regional economic update

#1

State for Education

_{Education Week}

Greater Baltimore/Maryland is

#1

Innovation & Entrepreneurship

_{US Chamber of Commerce}

#4

PST Growth

_{Bureau of Labor Statistics}

#5

New Economy

_ITIF

#6

Post-Industrial Metro

_{The Atlantic Cities}

July 2013

Every quarter, the Economic Alliance of Greater

Baltimore (EAGB) will track Greater Baltimore

among the 25 largest metro areas in the US. The

quarterly economic update will show Baltimore’s

national standing according to multiple economic

indicators and provide additional information on

the region’s economy.

This issue includes updated sections with May

2013 data from the Bureau of Labor Statistics, first

quarter 2013 home price data from the National

Association of Realtors, first quarter 2013 venture

capital data from PWCmoneytree and March 2013

foreclosure data from the Local Initiatives Support

Corporation (LISC).

A note regarding sources and timing:

Data sources

often lag for several months or years. When

possible, we will provide the most recent full-year

or quarterly results. If data are released more

frequently, we will also provide the most up-to-date

information for the metro areas.

Please use these updates for reference and your

own purposes. Contact us at 888.298.4322 or

[email protected] with any questions. For

more data, news and updates, please visit us at

www.greaterbaltimore.org.

regional economic update

Table of Contents

Headlines 2

Recent Rankings

3

Population and Growth

4

Unemployment 5

Employment 6

Industry Concentrations

7

Changes by Industry

8

Professional, Scientific & Technical Services

9

Income 10

Education Attainment

11

Foreclosure Rate

12

Median Home Price

13

headlines

The list below summarizes some of the top headlines in the past quarter. Since March 2013, Greater Baltimore

has been recognized by a variety of media outlets. Click on the title for the full story.

›

Four Tech Firms from Israel to Open Doors in Maryland

(4/23/2013)

While Governor Martin O’Malley and Maryland business leaders were on an economic trade mission to Israel and Jordan, four high-tech Israeli business announced that they would open offices in Maryland.

›

Baltimore a Top 20 City for College Graduates (4/25/2013)

A ranking of US cities by lifestyle factors ranks Baltimore as the #19 best city for college graduates. The availability of a social lifestyle, public transportation, and the overall cost of living helped Baltimore reach the top 20.

›

Two Maryland Residents Selected for the Thiel Foundation’s 20 Under 20 Program (5/10/2013)

In its third year, the Thiel Foundation’s 20 Under 20 program selected a group of 22 for its 2013 class. Each Thiel Fellow will be backed by $100,000 over two years, which can be used for living expenses and business expenditures.

›

Coppin State Begins Building $121 Million Science and

Technology Center (5/14/2013)

Coppin State’s new 150,330-square-foot Science and Technology Center will house prograsm for natural sciences, biology, physics, chemistery, general sciences, and natural sciences.

›

The GroundFloor Tech Incubator Opens in Harford County

(5/20/2013)

Harford County’s first coworking space was officially opened on May 15. The tech incubator will spur collaboration and innovation between people on and off post at Aberdeen Proving Ground and in the tech community.

›

EAGB and DBED Partner to Launch Advance Maryland

(5/20/2013)

Advance Maryland is a business program designed to support growth companies, an integral component in the prosperity and sustainability of local economies. In partnership with the National Center for Economic Gardening, EAGB and DBED have established a network of highly skilled research specialists who will be matched with a select set of qualifying companies.

›

Expedient Data to Expand Baltimore Presence (5/24/2013)

Expedient Data Centers, a security company, will expand its regional presence with a new 25,000-square-foot data center in Owings Mills.

›

Baltimore-Washington Business Organizations Team on Task

Force to Foster Cyber Industry Growth (5/30/2013)

The Baltimore-Washington Cyber Task Force will partner with a number of public and private sector organizations to develop and to begin implementing a strategy for cyber industry growth around the activities of the new U.S. Cyber Command at the U.S. Army’s Fort George G. Meade.

›

Blue Wave Semiconductors Seeks First Round of Funding

(6/19/2013)

Baltimore County-based semiconductor product developer Blue Wave Semiconductors will seek $500,000 in its first round of funding. Blue Wave is currently located in the bwtech@UMBC Research and Technology Park and plans to expand sales in Europe and Asia.

