Despite the severe economic setback of the collapse of the Francis Scott Key Bridge in Baltimore, the state of Maryland is poised to take advantage of existing and developing factors to grow its economy according to a new economic report released by the World Trade Center Institute.
This first of its kind report, prepared for WTCI by Sage Policy Group, takes a holistic look at the international and domestic economic landscapes compared to the state of Maryland. The report includes new analysis prepared after the collapse of the Francis Scott Key Bridge on March 26, 2024.
The report highlights a startling economic trend, the fragmentation of the global order established in the aftermath of the Second World War. This trend of deglobalization is predicted to have significant ramifications for the United States and its allies. As international trade and security concerns grow, more companies are likely to continue reshoring manufacturing capabilities to secure supply lines and protect intellectual property. This task has been further hastened by recent technological innovations, including artificial intelligence.
Maryland itself recently hit a significant milestone – the lowest unemployment rate ever recorded in a state at 1.6%. While this is terrific news for jobseekers, it also reflects a challenge for Maryland employers to fully staff up. Marylanders rank 6th in the nation in terms of the share of the population with a bachelor’s degree or higher.
The full report offers additional analysis and suggestions to take advantage of the significant geographical and human capital advantages that the state of Maryland possesses. The report also highlights the resilience of the Port of Baltimore and showcases how it is primed to return more productive than ever in the future.
The report is available for download here.
About Sage Policy Group
Sage Policy Group is an economic and policy consulting firm headquartered in Baltimore, MD. Dr. Anirban Basu, Sage’s chairman and CEO, founded the firm in 2004. Sage has created a client base that encompasses more than forty states and seven countries and includes Fortune 500 companies, NFL teams, aquariums and zoos, state and local governments, insurance companies, banks, brokerage houses, major medical systems, trade organizations, and law firms, among others.
The company is especially well known for its analytical capabilities in economic and fiscal impact estimation, economic development, forecasting, legislative analyses, litigation support, environmental economics, and industry outlooks.
In addition to leading Sage, Dr. Basu has emerged as one of the nation’s most recognizable economists. He serves as the chief economist to Associated Builders and Contractors, the Maryland Bankers Association, and the International Food Distributors Association and as the chief economic adviser to the Construction Financial Management Association. He chaired the Maryland Economic Development Commission from 2014 to 2021 and currently chairs the Baltimore County Economic Advisory Committee.
Dr. Basu’s lectures in economics are delivered to audiences across the U.S. and abroad. He has lectured at Johns Hopkins University and is presently the Distinguished Economist in Residence at Goucher College, where he teaches History of Economic Thought.
About the World Trade Center Institute
The World Trade Center Institute empowers globally minded leaders from the Mid-Atlantic with ideas and connections to drive growth and global good. We focus on existing and emerging global business leaders in the Mid-Atlantic – from high school students to executives in the C-Suite – whose work touches people in the United States and countries worldwide. Our network includes 3,500+ companies and hundreds of academic institutions, government agencies, and nonprofit organizations, making it the largest network of globally minded businesses in the Mid-Atlantic.
WTCI hosts events where people can learn and connect. We also offer fellowships to executives who want to grow into the C-Suite at global entities and high school and college students who want a career that touches many cultures and countries. We also help people from other countries learn about a range of issues from their counterparts in the MidAtlantic. For more information on WTCI, go to www.wtci.org.
