INTRODUCTION Prince George’s County has advanced industries— including leading industry clusters in IT services, federal government, hospitals and health services, and researchintensive sectors—that are expected to generate a mix of well-paying, quality jobs ranging across high- and middle-skill levels. The diversity of the Prince George’s County workforce—with a broader mix across education and skills than compared to the region—suggests an opportunity to align the existing workforce with a mix of skills to the needs of its leading industry drivers. Taken together, these strengths suggest that Prince George’s County is poised for economic growth moving forward, and well positioned to take advantage of America’s “moment” for diversity and inclusion.7 Companies across the nation are showing a surge of interest in hiring Black employees in what is being described as a watershed moment for diversity and inclusion.8 Meanwhile, the Wall Street Journal finds that “more companies are considering new locations to find diverse workers—and retain them,” a trend which could benefit a select few places in the United States.9 Given its unique position as a hub for Black professionals, this core demographic can play an increased role in business attraction, development, and retention in the County moving forward. Prince George’s County has many opportunities to build on the momentum of the County’s successful implementation of the 2013 economic strategic plan, which has translated into positive economic development and placemaking momentum. To take the next steps in encouraging innovation-led economic development and inclusive economic growth, this strategic action plan outlines the measures needed for Prince George’s County.
STRATEGIC FRAMEWORK FOR ADVANCING A STRATEGIC ACTION PLAN FOR ECONOMIC DEVELOPMENT The County’s success in enhancing its economic position sets the stage for it to take the next leap forward in creating a high-functioning business environment. To advance this goal, this 2021 strategic action plan includes four guiding principles to steer development: • A continued focus on evolving economic drivers. • A strategic effort to address emerging issues related to development catalysts. • An intentional emphasis on inclusive growth. • An emphasis on growing public-private partnerships with industry, universities, and nonprofits working together—a hallmark of our nation’s most successful county-led economic development efforts.
Prince George’s County must continue its strategic focus on evolving Economic Drivers Prince George’s County must target investments and focus outsized efforts on those key industry clusters that are driving the County’s economy. The results of JFI-TEConomy’s assessment of industry clusters, in conjunction with guidance from the Steering Committee, the Project Advisory Committee, and other key stakeholder groups, led to the identification of four key industry clusters to target strategies and help advance economic development in Prince George’s County. By targeting these four economic drivers, Prince George’s County can build on its assets and encouraging base of activities (Table 1). Additional
Economic Development Strategic Action Plan For Prince George’s County
7
