Downtown is the place to be in Charm City, says a new study that has just been released. In 2006, more than $280 million in projects were completed in downtown Baltimore, and an additional $1.5 billion is under way and scheduled for delivery in 2007-2008, according to the Downtown Partnership of Baltimore Inc.
These figures support the $67 million that was spent on planning and carrying out construction projects currently under way in downtown. More than $7.5 million of the money came from private and capital investments.
The numbers are reported in an annual economic analysis by the nonprofit Partnership for its 2006 State of Downtown Baltimore Report. The report was made public today.
With so much money being invested in development, the number of jobs has remained steady for 2006 at more than 97,000. This consistency helps support the fact that the downtown is growing, and the 7,000-job increase that occurred in 2005 is a trend, and not a fluke.
“A lot of the projects under construction are going to be mixed-use with an office component,” said Robert M. Aydukovic, vice president of economic development for the Downtown Partnership.
Broken into groups, the Partnership slices the downtown management area into four sectors ? Mount Vernon Cultural with 17,654 employees; Westside with 28,017 employees; City Center with 29,213 employees; and the Inner Harbor with 22,253 employees.
As part of its analysis of the economy, the Partnership also commissioned its Outlook 2012 report compiled with help from The Goldseker Foundation. The four-part study looks at resident profiles, growing businesses, retail strategies and housing demand in downtown Baltimore.
The study estimates the downtown can absorb 7,000 new residential units during the next six years, which will cater to the 17,000 new workers expected to come to the city in the coming five years. The new workers are expected to find jobs in expanded hospitals, the University of Maryland Baltimore BioPark and in businesses related to military expansion.
The spin-off economic impact has been estimated at around $3 billion.
“We realize the quality of life and how things work is important,” said J.Kirby Fowler, president of the Downtown Partnership.
Read the State of Downtown Baltimore report and Outlook 2012.
