Prince George’s County Economic Development Corporation (EDC) President and CEO David Iannucci presented an economic outlook at the 2019 Prince George’s County Council Retreat. Mr. Iannucci, joined by FSC First President and CEO Shelly Gross-Wade, briefed the Council on the various economic development tools used to bolster the County’s economy. The presentation, which was a part of an overall financial briefing, kicked off the Council’s two-day retreat at The Hotel at the University of Maryland. Iannucci offered an exhaustive yet concise overview for the Council to review.
“We’re doing well but we also have the opportunity to grow,” said Iannucci. “Following the Great Recession, many small businesses had difficulty accessing capital and struggled to find financing for expansion. We needed to be competitive with our aggressive, regional neighbors. Using incentives like the Economic Development Incentive Fund has proven to be successful. It has stopped the loss of large companies from the County. It’s leveraged $7.4 million in State incentives and allows the County to compete for new economic opportunities. Further, the EDI Fund has committed $37.3 million to 47 projects resulting in over $1 billion in capital investment.”
Mr. Iannucci talked to the Council about Resident Employment Growth, a ‘reality check’ on the ratio of Jobs to Population, and the potential for office building projects. He also discussed other State and County economic development and how the tools have performed.
Learn more about economic development in Prince George’s County by contacting the EDC at www.pgcedc.com or (301) 583-4650.