The Greater Baltimore-Washington region is home to some of the world’s most powerful decision-makers, influential companies, advanced scientific research, and includes a major world capital and global center of commerce. The region consists of the Baltimore and Washington metropolitan areas, suburban Maryland, and Northern Virginia.
The region boasts the 4th largest economy in the United States and over the last decade has been first in net new job growth. It is the 2nd largest employer of technology workers in the U.S and is number one in the world for government research and development spending per capita, with more than 50 federal labs focusing on science & technology. The region is particularly strong in aerospace and defense, information technology, biotech and life sciences, healthcare, hospitality, and retail. Also, this area is home to the Federal Government, which provides a solid foundation for the region’s economy.
Greater Baltimore-Washington is home to many of the fastest growing companies in the U.S. Located here are the headquarters for 25 Fortune 1000 companies, with combined annual revenues of nearly $275 billion. More than 800 aerospace and defense companies, 11 military installations, and a large number of federal agencies engaged in aerospace and defense call this region home.
The region has more than 1,000 institutions involved in international business activity, including over 180 embassies, The World Bank, International Monetary Fund, The Export-Import Bank, and the Inter-American Development Bank. There are also more than 700 foreign-owned firms from over 30 countries doing business. Washington’s ethnic diversity makes it a magnet for companies and highly-skilled professionals alike.
Billions of dollars have been invested in transportation and regional infrastructure projects. The region has also seen significant new investment in companies across other diverse sectors, with software, biotechnology, and telecommunications companies receiving the most venture capital.
The region has a highly educated workforce, with the majority of jobs in the professional and business services. There are more female executives per capita than any other major U.S. metropolitan area and the number of workers over 65 in the labor force is first in the nation.
People in the region enjoy a high quality of life with numerous cultural events throughout the year, major museums, sporting events, and outdoor activities in the many parks, beaches, and mountain regions. The region led the nation in median household income in 2007, but the cost of living was lower compared to other major metropolitan areas. Residents of this region are also considered to be among the healthiest in the nation