By Megan Sayles
AFRO Staff Writer
msayles@afro.com
The Greater Baltimore Committee (GBC) assembled leaders from the private and public sector for the inaugural State of the Region on May 6. The gathering unveiled key insights from the 2025 Regional Investment Scorecard, a data-driven report that tracks private investments, development deals and economic growth across Baltimore City and Anne Arundel, Baltimore, Carroll, Cecil, Harford and Howard Counties.
The scorecard revealed that the regional economy is increasingly being shaped by large-scale “mega deals,” with real estate development continuing to drive investment activity. At the same time, the report highlighted challenges, including declines in foreign investment activity, smaller venture capital deal sizes and slower growth compared to competing cities, like Pittsburgh.
“The state of our region is that we have opportunity ahead of us,” said Mark Anthony Thomas, CEO of GBC. “We have this chance to create a more thriving, prosperous economy, but it starts first with really understanding where we’re starting.”
In 2025, the Baltimore region recorded a total of 156 announced deals, amounting to $2.9 billion. This is down from 2024, in which the region recorded 232 deals totaling more than $3.9 billion.
Last year’s deals were also more concentrated with six mega-deals accounting for 60 percent of all regional investment.
“While our six mega-deals dominate our top five investments, that’s only part of the story. When we look more closely at projects exceeding $100 million, we see a strong connection with sectors identified under our 2035 ‘All In’ Plan,” said Patrick Hosford, director of strategy and research at GBC. “These patterns are not new—logistics, biotechnology and the continuation of large-scale real estate projects continue to drive our investment pipeline and reflect the region’s core strengths.”
One area where the region lagged in 2025 was foreign investment. Both out-of-state and international investments declined. Still, Hosford emphasized that the combined 41 deals remain elevated compared to historical averages.
Real estate development, especially large multi-family projects, emerged as a dominant force in the region. Hosford noted that $1 out of every $2 was attributed to real estate development.
Venture capital accounted for 77 deals totaling $560 million, down slightly from $569 million across 85 deals in 2024. The median deal size was $750,000, the lowest in eight years. A single $135 million deal involving healthcare provider AbsoluteCare represented 23 percent of total venture investment.
“The story here is more activity, smaller checks and capital concentration that came from a single-time transaction,” said Rimjhim Khandelwal, director of venture advancement at GBC.
Khandelwal noted that peer regions such as Pittsburgh and North Carolina’s Research Triangle Park have experienced significantly stronger venture capital growth in recent years. She added that markets, like Washington, D.C., Philadelphia and Atlanta are also outpacing Baltimore in venture activity
“Stability is a real strength, but it isn’t the same as growth,” said Khandelwal.
On May 19, GBC will host UpSurge Momentum, a convening that will take a deeper look at regional investment trends and explore strategies for closing Baltimore’s economic growth gaps.
