Bring More Jobs to Baltimore
IMPLEMENT MARKET-DRIVEN GROWTH STRATEGIES
Baltimore residents need more job opportunities with higher paying wages. With an annual per capita income of $24,750 and a median value of housing units at $157,900, many of our residents don’t earn enough for home ownership or even to make ends meet. (2010 Baltimore City Census) My efforts will focus on market segments that have the greatest potential for increasing higher paying jobs for City residents. One of the market segments with future growth potential that the Stokes Administration will maximize for Baltimore City residents is the Innovation Economy.
The innovation economy is an enormously powerful vehicle to rebuild the economies of our Nation’s cities. Baltimore stands to be a big winner if we can craft a coherent, compelling innovation strategy that frames policy decisions focused on targeted geographic areas around industry niches that build on local resources.
For a balanced economy, Baltimore needs to support start-ups, entrepreneurs, creative talent and funding sources for start-ups. By supporting the success of these segments of the economy, growth will occur. Baltimore City will welcome top researchers and corporate Research and Development groups who favor the urban innovation districts.
Leveraging Anchor Institutions
Baltimore has highly ranked institutions of higher education and health care, which brings to Baltimore great diversity of world-class research, top talent and creativity. With strong institutional leadership, these anchors are embarked on a bold campaign to leverage their resources for broader community prosperity.
For example, UMB Community Engagement Center and Hopkins LOCAL Buy, Build, Hire campaign are putting forth a solid effort to embrace the community. University of Baltimore, MICA, Morgan, Loyola, MedStar and Coppin are all eager to join.
Anchor institutions and their private partners have a big stake in transforming adjacent neighborhoods. The opportunity is for a shared prosperity between Baltimore’s “innovation districts” and their adjacent community where the innovation players and anchor institutions aim to maximize the education, job and business opportunities for community residents.
A critical driver of neighborhood prosperity is revitalizing commercial centers across our City including Main Streets. Vibrant retail areas not only are a great source of minority focused small business opportunities and community based jobs, but an essential amenity to strong neighborhoods.
The local/regional food economy is fast emerging as a powerful force for rebuilding the economy of cities while bringing health and environmental benefits. Projects like City Seeds and the Baltimore Food Hub offer great hope for the neighborhoods of East and West Baltimore.
CREATE EFFECTIVE ECONOMIC DEVELOPMENT TOOLS
With the Federal government increasingly absent from the urban economic and community development business and State government cutting back, the Stokes Administration will be strategic in seeking effective Federal and State support while growing more effective locally based programs and resources.
BUILD A SKILLED, PRODUCTIVE WORKFORCE
The Stokes Administration will collaborate with the business, education and workforce training community to create opportunities accessible to community residents most in need of high quality, career path jobs that pay full benefits and a family supporting wage.
To maximize the return on education and training investments, the City will focus on those industry sectors that offer the greatest quality job growth. – health care, construction, and technology.