IS PRINCE GEORGE’S COUNTY LITERALLY MAKING MONEY?
COULD BE SOON….
The US Army Corps of Engineers, acting on behalf of the Bureau of Engraving and Printing (BEP), is recommending building and operating a new currency production facility at the Beltsville Agricultural Research Center (BARC) in Prince George’s County, MD. This new facility will replace the current production facility located in downtown Washington, DC that was initially constructed in 1914. The original building has undergone multiple renovations, however as currency production has modernized and added more intricate processes and security features, the existing facility is no longer able to sustain an effective manufacturing process.
The BEP has reviewed multiple options to upgrade the existing currency production facility, however these studies concluded that new construction would prove to be a more cost-effective method to accommodate the necessary security enhancements. According to the Maryland Department of Commerce, building this new facility will save over $600 million to the taxpayers versus attempting to upgrade the current facility.
Not only will building a new facility save taxpayers money, but it will significantly impact the Prince George’s County economy. During the National Capital Planning Commission's briefing on BEP moving to Prince George's County last week, President and CEO of the Prince George’s County Economic Development Corporation David Iannucci stated “Building a new engraving and printing facility in the Beltsville Agricultural Research Center will add 1,427 well-paying federal jobs to Prince George's County which are estimated to create over $15 million in total annual earnings.”
In addition, the BEP employees will have a positive impact on the local economy, as there are 2,000 retailers employing over 25,000 employees within a five-mile radius of BARC. Furthermore, building this new facility will create approximately 1,700 construction jobs resulting in estimated total earnings of $1.5 million over the life of the construction project.
Prince George’s County has supported this project since in 2018. More recently, County Executive Angela Alsobrooks penned a letter of support to the facility project manager for the Bureau of Engraving and Printing. In addition, Maryland’s Governor Larry Hogan delivered a message to congressional leaders encouraging them to pass a bill that authorized the land transfer and the construction of the facility on Beltsville Agricultural Research Center campus. Once approved, this new facility will join several existing federal facilities already located in Prince George’s County such as Goddard Space Flight Center, the Census Bureau, the IRS, NOOA, Joint Base Andrews, and most recently the Citizenship Immigration Service which brought 3,800 jobs to the County.
The Prince George’s County economy continues to grow by adding more jobs and more revenue to the county. With the addition of the new Bureau of Engraving and Printing facility in the Beltsville Agricultural Research Center the County will literally “make more money” and put more dollars to work.