12.7.23 – The Baltimore Banner
Don’t look now, but Baltimore City’s economy is booming.
Charm City’s economic output topped $50 billion last year, according to data released Thursday by the U.S. Bureau of Economic Analysis measuring real gross domestic product in each county in the United States.
That’s a 5.9% increase between 2021 and 2022inGDP, which measures the dollar value of all goods and services produced in a region. Itis generally used to gauge the health of an economy.
Baltimore’s economy is growing far faster than the U.S. economy as a whole, which grew by 1.9%. It’s also far outpacing Maryland’s 1.6% growth. Within Maryland, Baltimore City has the second-fastest growing GDP. It trails only Somerset County, which has an economy 50 times smaller.
Baltimore City is among the fastest-growing large economies in the United States. Among counties and county equivalents with at least $50 billion in GDP in 2022, Baltimore’s 5.9% annual growth is the 8th highest in the country.
Baltimore trails places like Douglas County, Nebraska, which is home to Omaha, and Denver County, Colorado, among others.
Baltimore City had the fourth largest economy in Maryland in 2022, according to the BEA’s numbers. But based on its growth, it could soon climb to No. 3, or even higher.
Montgomery County, the largest county in the state, also has the largest economy, and it’s not close. It reached nearly $94 billion in GDP in 2022, measured in 2017 dollars. Baltimore County was a distant second at nearly $55 billion, followed by Anne Arundel at $51.8 billion. Baltimore City is next, and Prince George’s County rounds out the top five, with a GDP of $47.3 billion.
But none of those large counties are seeing economic growth like Baltimore City. Among the top five, Prince George’s is the only county outside of Baltimore City with GDP growth greater than 2% in 2022. If these trends continue, Baltimore City would pass Anne Arundel in GDP in 2023.
The Baltimore Banner thanks its sponsors. Become one.
Most counties saw a decrease in GDP during the pandemic, followed by a recovery in 2021. Baltimore City is no different, but its recovery hasn’t slowed. It’s one of only seven large economies in the nation — those with at least $50 billion in GDP — that saw annual growth increases in 2022 compared to 2021.
Meanwhile, a handful of Maryland counties saw GDP decrease in 2022. Garrett, Allegany, Queen Anne’s, Kent and St. Mary’s counties all saw their economic output fall last year.