›

Shipping Alliance May Boost Port of Baltimore (6/24/2013)

The world’s three largest shipping companies have announced a global alliance to boost fleet capacity and reduce operating costs. One of the three companies, Mediterranean Shipping Company, is the Port of Baltimore’s largest customer. Under the agreement, MSC may carry cargo for the other two companies to Baltimore.

›

EAGB Lauds USRA for its Decision to Remain in Maryland

(6/26/2013)

The Universities Space Research Association has made the decision to remain in Howard County at a new 90,000 square foot building in Columbia Gateway.

›

Digital Harbor Foundation Partners with BattelleEd and Arizona State University to Create STEM Core (7/3/2013)

STEM Core is a Common Core aligned, blended learning model curriculum focused on STEM education for grades 8-12. The online program is inquiry-driven and fueled by hands-on activities that link the development of technical skills to growth across the curriculum in language arts and communication, mathematics, and design thinking.

›

2013 Maryland Cyber Challenge Now Accepting Applications

(7/11/2013)

The Maryland Cyber Challenge, an annual competition amongst Cyber enthusiasts from all over the country, is now accepting applications for the 2013 showcase.

›

BWI to Get $125 Million Upgrade (7/15/2013)

To encourage more international flights from Baltimore-Washington International airport, BWI will be undergoing a 3-year, $125 million upgrade to Concourse D. Two gates of Concourse D would be used for international flights.

recent rankings

The following rankings track Greater Baltimore and Maryland’s standing among the nation’s top cities, metros

and states. As these rankings show, Greater Baltimore is consistently named one of the top places to live,

work, learn and invest.

America’s New Tech Hot Spots

Rank Metro Area

1 Washington, DC 2 Riverside, CA 3 San Antonio, TX 4 Baltimore 5 Raleigh, NC 6 Las Vegas, NV

7 Salt Lake City, UT

8 Houston, TX

9 Seattle, WA

10 Jacksonville, FL

Top 10 Cities for Recent College Graduates

Rank Metro Area

1 Boston 2 Seattle 3 Denver 4 Baltimore 5 Philadelphia 6 Washington, DC 7 Columbus 8 Austin 9 Chicago 10 San Francisco

Top States for Education

Rank Metro Area

1 Maryland 2 Massachusetts 3 New York 4 Virginia 5 Arkansas 6 Florida 7 Georgia 8 New Jersey 9 West Virginia 10 Kentucky

State New Economy Index

Rank Metro Area

1 Massachusetts 2 Delaware 3 Washington 4 California 5 Maryland 6 Virginia 7 Colorado 8 Utah 9 Connecticut 10 New Jersey

America’s Great Neighborhoods

Neighborhood

Garden District, Baton Rouge, LA Historic Downtown, Fall River, MA Fells Point, Baltimore, MD Heritage Hill, Grand Rapids, MI Downtown Salisbury, NC Chestnut Hill, Philadelphia, PA Cooper-Young, Memphis, TN

Fairmont-Sugar House, Salt Lake City, UT Beacon Hill, Seattle, WA

Downtown Walla Walla, WA

Best College Destinations in Major Metros

Rank Metro Area

1 Boston 2 Washington, DC 3 New York 4 San Francisco 5 Baltimore 6 Minneapolis 7 Seattle 8 Philadelphia 9 Houston 10 Dallas

Top 10 Buyers’ Home Markets

Rank Metro Area

1 Chicago, IL 2 Cleveland, OH 3 Philadelphia, PA 4 Cincinnati, OH 5 New York, NY 6 Pittsburgh, PA 7 Baltimore 8 St. Louis, MO 9 Columbus, OH 10 Charlotte, NC

Source: Forbes.com, January 2013

Source: AIER, October 2012 Source: Zillow Research, December 2012

Source: NerdWallet.com, May 2013

Source: US Chamber of Commerce, Enterprising States

Source: American Planning Association, October 2012 Source: Martin Prosperity Institute, The Atlantic Cities, April ₂₀₁₃

Source: Education Week, January 2013

Source: ITIF, December 2012

Top 10 States for Innovation and Entrepreneurship

Rank State Score

1 Maryland 73.2 2 Colorado 63.7 3 Virginia 63.3 4 Utah 60.8 5 Massachusetts 55.0 6 Texas 52.7 7 Washington 48.9 8 Arizona 48.7 9 Georgia 46.0 10 Florida 45.1

