The Procurement Economy and Inclusive Economic Growth

Date & Time: Wednesday, November 1st from 9:00AM- 11:00AM
Location: Baltimore Peninsula
2455 House Street Penthouse Floor, Baltimore, Maryland 21230

More than 15% of Maryland's gross domestic product is accounted for by federal and state procurements. Federal spending in Baltimore accounted for an estimated $13.5 billion in in 2022. It was highlighted at last year's Baltimore Together Summit by keynote speaker Bruce Katz that the “procurement economy” could serve as a key driver for inclusive economic growth when "MWBE" programs are effectively implemented and synced up with business development programs and resources to drive inclusive economic growth. It is too often the case that MWBE outcomes fall short of their intended outcomes. If Maryland met its 29% MBE participation goal last year, MBEs would have received $1.1 billion more in state contracts than they actually did at the 17% participation rate that was achieved. The panelists will discuss work that is being led by Bruce Katz's organization, the Nowak Metro Finance Lab at Drexel University, to measure the procurement economy in places like San Antonio and El Paso; TX and how their approach could be adapted to Baltimore and Maryland in an effort to increase the number of contracts awarded to small and medium-sized businesses (MWBEs) to support inclusive economic growth and close the racial wealth gap.