By Robert L. Hannon
President and CEO
Anne Arundel Economic Development Corporation
August, 2008

 

Anne Arundel County has a balanced economy that has remained steady during economic fluctuations.  The County's unemployment rate (3.4% for May 2008) is consistently lower than both the State of Maryland (3.8%) and the United States (5.5%).  Anne Arundel County's AAA bond rating from Standard and Poor's and a "positive" outlook from Moody's Investors Service and Fitch Ratings reflects the County's strong economy and above-average wealth statistics. The investment made to the County by each of our businesses has contributed to this strong economic base.

 

The business economy in Anne Arundel County continues to grow and be resilient.  The 14,782 businesses in Anne Arundel County added nearly 7,000 new jobs between 2006 and 2007.  Major projects are nearing completion, such as Annapolis Towne Centre at Parole scheduled to open in the Fall of 2008 and the new Baltimore Washington Medical Center facility at Arundel Mills Corporate Park due to be completed in Fall of 2009.  New projects such as the DISA headquarters at Fort Meade were begun.  Redevelopment at Odenton Town Center is progressing as we work to upgrade infrastructure (expansion of sewer, water, and electricity) and the timely construction of Town Center Boulevard.

 

Maintaining this healthy balanced economy is a priority for County Executive John R. Leopold's administration and the primary focus for Anne Arundel Economic Development Corporation.  The AAEDC mission is to serve business needs and to increase Anne Arundel County's economic base through job growth and investment.  To accomplish this mission, AAEDC focuses on the following areas.

 

Recruit new businesses to locate in Anne Arundel County
Anne Arundel Economic Development Corporation works closely with site location consultants, commercial brokers, developers, and other decision influencers to convince relocating companies to choose Anne Arundel County as their home.  Frank Parsons Paper Company this year announced that Anne Arundel County will be the new home of its corporate headquarters, including the company's business products division and warehouses that are currently located in Baltimore and Landover.  Anne Arundel Economic Development Corporation (AAEDC) and the Maryland Department of Business and Economic Development provided assistance to Parsons for this relocation and expansion which will bring approximately 200 jobs into the community.  Business Development staff at AAEDC focus attraction efforts on key industry sectors including defense and security, manufacturing, technology, and commercial real estate.

 

Assist existing businesses with expansions
Each year, Anne Arundel Economic Development Corporation (AAEDC) surveys over 4,600 businesses to determine their needs.  The AAEDC staff of professionals responds to these survey results, addressing specific needs quickly and efficiently.  In addition to the surveys, AAEDC provides hundreds of "business assists" each year by reaching out to businesses through phone calls, mailings, and one-on-one meetings.  The goal of this effort is to retain existing employment in all industry categories, add new employment opportunities, and increase the commercial/industrial assessment base.
 
Notable expansions this year include Northrop Grumman opening a 34,000 SF Assurance Innovation Center in Millersville, hiring 500 employees in the next year to fill mostly engineering, electrical design and other technical areas; Baltimore Washington Medical Center breaking ground on their new 63,000 SF full-service medical facility at Arundel Mills Corporate Park in Hanover to serve the growing West County area, adding 75 new jobs; and Cingular AT&T announcing the relocation of their regional headquarters from Prince George's County to Hanover, MD, adding 315 jobs.

 

AAEDC manages and promotes agricultural and environmental programs on behalf of Anne Arundel County.  There are currently six farmers' markets in operation this season with Westfield Annapolis as the newest location.  These markets provide the Anne Arundel County citizens with farm fresh products while providing Anne Arundel County farmers an alternative sales venue.

 

Support workforce development through training agreements
A skilled workforce is essential if Anne Arundel County is to continue its economic prosperity.  To remain competitive, companies must stay ahead of the curve as technologies and ways of doing business change.  AAEDC assists new and existing Anne Arundel County businesses with workforce training through a Workforce Training Partnership program.  Eligible companies gain the critical skills upgrades or technical training for employees that will improve overall productivity and competitiveness.  This year, AAEDC completed 7 workforce training agreements that trained 395 workers. In addition, AAEDC worked with our State partners at the Maryland Department of Business and Economic Development to assist companies with workforce training grants such as the Partnership for Workforce Quality program and the Maryland Industrial Technology Training Partnership.  Through these programs, 49 incumbent workers were trained this fiscal year.

 

Provide Support for Small Businesses
In Anne Arundel County, 98% of all businesses are small businesses.  AAEDC offers support to small businesses to help them grow and succeed through the Anne Arundel County Small Business Resource Center (SBRC).  Services provided include counseling, mentoring, training, workshops, seminars, a business library, connections to County and State programs and financing, and business plan coaching.  All of these services are free of charge, confidential, and address the needs and challenges of today's business environment.

 

Provide Business Financing Options to Anne Arundel County Businesses
The staff at AAEDC works with County companies to fill financial needs.  Eligible businesses can receive direct financial assistance through the programs at AAEDC. The Arundel Business Loan (ABL) Fund, for example, provides loans of up to $300,000.  In Fiscal Year 08, the ABL Fund provided $720,000 in loans to Christopher's Salon and Day Spa, Edgewater Oceanic, Anago of Baltimore, and E Star, LLC.  A loan from the AAEDC Incentive Loan Program assisted the location of Frank Parsons Paper Company to Anne Arundel County.

 

The Business Corridor Investment Loan Program encourages economic activity in four pilot project areas in Anne Arundel County and the City of Annapolis Revitalization Districts.  This program offers qualified business owners zero interest loans of up to $35,000 for improvements to the exterior and interior of their business.  In FY 08, two businesses took advantage of this program – Christopher's Salon and Day Spa and F&F Joint Venture Partnership.

 

If an alternative source of funding is needed, AAEDC can connect businesses to one of the many programs available through our partner organizations, including the Maryland Department of Business and Economic Development (DBED), the Maryland Department of Housing and Community Development (DHCD), and the U.S. Small Business Administration.

 

Promote technology development through Anne Arundel County's technology incubator, the Chesapeake Innovation Center
The Chesapeake Innovation Center (CIC) is a unique business accelerator that matches innovative technologies and companies with government agencies and major contractors in the homeland security and defense market.  By creating win-win relationships between companies and providing resources to portfolio companies, CIC strengthens the technology sector and the economy in both Anne Arundel County and in the State of Maryland by making a home for successful and sustainable businesses.  Highlights from this year include:

Anne Arundel Economic Development Corporation supports the growth and success of all Anne Arundel County businesses.  AAEDC services are free of charge, confidential, and address the challenges of today's business environment.   For more information, please call 410-222-7410.  We are ready to meet your business needs!