Most Post-Industrial Metros

Rank Metro Area

1 Washington, DC 2 New York 3 Miami 4 Tampa 5 Boston 6 Baltimore 7 Atlanta 8 Kansas City 9 San Diego 10 Philadelphia

population and growth

Greater Baltimore continues to be one of the largest metros in the US with a 2012 population estimate of 2,753,149. Older, more traditional population centers in the Northeast and Mid-Atlantic tend to grow at slower rates than major Southern and Western metros. Greater Baltimore has experienced the third largest population growth among the 25 largest metros in the last decade in the Northeast/Mid-Atlantic, behind Washington, DC and New York. Still, the region grew slower than the US average. The population in Baltimore City grew from 2011-2012, marking the first increase in population in the City in six decades.

Population Growth

25 Largest US Metros

2003-2012

Rank

Metro Area

% Change

1

Charlotte

59.8%

2

San Antonio

23.5%

3

Houston

21.5%

4

Riverside

20.4%

5

Phoenix

20.3%

6

Dallas

20.0%

7

Atlanta

16.8%

8

Washington, DC

15.2%

9

Denver

15.1%

10

Seattle

13.2%

11

Tampa

12.7%

12

Portland

12.6%

13

Minneapolis

11.2%

14

Miami

9.1%

15

San Diego

8.6%

US

8.1%

16

San Francisco

7.3%

17

New York

6.2%

18

Baltimore

5.0%

19

Boston

4.1%

20

Philadelphia

4.0%

21

Los Angeles

2.6%

22

Chicago

2.5%

23

St. Louis

1.9%

24

Pittsburgh

-1.6%

25

Detroit

-4.5%

Source: US Census Bureau; 2012 Estimates

Population

25 Largest US Metros

2012

Rank

Metro Area

Population

1

New York

19,831,858

2

Los Angeles

13,052,921

3

Chicago

9,522,434

4

Dallas

6,700,991

5

Houston

6,177,035

6

Philadelphia

6,018,800

7

Washington, DC

5,860,342

8

Miami

5,762,717

9

Atlanta

5,457,831

10

Boston

4,640,802

11

San Francisco

4,455,560

12

Riverside

4,350,096

13

Phoenix

4,329,534

14

Detroit

4,292,060

15

Seattle

3,552,157

16

Minneapolis

3,422,264

17

San Diego

3,177,063

18

Tampa

2,842,878

19

St. Louis

2,795,794

20

Baltimore

2,753,149

21

Denver

2,645,209

22

Pittsburgh

2,360,733

23

Charlotte

2,296,569

24

Portland

2,289,800

25

San Antonio

2,234,003

US

313,914,040

unemployment

Among the 25 largest US metro areas, Greater Baltimore had the 16th lowest unemployment rate in May 2013 at 7.3 percent, just below the US average of 7.6 percent. Unemployment increased in the region by 0.3 percentage points from the previous year. Neighboring Washington, DC had the second lowest unemployment in the nation.

Source: Bureau of Labor Statistics, May 2013 (preliminary)

Unemployment Rate

25 Largest US Metros

February 2012 and February 2013

Rank

Metro Area

2013

2012

1

Minneapolis

4.7%

5.2%

2

Seattle

5.2%

7.5%

3

Washington, D.C.

5.6%

5.5%

4

San Francisco

6.0%

8.0%

5

Boston

6.1%

5.8%

6

San Antonio

6.2%

6.5%

7

Phoenix

6.2%

7.1%

8

Dallas

6.3%

6.7%

9

Houston

6.4%

6.8%

10

Pittsburgh

6.6%

6.9%

11

Denver

6.6%

7.8%

12

San Diego

6.7%

8.8%

13

_Tampa

_6.9%

_8.7%

14

St. Louis

7.0%

7.3%

15

Portland

7.0%

8.1%

16

Baltimore

7.3%

7.0%

17

Miami

7.3%

8.6%

US

7.6%

8.2%

18

Sacramento

7.8%

10.3%

19

New York

7.9%

8.7%

20

Philadelphia

8.0%

8.4%

21

Atlanta

8.2%

8.7%

22

Los Angeles

8.3%

10.0%

23

Detroit

9.0%

10.1%

24

Chicago

9.1%

8.7%

25

Riverside

9.2%

11.9%

Time series data from the past three years shows a downward trend in unemployment in the US, with quarterly ebbs and flows. Greater Baltimore’s unemployment rate follows a similar pattern, but shows a recent departure from the trend and slowly increasing rates. The rest of 2013 will be a telling year for unemployment rates nationally and in the Greater Baltimore region. We will see if the national unemployment rate has stabilized around 7.0% and if the region can reverse the current trend and lower the unemployment rate.

