Baltimore region hit more than $4B in investment in ’23
Private business investment in the Baltimore region reached more than $4 billion in 2023, an 18% jump from the year before, according to a snapshot of investment activity released Friday.
The Greater Baltimore Committee’s first “Annual Investment Scorecard” showed the new investments and expansions spanned almost 350 deals. They included funding for earlystage and growth companies, new commercial, residential and industrial developments, and businesses that moved to or expanded in the region.
Baltimore-based MCB Real Estate’s plan to invest $500 million to redevelop Harborplace ranked as the biggest announced deal. The second largest was meal kit delivery brand Home Chef ’s $307 million investment to open a production and distribution plant in South Baltimore’s Fairfield Area.
The GBC said it plans to compile the scorecard each year to measure economic progress and track projects in the pipeline. It modeled the assessment on similar efforts that Detroit, Miami and Pittsburgh have used to shape competitive strategy. The initial scorecard will be used as a baseline and eventually as a way to see growth patterns and trends.
“The Baltimore region’s pulse is strong and healthy overall, based on 2023 data that we’re using as our baseline,” said Pothik Chatterjee, the GBC’s chief economic officer.
The business group unveiled the interactive scorecard Friday morning during a summit event at the Hilton Baltimore BWI
Airport for professionals from tech, real estate, finance, education and healthcare sectors.
The GBC, under President and CEO Mark Anthony Thomas’ leadership since December 2022, also is developing a 10-year strategy to transform the city and region into a top national market for business and economic development.
The group’s scorecard showed the largest number of deals in the life sciences and information technology industries, with 142 in all. GBC officials said that aligns with the region’s focus as a federally designated tech hub on artificial intelligence and biotechnology.
The $4.19 billion in investments last year included $3.2 billion in development deals and $749 million in investment deals. The total amount of investment has nearly quadrupled over the last four years, from $1.3 billion in 2019. The investments generated last year are expected to create more than 21,000 new direct jobs.
The analysis showed the strongest growth in major-dollar deals occurring in Baltimore City, which jumped 100% — doubled — from 2022.
The number of deals in the region increased more than 11% last year from 2022 and by more than 25% in Baltimore City.
More than 5.3 million square feet of construction was completed last year, with nearly all of that, about 5 million square feet, for industrial buildings.
The scorecard offers comparisons by jurisdiction, including the city and six surrounding counties, and goes back 10 years.