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Due to the National Export Initiative, economic growth is being spurred in the region of Baltimore due to the increase in exports.
The main intention of the NEI (National Export Initiative) was to ultimately double the amount of exports in the U.S and to create jobs as well. Due to the initiative, the region of Baltimore is ranked as the leading exporter of transportation equipment. Much of economic growth is expected to be spurred by the global marketplace. Right now, there are many businesses in the region of Baltimore which can ultimately meet the needs of the increased global demand.
One of the biggest exporters in the region of Baltimore, Maryland is the company called Ellicott Dredges. Ellicott is known for manufacturing equipment for dredging. The majority of the dredges are utilized for flood control, mining and wastewater. The dredges are also exported to regions such as Russia, India and Mexico which has ultimately resulted in record export revenue for nearly 3 years. The dredge company now exports its equipment to over 25 countries and the workforce has increased over 10 percent due to the record revenue.
The success of Baltimore can also be pinpointed to the government and the local businesses working in close collaboration. In order for economic growth to occur, it will ultimately take a commitment from the local and state leaders. In order for exports to continue its rise than barriers to entry need to be removed in order to allow companies to generate more money to ultimately establish and create more jobs in the United States. Investing in the local seaports is also a necessity as many products and items are transported by sea. Nearly, $570 billion in particular exports flowed through a myriad of seaports.
Overall, the economic growth in Baltimore should be a key indicator for local leaders to ultimately support export initiatives.
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