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Unemployment Rate, 3-Year Time Series

Greater Baltimore

employment

Among the 25 largest US metro areas, Greater Baltimore was 9th for employment growth in February, experiencing a solid increase from 2012 to 2013. Employment in the region grew faster than the US average for the second consecutive quarter, a positive sign for continued growth in the region. Since 2004, the Baltimore region’s employment grew by 6.51 percent overall, well above the US average. It will remain important to observe Baltimore’s growth rate in the coming quarters to understand if this is an extended positive trend or a brief anomaly.

Employment Growth in Past Decade

25 Largest US Metros

February 2004 - February 2013

Rank

Metro Area

% Change

1

Houston

21.75%

2

San Antonio

16.85%

3

Dallas

15.77%

4

Charlotte

13.83%

5

Seattle

9.73%

6

Denver

9.30%

7

Washington, D.C.

8.33%

8

Portland

7.52%

9

Phoenix

7.28%

10

Baltimore

6.51%

11

Atlanta

6.24%

12

Boston

5.80%

13

New York

4.94%

14

Minneapolis

4.03%

US

3.22%

15

Pittsburgh

3.08%

16

Miami

2.62%

17

San Francisco

2.28%

18

San Diego

1.74%

19

Tampa

1.57%

20

Riverside

0.43%

21

Philadelphia

0.41%

22

Chicago

0.27%

23

St. Louis

-0.68%

24

Los Angeles

-2.32%

25

Detroit

-10.29%

Source: Bureau of Labor Statistics, May 2013 (preliminary)

Employment Growth in Past Year

25 Largest US Metros

May 2012 - May 2013

Rank

Metro Area

% Change

1

Dallas

3.58%

2

Houston

3.41%

3

Tampa

2.92%

4

Minneapolis

2.54%

5

Denver

2.53%

6

Charlotte

2.44%

7

Boston

2.20%

8

Atlanta

2.03%

9

Baltimore

1.91%

10

Seattle

1.90%

11

San Francisco

1.90%

US

1.62%

12

San Diego

1.61%

13

Washington, D.C.

1.59%

14

New York

1.56%

15

Portland

1.44%

16

Chicago

1.43%

17

San Antonio

1.42%

18

Los Angeles

1.30%

19

Miami

1.20%

20

Detroit

1.06%

21

Riverside

1.02%

22

Pittsburgh

0.90%

23

Philadelphia

0.87%

24

St. Louis

0.72%

25

Phoenix

-4.28%

industry concentration

Relative to the US, the industries with the highest concentration in Greater Baltimore remain the federal government, education, professional, scientific & technical services (PST), state government, and health care & social services. The Administrative Services and Mining, Logging, and Construction industries continue to fluctuate between average and high concentrations, with both being subject to broader economic conditions. Among the 25 largest US metro areas, Greater Baltimore ranked 6th for industry employment concentration in professional, scientific and technical services, with 50 percent more employment in this sector than would be expected from the US average. Neighboring Washington, DC metro had by far the highest concentration. As of May 2013, Greater Baltimore’s economy remains concentrated in nationally growing and stable industry sectors.

Professional, Scientific & Technical Services

25 Largest US Metros

May 2013

Rank

Metro Area

US Index

1

Washington, D.C.

