Baltimore?s downtown, with an increasing population and several large-scale, big-money development projects, has been a key driver of the region?s economic expansion.
The city, in fact, has one of the top 10 downtown areas in the United States in terms of population, wealth and amenities, according to the Economic Alliance of Greater Baltimore?s (EAGB) Economic Development Progress Report.
Baltimore ranks eighth in the country, with a population of 36,980 within a one-mile radius of the city?s downtown area, with 3,145 households earning more than $75,000 a year, said Brad McDearman, EAGB?s executive vice president. New York ranked first, with a downtown population of 169,308 and 54,398 households earning more than $75,000.
“A lot of people assume the metro area?s growth has been concentrated in the suburbs, but the city is really contributing to the region?s success,” McDearman said.
Large developments like the Gateway South project, Harbor East and Harbor Point have and will strengthen the local economy, while local companies like Legg Mason, T. Rowe Price and Under Armour continue to invest and expand in the area, McDearman said.
“We?ve been promoting our downtown as one of the best in the country, and we believe it?s making a difference,” said Kirby Fowler, president of the Downtown Partnership of Greater Baltimore. “People don?t know how strong our downtown is.”
