Baltimore State of the Market
Baltimore seems to be suffering from an identity crisis. Depending on whom you ask or what news sources you consume, you could derive two very different conclusions about Maryland’s largest city. For example, in January 2018, Baltimore was named amongst The New York Times “52 Best Places to Visit” while the very next month, USA today labelled it “America’s Most Dangerous City.” Despite the mixed reviews, Charm City has much to be optimistic about as we enter the fourth quarter of 2018. Historically a second-tier market relative to its neighbors Philadelphia and Washington D.C., Baltimore has been lifted by its affordable housing stock and robust employment strength powered by a plethora of institutions of higher learning and medical facilities, more colloquially known as The “Meds” and “Eds” Market. Most readers will be surprised to learn that in the most recent U.S. News Report of “Best Hospitals in Maryland”, all ten of the top ten hospitals were in the Baltimore Region and the top three were located in Baltimore City. These hidden assets create a “brain gain” rather than brain drain, and stimulate significant job growth which in turn expands other sectors such as the financial services and retail. Baltimore has recently enjoyed a number of key economic wins, both in bringing new jobs to the city, while also retaining notable employers. Below are job updates of note.