2.64

2

San Francisco

2.01

3

San Diego

1.61

4

Boston

1.61

5

Detroit

1.59

6

Baltimore

1.50

7

Denver

1.45

8

New York

1.35

9

Atlanta

1.32

10

Tampa

1.26

11

Philadelphia

1.25

12

Los Angeles

1.23

13

Houston

1.20

14

Pittsburgh

1.14

15

Dallas

1.12

US

1.00

16

Minneapolis

0.99

17

Portland

0.97

18

Charlotte

0.93

19

St. Louis

0.93

20

Phoenix

0.89

21

San Antonio

0.80

22

Riverside

0.55

23

Chicago

N/A

24

Miami

N/A

25

Seattle

N/A

Source: Bureau of Labor Statistics, Current Employment Statistics; May 2013

Employment Concentration

Greater Baltimore

May 2013

Rank

US Index

High Concentration

Federal Government

1.90

Educational Services

1.67

Prof., Scientific, & Tech Services

1.50

State Government

1.40

Health Care & Social Assistance

1.15

Admin & Support Services

1.10

Average Concentration

Mining, Logging, & Construction

1.09

Other Services

1.01

Wholesale Trade

0.99

Financial Activities

0.98

Retail Trade

0.95

Transportation & Utilities

0.93

Below Average Concentration

Leisure & Hospitality

0.88

Local Government

0.80

Information

0.62

changes by industry

During the past decade, Greater Baltimore rapidly transitioned from an industrial to a knowledge-based economy. Since 2004, the region experienced a high rate of growth in high wage industries; such as, professional, scientific & technical services (PST), education and health care. The manufacturing sector, while still growing in certain high-tech sub-sectors, has consistently become more productive over the decade. In the past year, nine industries grew faster than total employment. However, only three were high-growth, high-wage new economy sectors.

Industry Growth in the Past Year

Greater Baltimore

May 2012 - May 2013

Rank

Metro Area

% Change

1

Admin. Support & Waste MGMT

8.57%

2

Wholesale Trade

7.05%

3

Mining, Logging, & Construction

5.72%

4

Prof. Scientific, & Technical Services

4.36%

5

Retail Trade

2.78%

6

Financial Activities

2.70%

7

Transportation & Utilities

2.65%

8

Health Care & Social Assistance

2.50%

9

State Government

2.18%

Total

1.91%

10 Educational Services

0.71%

11 Leisure and Hospitality

-0.16%

12 Other Services

-0.36%

13 Local Government

-0.70%

14 Information

-1.20%

15 Federal Government

-1.89%

16 Manufacturing

-5.56%

Source: Bureau of Labor Statistics, Current Employment Statistics; May 2013

Industry Growth in the Past Decade

Greater Baltimore

May 2004 to May 2013

Rank

Metro Area

% Change

1

Prof., Scientific, & Technical Services

27.75%

2

Federal Government

26.59%

3

Educational Services

26.17%

4

Health Care & Social Assistance

24.12%

5

Leisure and Hospitality

11.67%

6

Admin. Support & Waste MGMT

8.71%

7

Transportation & Utilities

6.65%

Total

6.51%

8

Local Government

5.67%

9

Wholesale Trade

4.85%

10 Other Services

-0.18%

11 State Government

-0.57%

12 Retail Trade

-1.75%

13 Financial Activities

-7.54%

14 Mining, Logging, & Construction

-8.85%

15 Information

-22.17%

professional, scientific

& technical services

Professional, scientific & technical Services (PST) remains a traditional indicator for economic growth in high-wage, low-unemployment professional sectors. Greater Baltimore has traditionally ranked among the highest in the country in long-term growth and overall concentration in PST. More recently, that growth has accelerated. Baltimore was the seventh-fastest growing metro for PST employment from 2012-2013 and maintained its rate of rapid growth from the previous quarter. Baltimore has grown as fast in this industry as many of the Western and Southern metros that typically lead the country in growth.

Prof., Sci. & Tech Growth in Past Year

25 Largest US Metros

May 2012 - May 2013

Rank

Metro Area

% Change

1

Pittsburgh

8.04%

2

Boston

5.71%

3

Charlotte

5.00%

4

Dallas

4.81%

5

Detroit

4.68%

6

Riverside

4.67%

7

Baltimore

4.36%

8

Tampa

4.33%

9

San Francisco

3.78%

US

3.22%

10

Minneapolis

3.19%

11

Houston

3.13%

12

Denver

2.91%

13

New York

2.87%

14

Los Angeles

2.86%

15

Portland

2.43%

16

Atlanta

2.24%

17

San Diego

1.67%

18

Phoenix

1.40%

19

Washington, D.C.

