Prince George's County EDC outlines strategic plans for business growth and workforce stability

In a recent budget work session held by the Prince George's County Planning, Housing, and Economic Development Committee, key discussions centered on enhancing the county's economic development strategies amid challenges posed by limited funding and competitive pressures from neighboring jurisdictions. The meeting highlighted the importance of the Economic Development Corporation (EDC) in attracting and retaining businesses, with a particular focus on the Economic Development Incentive (EDI) Fund, which aims to stimulate economic growth in areas that may otherwise struggle to attract investment.

The EDC's priorities include business attraction, retention, and expansion, with a renewed emphasis on supporting local small and minority businesses. The committee explored how to increase the competitiveness of the EDI Fund, which serves as a crucial tool for negotiating with businesses looking to establish or expand operations in the county. The discussions underscored the need for a strategic approach to identify priority industries that align with the county's workforce capabilities.

A significant concern raised during the meeting was the impact of budget constraints on the EDC's marketing efforts. With a marketing budget significantly lower than those of neighboring regions, the EDC faces challenges in promoting Prince George's County effectively. The committee acknowledged that without adequate funding, the county risks losing visibility and attractiveness to potential investors and businesses, particularly in comparison to areas like Washington, D.C., and Montgomery County, which have more substantial marketing resources.

The EDC also reported on ongoing initiatives, including efforts to attract data centers and redevelop commercial sites, particularly in underserved areas. The importance of addressing food deserts and enhancing community access to grocery stores was emphasized as part of the broader economic development strategy.

As the meeting concluded, the committee recognized the need for continued dialogue on how to leverage existing resources and initiatives to stabilize the workforce and enhance the county's economic landscape. The discussions set the stage for future considerations on budget allocations and strategic planning aimed at fostering a more competitive economic environment in Prince George's County.