advanced degrees of any large metro.
According to the Kauffman Entrepreneurship Index, Greater Baltimore ranks 3rd in startup growth, 5th in new business survival, and 7th in scale-ups. The same Index ranks Maryland 2nd in growth entrepreneurship.
The Financial Times ranks Baltimore 7th among large cities for connectivity, which includes: internet speed, mobile phone subscribers, airport access and flights, and number of ports and performance.
Maryland's high schools are ranked 3rd in the nation by U.S. News and World Report.
U.S. News and World Report also ranks Maryland 3rd in economic opportunity and 8th overall, based on categories like infrastructure, government, and healthcare.
The Center for Economic Development ranks Maryland 1st in overall policy for promoting asset and opportunity equality.
Maryland came in at 1st in Bloomberg News' U.S. Gender-Equality Leadership Ranking.
Maryland was ranked 2nd on WalletHub's State Innovation Index, which spans a variety of criteria including R&D spending, workforce, and share of tech companies.
In a study done by Estately, Maryland was ranked 6th for best place to achieve the 'American Dream'. The ranking was based on measurements that included the ease of buying a home and average hours worked.
D.C., Philadelphia, Dover, and Harrisburg can be reached.
New York City, Richmond, and Trenton can be reached.
Raleigh, Hartford, and Pittsburgh can be reached. At a slightly longer drive, Boston, Buffalo, and Cleveland can be accessed.