0.92%

20

St. Louis

-0.83%

21

San Antonio

-0.94%

22

Philadelphia

-1.54%

Chicago*

N/A

Seattle*

N/A

Miami*

N/A

Prof., Sci. & Tech Growth in Past Decade

25 Largest US Metros

May 2004 - May 2013

Rank

Metro Area

% Change

1

San Francisco

42.09%

2

Charlotte

41.64%

3

Dallas

35.18%

4

Houston

33.65%

5

Denver

29.70%

6

Baltimore

27.75%

7

Pittsburgh

27.29%

8

Tampa

27.29%

9

Atlanta

27.26%

10

Portland

27.16%

11

Boston

25.86%

12

Riverside

25.33%

13

San Antonio

22.45%

14

Washington, D.C.

22.37%

US

21.06%

15

San Diego

19.63%

16

New York

16.74%

17

Los Angeles

16.31%

18

Phoenix

12.11%

19

Minneapolis

11.86%

20

St. Louis

6.81%

21

Detroit

5.88%

22

Philadelphia

4.76%

Chicago*

N/A

Seattle*

N/A

Miami*

N/A

Source: Bureau of Labor Statistics, Current Employment Statistics; May 2013

income

Greater Baltimore residents and households grossed a higher income than those in most major metropolitan areas in the US in 2011. On average, an individual in Greater Baltimore earned nearly $10,000 more than the average US worker, and only four metros have higher per capita incomes. Per capita income rates have continued to grow over the past decade. Greater Baltimore had the 4th highest median household income in 2011.

Median Household Income

25 Largest US Metros

2011

Rank

Metro Area

Income

1

Washington D.C.

$88,486

2

San Francisco

$76,911

3

Boston

$71,878

4

Baltimore

$67,891

5

Seattle

$67,023

6

Minneapolis

$66,157

7

New York

$65,288

8

San Diego

$63,857

9

Denver

$61,734

10

Philadelphia

$61,496

11

Chicago

$61,257

12

Los Angeles

$60,667

13

Sacramento

$60,479

14

Atlanta

$57,783

15

Dallas

$57,658

16

Portland

$57,307

17

Riverside

$57,096

18

Houston

$56,876

19

Phoenix

$54,732

20

Saint Louis

$54,149

United States

$52,762

21

Detroit

$52,244

22

San Antonio

$50,318

23

Pittsburgh

$49,246

24

Miami

$49,018

25

Tampa

$46,890

Source: US Census Bureau, American Community Survey, 2011 5-year Estimates

Per Capita Income

25 Largest US Metros

2011

Rank

Metro Area

Income % Change*

1

San Francisco

$61,395

71.52%

2

Washington D.C.

$59,345

36.97%

3

Boston

$57,893

34.41%

4

New York

$56,770

89.16%

5

Baltimore

$51,126

39.42%

6

Seattle

$50,944

6.84%

7

Denver

$48,980

43.82%

8

Philadelphia

$48,723

50.18%

9

Minneapolis

$48,657

33.81%

10

Houston

$47,612

41.97%

11

San Diego

$46,800

72.28%

12

Chicago

$45,977

26.43%

13

Pittsburgh

$44,982

79.13%

14

Los Angeles

$44,423

15.41%

15

Dallas

$43,708

26.46%

16

Miami

$43,072

6.32%

17

St. Louis

$42,864

10.92%

18

Cleveland

$42,365

6.47%

US

$41,560

32.10%

19

Portland

$41,302

27.31%

20

Cincinnati

$40,918

19.76%

21

Detroit

$40,009

18.09%

22

Atlanta

$39,713

15.96%

23

Tampa

$39,261

30.03%

24

Phoenix

$36,833

11.27%

25

Riverside

$29,961

-10.51%

Source: US Department of Commerce; In Current USD *10-year change, since 2002

education attainment

The Greater Baltimore region is one of the most highly educated in the US. Among the 25 largest US metro areas, the Baltimore MSA ranks 8th for college education attainment while nearby DC is 1st. Baltimore MSA is 4th for advanced degrees. By virtue of its size and top ranked educational institutions, the market has a large number and percentage of highly-educated residents.

Percent with Graduate or Professional Degree

25 Largest US Metros

2011

Rank

Metro Area

%

1

Washington D.C.

