The Greater Baltimore Area Is Emerging As A Contender In The New Economy
The Greater Baltimore region, defined as Baltimore City and the six surrounding counties of Baltimore (Harford, Carroll, Anne Arundel, Howard and Cecil) has seen a transition from an area seen primarily as a manufacturing and seaport hub to a region now rich with opportunities in many sectors:
- Because of its proximity to Washington D.C., Greater Baltimore is a growing hub for cyber security. The Economic Alliance of Greater Baltimore estimates that there are 13,000 jobs available in cyber security in the Baltimore area with this number expected to grow as government contracts increase.
- The region is becoming an incubator for forward-thinking businesses such as biotech, innovative educational services, medical devices and IT services as venture capital and the state itself fund worthy enterprises. For example, the Maryland Technology Fund (TEDCO) is a state-funded program created by the Maryland General Assembly which provides local startups with needed money and assistance. In the third quarter of 2014 alone, TEDCO invested $975,000 in nine Baltimore-area companies.
In the private sector, it was announced that a new Bio-Health Gap Fund will provide up to $50 million in seed and early-stage equity investments to therapeutics, medical device, diagnostics and health IT companies in Maryland.
The editors of Inc. magazine compiled a list of the 5,000 fastest growing private companies in the U.S. which is available online. Of the 5,000, 121 were in Maryland and 57 were in the Greater Baltimore area. Here are some of the top Baltimore-area companies:
No. 123 - Securityhunter in Baltimore, 2,998 percent three-year growth and 2013 revenue of $35.9 million.
No. 271 - Optimus Technology in Columbia, 1,702 percent three-year growth and 2013 revenue of $2.1 million.
No. 606 - Scepter Technologies in Owings Mills, 783 percent three-year growth and 2013 revenue of $10.2 million.
No. 640 - Signature Consulting Group in Windsor Mill, 727 percent three-year growth and 2013 revenue of $15.4 million.
Lastly, the Port of Baltimore added a new auto berth, completed in September, and just opened this month. It will support the Port of Baltimore's position as the leading auto port in the U.S. This is welcome news to those nearly 1,100 people who work there.
Susan Brown originally spent many years in banking/finance before confronting her addictions. She has now been in recovery for 20 years. Her current interests, in which she has several certifications, are metaphysics and the healing arts. She has written for Examiner.com since 2009 and also writes for Om Times.