Baltimore reports more tax revenue and big-ticket development deals in 2024
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.'
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Technical.ly
11-06-2025
- Technical.ly
Equitech Tuesday ended after 200 meetups. Now, organizers want Baltimore's input on what's next.
A long-standing gathering for Baltimore's startup founders and supporters, Equitech Tuesday, ended yesterday, but its organizers say there will be something new to replace it come autumn. 'It's more of a graduation than a sun-setting,' said Kory Bailey, the meetup's creator, as the literal sun set over the high-rise outdoor space where several dozen entrepreneurs, meetup organizers and other innovation scene players celebrated the last Equitech Tuesday meetup. Bailey, his colleagues and various attendees spent a chunk of the evening sharing stories about what the meetup had done for them, both professionally and personally. One, founder Dexter Carr Jr. of Game4Good, even noted how he met his fiancée, Fem Equity leader Adeola Ajani, through Equitech Tuesday. While this meetup will end, some kind of programming will return in the fall, according to Bailey, chief ecosystem officer at the Greater Baltimore Committee (GBC). 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The meetup grew, moved to Guilford Hall Brewery on Greenmount Avenue (among other one-off locales), partnered with local events and organizations and drew attendees from throughout the broader region. It even celebrated the 200th meetup a few weeks ago. UpSurge evolved during that time, too. The organization's staff increased, with Bailey becoming its CEO in late 2023, and extended its equitech vision to an accelerator with Techstars, a Maryland-backed entrepreneurship fund and recurring studies of the sector. It also played a key role in the successful bid to designate Baltimore a federal Tech Hub, as well as the ongoing GBC-led process to solicit millions of dollars from the Economic Development Administration. This year, it completed its merger with the GBC, which put UpSurge's team and work under the other organization's umbrella. 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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
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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. 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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.' 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'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.