22.5%

2

Boston

18.7%

3

San Francisco

17.1%

4

Baltimore

15.0%

5

New York

14.7%

6

Denver

13.3%

7

Seattle

13.2%

8

Philadelphia

12.9%

9

Chicago

12.8%

10

San Diego

12.8%

11

Minneapolis

12.4%

12

Portland

12.2%

13

Atlanta

12.0%

14

Saint Louis

11.3%

15

Pittsburgh

10.8%

16

Detroit

10.7%

17

Los Angeles

10.7%

18

Miami

10.5%

US

10.5%

19

Sacramento

10.1%

20

Dallas

10.0%

21

Phoenix

9.8%

22

Houston

9.7%

23

San Antonio

8.9%

24

Tampa

8.6%

25

Riverside

6.9%

Source: US Census Bureau, American Community Survey 2011 Among ages 25+

Percent with Bachelor’s Degree or Higher

25 Largest US Metros

2011

Rank

Metro Area

%

1

Washington D.C.

47.5%

2

San Francisco

43.7%

3

Boston

42.6%

4

Denver

38.2%

5

Minneapolis

37.9%

6

Seattle

37.2%

7

New York

35.9%

8

Baltimore

35.0%

9

Atlanta

34.7%

10

San Diego

34.2%

11

Portland

33.9%

12

Chicago

33.8%

13

Philadelphia

32.6%

14

Dallas

31.1%

15

Los Angeles

30.9%

16

Sacramento

30.0%

17

Saint Louis

29.6%

18

Miami

28.8%

19

Pittsburgh

28.7%

20

Houston

28.7%

US

28.2%

21

Phoenix

28.1%

22

Detroit

27.3%

23

Tampa

25.9%

24

San Antonio

25.4%

25

Riverside

19.7%

foreclosure rate

The foreclosure rate in Greater Baltimore was in the bottom half of the 25 largest US metros in September 2012. Foreclosure rates in the region have remained steady since December 2012, despite recent news regarding a large stock of homes entering foreclosure due to the state foreclosure process. Most markets experienced no change or a very slight decrease in the foreclosure rate in the last period.

Percent of Foreclosed Homes

25 Largest US Metros

December 2012 - March 2013

Rank

Metro Area

2013

2012

1

Minneapolis

2.4%

2.6%

2

San Francisco

2.7%

2.9%

3

Houston

2.9%

2.8%

4

San Antonio

2.9%

2.9%

5

San Diego

3.1%

3.2%

6

Denver

3.2%

3.4%

7

Washington, DC

3.3%

3.5%

8

Dallas

3.5%

3.3%

9

Los Angeles

3.5%

3.8%

10

Phoenix

3.7%

4.1%

11

Boston

3.7%

3.6%

12

St. Louis

4.1%

4.1%

13

Charlotte

4.1%

4.3%

14

Detroit

4.1%

4.3%

15

Riverside

4.3%

4.7%

16

Seattle

4.6%

4.9%

17

Pittsburgh

4.7%

4.7%

18

Portland

4.8%

4.7%

19

Atlanta

4.8%

4.9%

20

Baltimore

5.5%

5.5%

21

Philadelphia

6.5%

6.3%

22

Chicago

7.7%

8.0%

23

New York

8.6%

8.5%

24

Tampa

14.0%

14.6%

25

Miami

15.6%

16.4%

Source: Foreclosure-Response.org; LISC US average not reported

Time series data from the past three years shows a consistent annual increase in foreclosure rates among all East Coast metros, with quarterly ebbs and flows. Greater Baltimore’s foreclosure rate follows a similar pattern, with a spike in foreclosures in 2012. Historically, Baltimore foreclosure rates are more like Washington and Boston than Philadelphia and New York, the latter that typically have among the highest rates in the US. It will be interesting to follow this trend over the coming year to see if Baltimore foreclosure rates begin to fall as buying becomes more attractive. 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% F o recl o su re R at e

Foreclosure Rate 3-Year Time Series East Coast Metros

Baltimore Boston New York Philadelphia Washington

median home price

Greater Baltimore’s median home price of $226,500 in 1Q 2013 was well above the US average of $176,600. However, the region’s prices remained lower than most other coastal markets, including neighboring DC at $348,700. Since 2010, Greater Baltimore’s home prices have decreased by 7.96 percent. This is likely a product of the national rapid growth in home prices in the mid 2000s rather than an indicator of a weak regional housing market. Baltimore and the US are experiencing recent booms in housing prices, after years of fluctuating decline and slow growth.

