Jobs in Baltimore, MD: 2024 Baltimore Economic Guide

Baltimore’s economy is a bustling and diverse mix of industries spanning healthcare, education, finance, tourism, and manufacturing. The city’s strategic location on the East Coast, close to major ports and roadways, and a highly skilled workforce have made it a hub for innovation and growth. If you’re moving to Baltimore, learning about the city’s key industries and best workplaces will make it easy to settle into your new home.

The Economy at a Glance

• Baltimore’s economy surpassed $50 billion in economic output in 2023, indicating significant growth and vitality.
• Top employers in Baltimore include the Social Security Administration, the Johns Hopkins University System, the University of Maryland Medical System, Fitcho, and Under Armour.
• The city’s key industries are financial and professional services, health and bioscience technology, information and creative services, and logistics and advanced manufacturing.
• Baltimore offers a strong job market with diverse industries, abundant networking opportunities, top-notch facilities for professional development, and a commitment to employee development.

Top Employers in Baltimore

Baltimore’s diverse range of employers highlights the city’s strength in fields such as healthcare, education, and technology, making it an attractive destination for both businesses and job seekers.

Baltimore’s largest employer is the Social Security Administration, serving as a central hub for its approximately 60,000 workers across the country. The Johns Hopkins University System, a pillar of education in Baltimore, comes in as the second biggest employer. Other top employers in Baltimore include Laureate Education, Fitchco, and the University of Maryland, which employ tens of thousands. MedStar Health, Amazon Fulfillment Services, and Under Armour also have a strong presence, with over 1,000 employees each.

Healthcare

Institutions such as John Hopkins Hospital & Health System, University of Maryland Medical System, and MedStar are leading the way in Baltimore’s healthcare scene. These organizations play a crucial role in providing comprehensive healthcare services to the region and beyond, reflecting the significance of the healthcare industry in Greater Baltimore’s economy. The importance of this sector helps the city stand out in comparison to Boston and other cities in the area.

John Hopkins Hospital & Health System: A leading teaching hospital that delivers comprehensive healthcare services to Maryland and the Mid-Atlantic region. Affiliated with Johns Hopkins University, this teaching hospital plays a crucial role in Baltimore City’s local economy and workforce.

The University of Maryland Medical System: Known for its stability in offering healthcare jobs and services in the region, the University of Maryland Medical System stands out as a key player in professional services in Baltimore County, further enhancing the array of companies in Baltimore providing essential healthcare solutions.

MedStar: Boasting 10 hospitals and numerous outpatient facilities in the region, MedStar employs about 3,000 healthcare professionals.

Retail

When it comes to retail employers in Baltimore, notable names like Amazon, Under Armour, and Pandora Americas stand out. If you’re considering a career in retail in Baltimore, exploring positions with these major employers could be a great starting point.

Amazon: This tech giant employs many individuals in the retail sector and offers numerous job opportunities. As the world’s largest online retailer, Amazon is consistently ranked as a top workplace.

Under Armour: A prominent footwear and sports apparel manufacturer founded in 1996 by Kevin Plank, it is a leading player in Baltimore’s retail industry. The company, known for its innovative design and performance apparel, caters to athletes and fitness enthusiasts around the world every day.

Pandora Americas: The regional head office, established in 2003, oversees more than 1,400 points of sale across the Pandora Americas region, including 420 concept stores. The team comprises over 200 employees at the head office, with additional staff in the Logistics Center, field positions, and owned stores, emphasizing collaboration and exceptional customer experience.

Higher Education

These colleges and universities present diverse job opportunities in education and research fields within the city. Their strong academic reputations and contributions to the local workforce make them an invaluable resource to the city.

John Hopkins University: With 50 majors, 40 minors, and a student-teacher ratio of 12:1, the university employs over 10,000 individuals globally. Operating from 8 office locations in Baltimore, MD, Johns Hopkins University is a prominent figure in higher education and the local economy.

The University System of Maryland: This higher education network comprises 12 public universities and three regional higher education centers. It plays a pivotal role in shaping the state’s academic landscape. Serving over 172,000 students annually and employing more than 41,000 faculty and staff members, the system offers a wide range of academic programs, including undergraduate, graduate, and professional degrees.

Baltimore City Community College: BCCC actively shapes the educational landscape in Baltimore, offering a diverse array of academic programs and courses to residents.

Government

Given the city’s proximity to Washington D.C., government jobs make up a sizable portion of the workforce. In fact, the U.S. Social Security Administration is the city’s largest employer.

Veterans Health Administration (VHA): Plays a significant role in providing essential healthcare services to military veterans across the United States. The VHA operates the most extensive integrated healthcare system in the country, catering to over 9 million enrolled veterans annually. Its network includes hospitals, clinics, long-term care facilities, and Vet Centers spread nationwide.

US Social Security Administration: Administering crucial social welfare programs for millions of Americans, the US Social Security Administration is a vital component of the federal government. Its commitment to providing essential benefits underscores its significance in ensuring the security and stability of individuals and families across the United States.

Key Industries in Baltimore

Several vital industries contribute significantly to Baltimore’s robust job market, injecting billions of dollars into the local economy and providing thousands of jobs.

The Johns Hopkins institutions specialize in healthcare, biomedical research, and education and have a global reputation for excellence in these areas. They account for nearly 94,000 jobs and $15 billion in economic output in Maryland. Financial and professional services firms are abundant in the city, offering many job opportunities. There are myriad career paths to follow from global retail brands to major financial institutions.

Other key industries in Baltimore include manufacturing, transportation, and logistics, as the city’s strategic location on the East Coast makes it a hub for import and export activities. Being a popular port city is one of the many things that Baltimore is known for. The healthcare tech and fintech sectors are also booming, with companies like Cerebro Capital, Delfi Diagnostics, and Whitebox. Additionally, Baltimore’s creative and cultural sectors play a prominent role in the city’s economy. A thriving arts community and numerous cultural institutions contribute to the city’s vibrant character.

Baltimore Economy Facts & Figures

Baltimore’s economic performance in recent years has been impressive, with a GDP growth rate that outpaced the national average. The city’s economy exceeded $50 billion in economic output in 2023, highlighting significant growth and vitality. Additionally, the city experienced a 5.9% increase in GDP between 2021 and 2022, showcasing robust economic growth.

When measuring Maryland by county-based GDP, Baltimore ranked second after Montgomery, outperforming Anne Arundel and Prince George counties. Despite challenges, including an unemployment rate of 4.3%, the city remains resilient.

Baltimore is making headlines as one of the fastest-growing large economies in the U.S. Positive economic indicators signal continued growth, propelling the city forward as a major hub for healthcare, education, social services, and more.

Discover Ways to Leverage Baltimore’s Economy

Baltimore’s thriving economy provides a plethora of opportunities for leveraging a better quality of life. Investing in the city’s affordable real estate is one way to take advantage of Baltimore’s low cost of living and economic growth. Meanwhile, its lower cost of living compared to nearby cities increases disposable income for future travel and exciting attractions. With its rich cultural history, vibrant neighborhoods, and diverse industries, Baltimore offers endless possibilities for personal and professional growth, making it an excellent place to call home.