INTRODUCTION A NEW TRAJECTORY FOR ECONOMIC DEVELOPMENT IN PRINCE GEORGE’S COUNTY, MARYLAND As the culmination of a year-long effort, this report seeks to generate new, high-quality jobs in Prince George’s County, diversify and grow the County’s tax base, and help support improved quality of life in the County and for its people. The strategy assists Prince George’s County through a focus on: • Leveraging existing economic assets and key industry clusters that have the greatest potential to contribute to economic growth and development in the County. • Addressing the gaps, challenges, and opportunities related to the competitiveness of economic, workforce, and real estate development in the County. • Setting forth a series of targeted strategies and actions that help to maximize broadbased economic development. Instrumental to the development of this strategy was a Project Steering Committee, comprised of senior-level representatives from the County Executive’s Office, the County Council, the Prince George’s County Economic Development Corporation, Employ Prince George’s (EPG), the County Department of Housing and Community Development, and the Prince George’s County Planning Department. A broad range of other economic development stakeholders from startups, private industry, economic and workforce development, Prince George’s County public schools, labor unions, higher education, real estate development, and community and government leadership were also engaged in this strategic planning process. Through separate presentations and discussions with a range of organizations, feedback was solicited on the analyses conducted, and input was provided throughout the development of strategies and actions.
To assist in the analysis and strategy development, a consulting team led by the University of Baltimore’s Jacob France Institute (JFI) was retained, featuring support from TEConomy Partners, LLC (TEConomy)—referred to collectively as JFI-TEConomy Team. JFI is a leading Maryland research group at the University of Baltimore’s Merrick School of Business, focusing on industry, business climate, workforce development research, planning, and evaluation. TEConomy is a global leader in research, analysis, and strategy for innovation-based economic development, helping nations, states, regions, universities, institutions, and industries blueprint their future and translate knowledge into prosperity. Beginning in early 2020, the Project Steering Committee and the JFI-TEConomy Team began the process of updating the 2013 Economic Drivers and Catalysts: A Targeted Economic Development Strategy for Prince George’s County, Maryland, a comprehensive economic development strategy. This 2013 strategy has been highly successful in addressing a weak economic recovery from the Great Recession of 2008, which found the County lagging behind regional and national growth trends. The Prince George’s County Economic Corporation implemented the 2013 strategic plan’s key recommendations and, in doing so, has charted a new, more effective path for the County’s economic development. This updated comprehensive economic development strategic action plan does not exist in a vacuum. Instead, it builds on the multitude of reports and other tactical documents generated in the County in recent years. Examples of notable documents that helped inform this strategic action plan include: • Alsobrooks Administration Transition Team Report (April 2019) • Prince George’s Forward: Economic Recovery Subcommittee COVID-19 Actions (2021)
Economic Development Strategic Action Plan For Prince George’s County
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