Howard County Executive Calvin Ball describes the county’s economic outlook as “strong,” and says it is a critical time for the county, especially coming out of the COVID-19 pandemic.
“We are facing a pivotal time for Howard County’s future,” Ball said. “This post-pandemic era has left us with an uncertain global economy, but here in Howard County we are embracing a brand new day and setting a strong foundation for the future.
Speaking at the Howard County Chamber’s annual Business Outlook luncheon on Feb. 15 at the Turf Valley Resort in Ellicott City, Ball announced that the county received a Triple-A bond rating, the highest possible credit rating, and has an unemployment rate of 1.6%.
“Let me unequivocally say that here, in Howard County, the state of business is strong,” he said. “Our future is bigger, bolder and brighter. We are resilient and embracing economic vitality. We are defined by the promise of this brand new day that will set an unshakeable foundation for our shared future.”
Bond ratings are a representation of the creditworthiness of corporate or government bonds. A credit rating is like a report card for the county’s financial management system. The AAA rating allows the county to borrow money at a low rate, saving taxpayer dollars. The three bond rating agencies include Fitch Ratings, Moody’s Investor Services and Standard & Poor’s.
Ball said the county’s path forward includes a renewed focus on the Route One Corridor, with Washington Boulevard becoming a “world-class” industrial corridor. The county has committed $250,000 toward the Route One Tax Credit Program, which has helped support 18 renovation projects along the boulevard.
“Through this credit, last year, we awarded an average of $50,000 to five businesses in Elkridge, Jessup and Laurel,” he said.
Countywide, 200 new businesses opened last year.
“Our workforce is also rebounding,” Ball said. “Just eight years ago, Howard County had a 3.7% unemployment rate. In the last year, Howard County businesses added nearly 7,000 employees.”
The farming community’s economic impact has led to new legislation that if approved by the County Council would create the county’s first Office of Agriculture.
“The new office will centralize all the critical support that Howard County currently provides to our farmers,” Ball said. “That includes our economic development support, agricultural preservation program, sustainability, ag innovation grants, and more. …We are doing more than ever and creating new opportunities so our farmers, too, can embrace a new day.”
Meanwhile, Ball said Howard County Community College is slated to get $60,000 to grow its cybersecurity apprenticeship program, and help create more than 30 registered apprenticeships, and another $2 million will go to county data centers to help businesses store their data safely.
A new transit service for Historic Ellicott City is also planned, along with the expansion of grants to businesses and property owners to help with flood-proofing efforts.
Additionally, through a partnership with Verizon and the Maryland Office of Statewide Broadband, the county will bring high-speed internet to residents along Route 40 and the Interstate 70 corridor.
“That means nearly 400 homes in western Howard County will now have access to fast and affordable internet services,” he said.
Ball ended on a positive note.
“No matter what happens, Howard County is on the move again,” he said. “In the midst of uncertainty, hope and greatness lie ahead of us, and we are embracing a brand-new day. Our future is bigger, bolder, and brighter. We are resilient and embracing economic vitality. We are defined by the promise of this brand-new day that will set an unshakeable foundation for our shared future.”
