STRATEGIC PRIORITY 1 Figure 5. Growth in Federal Procurement in Prince George’s County by Agency ($, thousands)
$8,000 $7,000 $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 $Non-DOD DOD
2013
2014
2015
2016
2017
2018
2019
3223.5 584.4
3099.5 826.3
3398.7 690.9
3705.7 784.1
3727.0 778.2
4525.3 824.7
5980.6 1061.5
DOD
Non-DOD
of Prince George’s County population (5.4 percent) than any county nationally.22 Notably, Prince George’s County ranks second nationally in the number of engineering and computer sciences bachelor’s degrees conferred to Black students.23 Connecting this talent to employment opportunities in the County and with other top-tier talent stemming from schools such as the University of Maryland College Park and Bowie State is an opportunity to ensure that the County’s diverse population is reflected in its innovation-oriented industries. While Prince George’s County has continued to grow its innovation-based economy and has many clear opportunities for continued development, there are also areas of concern that should be addressed. Across several key indicators, Prince George’s County lags regional competitors. Despite its recent growth, the County lags key regional competitors in total venture capital investment and in SBIR awards, critical measures of commercialization and innovation-oriented
entrepreneurship. UMCP still lags national peers in tech transfer and in industry-sponsored research, which may stifle broader economic development in the County. Prince George’s County is experiencing slow growth in IT services. JFI-TEConomy analysis finds that information technology services in Prince George’s County declined by 14 percent from 2013 to 2019.24 However, a significant portion of the County’s federal procurement is in this space, and this sector has grown significantly. There is value in strengthening the County’s base of IT companies beyond those affiliated with the federal government. Perceptions also remain that Prince George’s County is not a hub for innovation and entrepreneurship. Interviews with external stakeholders included in the planning process noted that, despite Prince George County’s clear strengths in technology and innovation, a perception persists that the County is not the thriving hub for technology and innovation that the data show. This reputation (or lack thereof) limits
Economic Development Strategic Action Plan For Prince George’s County
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