BRAC Adds to the Existing "Top List"
Walt Townshend, President & CEO
Baltimore/Washington Corridor Chamber of Commerce (BWCC)
www.baltwashchamber.org
In my job I get asked lots of questions. Quite a few of them I can answer, while other inquiries need to be researched or re-directed to the person who can best provide the information required. Imagine that you get asked the question: “What are the top attributes of the Baltimore/Washington Corridor?” How would you respond? What criteria would you use?
Several years ago the Baltimore/Washington Corridor Chamber commissioned Anirban Basu, the noted applied economics guru (formerly director at RESI, an affiliate of Towson University; now, Chairman/CEO of Sage Policy Group) to conduct the research necessary to answer this question. Some items on the list may surprise you, while others may elicit an “I knew that!” reply. Whether you are a CEO, marketing director, salesperson or employee, the information contained in this report will help you gain a quantitative look at the heart of American’s fourth-largest market.
- Educational Attainment: Were the Corridor to comprise its own state (and the region has more population than 18 states), “it would rank first in educational attainment as measured by the percentage of the population with a bachelor’s degree or higher, ahead of states such as Massachusetts and Connecticut,” wrote Basu.
- Occupational Mix—Top Professions/Occupations: In the Baltimore/Washington Corridor, 48% of the region’s residents work in executive, managerial or professional specialty occupations such as lawyers, doctors or engineers. Basu noted, “were it its own state, the B-W Corridor would rank first among states according to this measure. Indeed, Maryland, for its part, ranks ahead of all other states…which helps explain the state’s high median income level.” Basu added, “The Corridor can be characterized as a region of decision makers.”
- Wages; Value-Added Workers: The Baltimore/Washington Corridor is the seventh most highly-ranked area in the United States, meaning that employers “are compensating their employees because they value them highly rather than to simply offset the higher costs of living,” notes Basu. More importantly, it answers the question as to why retailers continue to build in this region, “since high wages combined with a reasonable cost of living suggest that those living and working in the community have extra income to spend,” the regional economist explained.
- Biotechnology: Among the nine national centers of biotechnology identified by the Brookings Institute, the B-W Corridor is home to the fifth-highest number of biotech establishments. However, Basu noted, “when one adjusts this figure by population, the Corridor ranks first in the nation, even ahead of perceived leading markets such as Boston, San Francisco and the Research Triangle.” Basu is quick to add that a $60 billion worldwide market for biotech products means the region’s opportunity for export is tremendous. Just think of all the assets (NIH, FDA, BARC, etc.) that are research catalysts in our midst!
- Innovation: On the basis of patents granted per 1,000 population, the Corridor ranked 7th among the nation’s leading innovators, with 0.38 patents granted per 1,000 population. Massachusetts ranks first, with 0.55 per 1,000 population.
- BWI/Thurgood Marshall Airport: This airport, in spite of the tragedies of 2001, has been among the fastest growing major airports in the United States, supporting its reputation as the East Coast’s leading airport for discount airlines. Recently Aviation.com placed Baltimore/Washington International Thurgood Marshall and Ronald Reagan Washington National high on the list of airports in the nation. BWI placed 10th because of the many rail options and one of the only airports in the country with a rail station, offering access from MARC rail and Baltimore’s light rail lines. Express bus service connecting the Metro system at Greenbelt with the airport was also cited as a plus. Highway access from two major roads — the Baltimore/Washington Parkway and Interstate 95 — provides a tremendous ease of ingress and egress.
- Federal Spending—Government Expenditures Per Capita: Once again, Anirban Basu made the argument that “were the Corridor a state, it would rank third in the nation — behind only Alaska and Virginia —in terms of the per capita amounts of federal expenditures in the region. For its part, Maryland, when considered in totality, ranked behind only four states along this dimension.”
- Home Owners—Minority Homeownership Rates: Basu noted, “Roughly 58 percent of the Corridor’s African-American population lives in a residence that they or their family own. When compared to the nation’s states, the region ranks fourth in the nation, and first among markets not in the Deep South. The 58 percent figure takes on greater force when one considers the fact that as of 2000, 38 states recorded African-American homeownership rates below fifty percent.”
- Quality of Life—Shared Prosperity: If there is great wealth among the few, with a large cohort of the disadvantaged, a region suffers. Basu made note that were the Corridor its own state, “[it] would rank first in the nation in terms of having the lowest poverty rate in the land. Evidence of a broad middle class that is the hallmark of successful modern economies and stable societies.”
So there you have it. A quick snapshot in time of some interesting aspects of the Baltimore/Washington Corridor, consisting of Anne Arundel, Howard, Montgomery and Prince George’s counties. The Base Realignment & Closure (BRAC) is but one more opportunity for a dynamic and thriving region, nestled between the renascent port city of Baltimore and arguably the most important city in the world, Washington, DC.
Walt Townshend is President & CEO of the Baltimore/Washington Corridor Chamber of Commerce (BWCC). The BWCC serves more than 600 members throughout the Corridor and also manages transit services in the mid-Corridor area through its affiliate, Corridor Transportation Corporation, which currently carries over 1.5 million passengers annually. The Corridor Chamber also has a Foundation, which each year partners with the National Security Agency and others to support a daylong mathematics program for math teachers. Visit the BWCC at www.baltwashchamber.org or call 301-725-4000 or 410-792-9714.
