Economy Rebounding In Howard County: Executive Calvin Ball's State Of Business Address

HOWARD COUNTY, MD — A state of the business report for Howard County released Wednesday revealed that the county's economy continues to recover from the impact of the coronavirus pandemic due to what leaders call "prudent" fiscal policies and a focus on jobs of the future in industries such as cybersecurity.

“The state of business in Howard County is more than strong. It is resilient, it is robust and it is relentlessly moving ahead to embrace the future,” Howard County Executive Calvin Ball said before the Howard County Chamber of Commerce, his 3rd annual state of business. “I truly believe the potential of Howard County is unlimited – as long as we continue to target our resources, remove barriers and make our government more effective. Our fiscal strength, our pandemic response and our vision for future jobs have created the right framework. We know that when businesses advance, so does our community.”

During the address, Ball:

• Covered the HoCo Higher Program, which assists entrepreneurs, especially those who are traditionally underserved, access important resources and support.
• Reviewed the impact of Howard County’s AAA bond rating, which was affirmed last week by Moody’s, Standard & Poor’s and Fitch. Ball said that Standard & Poor’s finding that Howard County has “very strong management” and “comprehensive policies and practices” means that Howard County can invest in roads, schools, parks and public safety with minimal impact on taxpayers.
• Provided an update on the Howard County Local Business Initiative, which keeps local government spending in the community through preferences for certified local businesses. Howard County now has 300 certified local businesses, which received $15 million in government spending in the past two quarters, up from 100 firms and $4 million in spending in 2018.
• Touted Howard County’s transformational Maryland Cyber Workforce Solutions plan, which is being developed through a $500,000 federal Build Back Better Grant that will position the county as a national center for cybersecurity jobs. The final plan could leverage up to $100 million in federal funds for cyber workforce development.

Ball also discussed efforts to assist emerging businesses through a Catalyst Loan Fund. During the past two years, the county approved 33 catalyst loans totaling $6.2 million, creating and retaining more than 110 jobs. Ball ended his remarks with a look towards the future, noting that in the next 20 years, 60,000 jobs will be added to Howard County. He noted that the county’s employment growth, at 6.2 percent, is twice the state average and emphasized the need to invest now in emerging jobs – specifically cybersecurity and technology.

“The events of the past year have been trying for the Howard County business community,” Howard County Chamber President/CEO Leonardo McClarty said. “Yet, our employers are resilient and innovative as evidenced by the successes they achieved in 2021.”