Baltimore’s economic trajectory is at an inflection point. Business, government and community leaders face a clear choice: continue business-as-usual or work together to diversify the local economy and unlock broader prosperity in one of the nation’s best-positioned regions for long-term growth. If the region stays the course, it risks falling behind - but with coordinated action among leaders in both the public and private sectors, Baltimore and the surrounding communities can emerge as a model for sustainable economic growth across all cycles.
In April, the Baltimore Banner and JPMorganChase cohosted an event convening more than one hundred business, community, and civic leaders from Greater Baltimore. During the event, Troy Rohrbaugh, J.P. Morgan’s co-head of Commercial and Investment Banking - a native Marylander with deep roots in the state - spoke about the unique opportunities facing the region.
For example, the United States leans on exports for critical resources, including Antimony; a mineral critical for military ammunitions. About $100 billion of U.S. imports from China are in product categories where China supplies more than 75% of total U.S. imports, including key components used in military and advanced technology systems.
Due to its prime location, talent pool and industrial infrastructure, Baltimore is primed for the reshoring of critical industries for national security, employment and overall economic growth. From major retailers relying on the city for transport opportunities to developing critical trade skills and talent, like welding, Baltimore plays a key role in the sustainability and growth of domestic capital.
“Baltimore can play a fundamental role in critical industries through reshoring,” explained Rohrbaugh. “Baltimore has the capacity to do it, and J.P. Morgan wants to support Baltimore in this opportunity.”
To support efforts like reshoring critical industries, JPMorganChase announced its Security and Resiliency Initiative (SRI), which is a $1.5 trillion commitment to facilitate, finance and invest in industries critical to economic security and resiliency - many of these industries have long been part of Greater Baltimore’s economic fabric.
To get a closer look at the strategic roadmap for some of these industries locally, the Banner and JPMorganChase curated a panel discussion featuring:
- Kelly Schulz, CEO of the Maryland Tech Council
- Jonathan Daniels, Executive Director of the Maryland Port Administration
- P. David Bramble, Managing Partner & Co-Founder of MCB Real Estate
These three leaders representing technology, supply chain infrastructure and real estate development, offered fresh insight into how the region can navigate today’s geopolitical and regulatory volatility, where barriers to growth still exist, and how we can tap into the region’s deep resources.
Three key takeaways include:
Attract, retain and upskill talent.
Fueling growth requires human capital - or skilled employees. Working in Maryland’s favor is the fact that it is home to a high concentration of top high schools and universities. In fact, Maryland holds the most PhDs per state. The state’s strong educational foundation is especially appealing to the growing number of tech companies setting up shop in and around the city.
“There is a huge opportunity to train our workforce to take advantage of what is already here,” said Kelly Schulz, CEO of the Tech Council. “Technology companies are here because of the quality of our colleges and universities - they are drawn here because of the talent.”
Work with government and regulators to attract and keep businesses here.
Thoughtful regulation can be beneficial to growth but it requires cross-industry input to avoid unintended consequences. Open dialogue and consistent collaboration between business leaders and the public sector can help ensure Maryland is widely viewed as a pro-growth region.
Baltimore’s location creates distinctive advantages for companies building and scaling operations -especially those dependent on logistics, shipping, rail connectivity, and fast access to East Coast markets. This is also a meaningful opportunity for e-commerce and distribution-driven growth.
“We need to come together as a region to make sure the regulatory environment is appropriately reacting to the needs of businesses,” said Jonathan Daniels, Executive Director of the Maryland Port Administration. “Businesses are looking for opportunities to expand and we need to welcome them; not give them a reason to leave.”
Diversify private industry in Baltimore.
Cities with less private-sector diversification can be disproportionately affected by regulatory shifts, policy changes, and sector-specific slowdowns. Broadening Baltimore’s base of private businesses can improve resilience, reduce concentration risk, and strengthen the region’s ability to withstand economic headwinds.
In 2012, JPMorganChase expanded its presence in Baltimore to further support the business community. Through its continued commitment and initiatives like SRI, JPMorganChase is committed to helping Baltimore’s economy not only weather volatility, but thrive.
Despite the challenges, there is plenty of optimism and belief that with the right level of engagement and collaboration, the region is poised for a strong future.
“We can’t afford to fight growth and people realize that,” said P. David Bramble, Managing Partner and Co-Founder of MCB Real Estate. “We need to have honest, reasonable conversations about what’s needed to grow, and we need to hurry so we don’t fall behind.”