Plan will guide public and private investments that support a thriving Greater Baltimore region
(Baltimore, Md.) – The Greater Baltimore Committee (GBC) has issued a request for proposals (RFP) seeking a regional economic opportunity strategy that will determine the focus of GBC’s organizational alignment, research and publishing strategy, legislative priorities, and member convening efforts.
“We want to develop a bold economic opportunity agenda that delivers large-scale transformative change, promotes a thriving economic environment for our diverse communities and businesses, and advances a vibrant, future-ready region,” said Mark Anthony Thomas, President and CEO of the GBC. “I continue to say it, but this is an exciting time for the organization and the business community, and we’re looking forward to working with a variety of stakeholders and partners in setting Greater Baltimore on a path to success. This moment will be different.”
The GBC, through the RFP, seeks a partner to develop a Regional Economic Opportunity Strategy to guide public and private investments that support a thriving Greater Baltimore region. The 10-year plan for regional economic opportunity must reflect GBC’s desire to ignite transformational change and new collaborations across Greater Baltimore’s economic development community and population more broadly, thereby setting Greater Baltimore on a unique path to success among neighbor, peer, and competitor regions. While the plan will be subject to revision and growth over the upcoming decade, the principles and practices which it recommends will drive GBC’s strategic decisions in that period.
According to the RFP, submitted proposals should “make the case for substantial investments in priority projects/initiatives that will catalyze new opportunities for entrepreneurship and innovation” and “identify where public and private funding would be most impactful, with a focus on Greater Baltimore’s existing economic assets and on incorporating all members of Greater Baltimore society into an inclusive, equitable region primed for sustained growth.”
The Need for Transformational Economic Growth in Greater Baltimore
While Greater Baltimore’s regional economy produces $225 billion in value for its over 2.8 million residents, the region’s growth has stagnated relative to its peers. From 2011 to 2021, the region saw a growth rate of 1.3% per year, well below the national average of 2.2%. Recent census data showed the regional population decline by 0.30%, with Baltimore City’s population declining by 7,000 or 1.2%, the biggest percentage drop in Maryland. Recent reports signal a region of tremendous economic and population assets, with untapped opportunity, including:
#34 labor market, #44 in unemployment rate, #48 in wage growth among the 50 largest US metros (Wall Street Journal).
#43 in growth, #42 in prosperity, #44 in inclusion, and #50 in racial inclusion among the 53 largest US metros (Brookings Institute).
#83 of 89 largest US markets for foreign direct investment (Financial Times)
The region is recognized with having strong healthcare, education and logistics sectors and is the #12 technology market (CompTIA) and is the #11 and northernmost major city for percentage of Black entrepreneurs (Brookings Institute). GBC is positioned to provide economic leadership to advance the strategies regional economies pursue to advance both inclusive opportunities and growth across varied industries.
The GBC seeks responses by close of business on May 1, 2023. The Vendor selection will be made by May 19, 2023.
ABOUT THE GREATER BALTIMORE COMMITTEE
The Greater Baltimore Committee (GBC) is a regional organization of business and civic leaders that includes businesses, nonprofit organizations and educational and civic institutions. It is the leading voice for the private sector in the Baltimore region on issues relating to equitable economic growth, racial inclusion, job creation, workforce development, transportation, the business climate and quality of life. The GBC markets the region’s economic assets and opportunities and promotes Greater Baltimore as a world-class market in which to do business, live, learn and invest. The GBC’s membership includes more than 500-member organizations, including large, mid-size and small companies, nonprofits, foundations, and educational and healthcare institutions in the Greater Baltimore region. For more information, visit gbc.org.
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