FY 24 APPROVED OPERATING BUDGET

Harford County Department of Economic Development FY 2024 Performance Measure Report

Alignment to Countywide Strategic Goals

Goal #1 **Bold the goals that the performance measure aligns with Goal #2 Goal #3

BUDGET WILL FILL IN THIS SECTION

Goal #4 Goal #5 Goal #6 Goal #7 Goal #8

Performance Measures 1 - Industrial vacancy rates

Actual FY 22 Actual FY 23 Estimate FY 24 Change 7.7% 7.9% 7.5%

2 - Office vacancy rates

14.2% 13.4%

12.5%

3 - Retail vacancy rates

5.5%

6.2%

5.5%

4 - Harford County unemployment rate

4.4%

3.0%

3.0%

5 - Harford County average weekly wage

$1,250

$1,093

$1,300

Performance Measure 1, 2, 3: Industrial/Office/Retail vacancy rates ABOUT THIS MEASURE:

Harford is in mid-Atlantic region with trucking reaching 40% of US commerce in overnight drive, desirable infrastructure (roads, rail & trucking) and proximity to Port of Baltimore; office space is holding post-Covid; consumer index for retail is high; success should translate into a lower commercial property vacancy rate as new businesses coming to the county and existing businesses already in the county need more physical space to conduct operations

WHAT IS BEING DONE AND WHY IT IS IMPORTANT TO TRACK:

Moving excess available square footage results in job creation, increased tax revenue. It is the goal of Economic Development to reduce the Industrial/Retail/Office vacancy rates.

FACTORS CONTRIBUTING TO CURRENT PERFORMANCE:

Singular massive sq ft unleased facility inventory drives higher percentage vacancy rate; cautionary economic climate post-Covid

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