The City of College Park, Maryland, 5/10 Year Economic Development Plan & Strategy
The Economic Development document is a full and thorough examination of our College Park Economy and offers a Strategy for next steps to grow a stronger College Park. This 5/10-year Economic Development Strategy Plan offers an in-depth analysis with troves of data and comparisons to similar college towns. The objective of the Plan is to identify actions that Leadership and Collaborative entities can take to advance economic prosperity and inclusivity for College Park. The report will lay bare some challenges such as planning efforts at the County level, affordable housing, seniors aging in place, education, and recognition of our marginalized communities.
In addition, you will also discover some amazing strengths and highlights of our economy. According to the Maryland Department of Commerce, our city land area of 5.9 miles produced $600 million of retail activity in 2022. Nearly 50% of our residents are college graduates, while an increased number of those graduates have chosen to remain in College Park to start their careers and families.
On the growth front, our City is referred to as the Capital of Quantum. We are home to a host of start-up companies. Most notably, the publicly traded Quantum Physics company Ionq, which has a market capitalization of $2-3 billion dollars. The Biotechnology scene is also trending upward with firms like PathoTrak, which produces commercial testing kits for food pathogens.
As host city to the flagship campus of the University of Maryland, our city is visited by many fans, media, and companies that follow Big10 Events. Thus, creating revenue and jobs for our locally owned businesses. Recently, a Trader Joe’s grocery store, Grill Marx Steakhouse and Iron Rooster restaurants have opened in our downtown area, creating nearly 300 jobs.
Our analysis also captured the hardship effects of the Covid-19 Pandemic. The City as well as the nation, witnessed an evolution in spending habits with Mobile phone applications becoming a feature in our consumption. With Food delivery and online goods being delivered to our doorsteps, the Business-Risk for brick-and-mortar restaurants and small businesses became hazardous. This era prompted our leadership to respond to our residents’ needs and our businesses. Aid granted by the United States Department of Treasury’s American Rescue Plan Act (ARPA) allotted $10 million dollars which has helped to stabilize families and businesses.
As residents and leaders prioritize economic development opportunities, please consider our newfound prominence in the region, which requires a pragmatic approach as we advance certain programs and expenditures. The taxing authority rests with our leadership. Moreover, College Park possesses the holy grail metric of new economic development which is commonly referred to as Foot-Traffic.
Let ‘s implement the economic development strategy wisely and in the best interests of our citizens.
Download College Park Economic Development Strategy PDF >>