Median Home Price

25 Largest US Metros

4th Quarter Change

Rank

Metro Area

2012 -

₂₀₁₃

2010 -

₂₀₁₃

1

San Francisco

32.57%

12.99%

2

Atlanta

31.09%

0.26%

3

Phoenix

30.10%

21.41%

4

Riverside

24.32%

20.87%

5

Los Angeles

22.80%

6.88%

6

Miami

20.82%

8.92%

7

Portland

18.17%

3.88%

8

Seattle

17.78%

5.72%

9

Minneapolis

15.82%

0.00%

10

Denver

15.37%

12.39%

11

San Diego

14.69%

6.90%

12

Washington, DC

11.91%

7.19%

13

Charlotte

11.40%

8.44%

U.S.

11.35%

2.02%

14

Dallas

8.23%

11.54%

15

Houston

7.63%

5.61%

16

Tampa

7.51%

5.66%

17

Saint Louis

7.04%

-15.33%

18

Boston

6.65%

-7.02%

19

San Antonio

4.54%

3.77%

20

Baltimore

3.85%

-7.96%

21

Philadelphia

2.17%

-8.00%

22

Chicago

1.40%

-16.72%

23

New York

1.21%

-6.48%

Detroit **

N/A

N/A

Pittsburgh**

N/A

N/A

Median Home Price

25 Largest US Metros

4th Quarter 2012

Rank

Metro Area

Median Price*

1

San Francisco

$593.9

2

San Diego

$412.3

3

New York

$368.2

4

Washington, DC

$348.7

5

Los Angeles

$345.5

6

Boston

$332.2

7

Seattle

$312.6

8

Denver

$261.2

9

Portland

$246.5

10

Baltimore

$226.5

11

Miami

$219.9

12

Riverside

$216.7

13

Philadelphia

$197.7

U.S.

$176.6

14

Minneapolis

$170.6

15

Phoenix

$169.0

16

Houston

$163.7

17

Dallas

$160.4

18

Chicago

$159.4

19

San Antonio

$156.7

20

Charlotte

$155.4

21

Tampa

$141.8

22

Atlanta

$115.1

23

Saint Louis

$111.0

Detroit**

N/A

Pittsburgh**

N/A

Source: National Association of Realtors, July 2013 * Price in thousands | **Data not available

venture capital

PricewaterhouseCoopers releases quarterly data regarding venture capital funds in states and regions. Within the DC Metroplex (Washington, DC, Virginia, West Virginia and Maryland), Maryland has continued to capture a large share of venture funds in the past 5-year period, particularly in target industries like IT, biotechnology and healthcare services. Since 2002, Maryland received a strong majority of healthcare services and biotechnology funds. Since 2007, Maryland has increased its share of IT venture funds in the region, but has recorded only $542,000 of venture investment in the last five quarters.

Venture Capital

DC Metroplex Analysis

Amount in USD

Industry / Area

1997 - 2001

2002 - 2006

2007 - 2011

2012-2013 Q1

IT Services

DC Metroplex

$1,098,423,200

$243,563,900

$241,198,700

$33,465,900

Maryland

25.8%

27.4%

43.5%

1.6%

Virginia

72.9%

73.8%

39.4%

91.5%

DC

1.2%

4.5%

15.8%

6.9%

Biotechnology

DC Metroplex

$330,390,800

$1,323,261,500

$872,638,600

$222,405,000

Maryland

88.7%

84.9%

61.8%

22.7%

Virginia

11.3%

1.8%

34.0%

77.3%

DC

0.0%

7.6%

4.2%

0.0%

Healthcare Services

DC Metroplex

$550,564,000

$170,523,900

$111,599,000

N/A

Maryland

35.9%

65.9%

82.9%

N/A

Virginia

59.9%

30.0%

5.6%

N/A

DC

4.2%

1.8%

11.5%

N/A

Total Venture Capital

DC Metroplex

$11,722,268,000

$5,529,825,900

$5,154,009,500

$1,021,776,100

Maryland

34.4%

56.9%

44.9%

36.0%

Virginia

56.7%

38.0%

48.0%

43.5%

DC

8.6%

4.2%

6.0%

18.9%

Source: PricewaterhouseCoopers MoneyTree Survey Report; Data through Q1 2013 Notes: PWC MoneyTree tracks VC funds across 16 different industries

This report only shows a sample of industries Total Venture Capital reflects the sum of all 16 industries