Targeted Industry Development
DEFINITION/DESCRIPTION
Targeted, economic development can increase local competition by strengthening Baltimore’s network of suppliers, businesses and local institutions. It should align with workforce development strategies, coordinate with local research development and encourage public private partnerships. For example, Baltimore has deep roots in manufacturing and shipping. The total value of goods shipped through the Port of Baltimore has increased every year, setting a record in 2016. And, the metro area sits in the middle of a robust supply chain that extends across the dense mid-Atlantic
region. Baltimore’s concentration of large anchor institutions, proximity to Washington, D.C., and federal contracts create a strong demand for goods produced in the region.
CURRENT STATUS
While total manufacturing jobs have decreased in recent decades, the number of new businesses in manufacturing has been increasing, signaling a potential reversal. Baltimore should leverage the local demand for goods and the opportunity for global demand presented by the Port of Baltimore to increase our manufacturing capacity, with a focus on industry sectors that are environmentally friendly and suitable for urban neighborhoods. In 2012, the Brookings Institution Metropolitan Policy Program funded “Building From Strength: Creating Opportunity in Greater Baltimore’s Next Economy” focused on investing in efforts to grow a more
opportunity-rich ‘next economy’. In 2017, the Made In Baltimore program emerged to support the local maker economy. Baltimore should target business development in manufacturing and the ‘re-‐use’ economy, or goods produced through the diversion and re-purposing of waste.
EQUITY INDICATORS
Manufacturing is one of several industries that have a higher share of workers who are earning a decent living without having completed a 4-year college degree. In addition to job prospects, a focus should be placed on entrepreneurship opportunities for people of color. Dollars flow into certain communities and make communities unsustainable or sustainable. Sustainable models must be researched. A focus must turn inward to examine and build upon the strengths of our local entrepreneurs and small business clusters. Further, environmental justice must be at the forefront when discussing industry whether it be manufacturing or waste repurposing. Every effort should be made to involve communities in the development of these sectors and to ensure that new or expanding businesses are good neighbors.
STRATEGIES
1. Grow existing businesses and increase new businesses in targeted industries over time
Action 1 - Conduct an economic impact study and create a tracking mechanism for each sector to include existing expanding companies, new and small businesses created, businesses attracted, businesses downsizing and businesses closing, company size.
Action 2 - Assemble a resource toolbox for businesses to include information about financing, workforce training funds and candidate pipelines, available real estate, and
business-to-business networks. Assemble a ‘start-up’ resource toolbox and make connections between clusters of businesses.
Action 3 – Improve/Increase access to private and public financial resources for businesses from start-‐ups to mature companies, with a focus on minority and women owned businesses. Identify and support additional financial resources.
2. Increase the overall sales or total value of targeted industry sectors over time
Action 1- Conduct an economic impact study and create a tracking mechanism for each sector.
Action 2- Support entrepreneurial business development and capacity building services in the targeted industries.
Action 3- Market product/service availability for procurement by local businesses/institutions from targeted industries.
3. Increase local employment in targeted industry sectors over time
Action 1- Conduct an economic impact study and create a tracking mechanism for each sector.
Action 2- Strengthen linkages between education (high school/ community college), state/ city / non-‐profit workforce training initiatives and target industry skill needs.
Action 3 – Align workforce development with economic development strategies.
METRICS FOR SUCCESS
Strategy 1: Demonstrate the investment of businesses in target sector from 2015 to present date
Strategy 2: Demonstrate an increase in total sales in target sector from 2015 to present date
Strategy 3: Demonstrate an increase in people employed in target sector from 2015 to present date
Qualitative: