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Baltimore Economy
 
 
 

Once an industrial town, with an economic base focused on steel processing, shipping, auto manufacturing, and transportation, Baltimore now has a modern service economy. Although deindustrialisation took its toll on the city, costing residents tens of thousands of low-skill, high-wage jobs, the city is a growing financial, business, and health service base for the southern Mid-Atlantic region.

Greater Baltimore is home to six Fortune 1000 companies – Constellation Energy, Grace Chemicals (in Columbia), Black & Decker (in Towson), Legg Mason, T. Rowe Price and McCormick & Company (in Hunt Valley). Other companies that call Baltimore home include, Brown Advisory, Alex. Brown & Sons, a subsidiary of Deutsche Bank (of Baltimore origin, and at the time of its acquisition, the oldest continuously-running investment bank in the United States), FTI Consulting, Vertis, Thomson Prometric, Performax, Sylvan Learning/Laureate Education, Under Armour, DAP, 180°, Old Mutual Financial Network and Advertising.com.

The city is also home to the Johns Hopkins Hospital, which will serve as the centre of a new biotechnology park. The park, one of two such projects currently under construction in the city, will provide room for medical/technology start-ups as well as industry giants to tap into the wealth of knowledge in Baltimore. Baltimore is widely regarded as one of the world's most important repositories of medical knowledge.

Tourism, spurred on by the opening or expansion of downtown attractions, has boosted construction and the success of the Inner Harbor renovation has lured city residents back downtown. Tourism in Baltimore brought increased revenues from 2003 to 2004, with increased hotel occupancy rates, convention-related spending, overall air travel to the city, increased tax revenues and growth in the number of leisure and hospitality jobs.

Among the city's major exports are coal, grain, iron, steel and copper products. Baltimore also remains a centre for shipbuilding.

 

 
 

 



 


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