Tower FCU, Chamber Report Reveals Region's Resiliency
The region between Washington and Baltimore Md., where the $2 billion Tower Federal Credit Union's 118,000 member base is located, has several qualities that may make it ideal for stronger economic growth this year.
That's according to a new report from Laurel, Md.-based Tower FCU and the Baltimore Washington Corridor Chamber, which detailed the area's top ten superlatives including the local real estate market, proximity to federal government agencies, advantageous corporate tax structures, per capita income and relocation of military base personnel to the area as a result of the federal government's base realignment and closure initiative.
Economist Anirban Basu, chairman/CEO of Sage Policy Group Inc., a Baltimore economic and policy consulting firm, conducted research for the report. He predicted a better economy in the corridor in 2010, citing recent growth in home sales, residential construction, industrial production, retail sales, exports and corporate profits.
"It is essentially impossible to identify a region in the nation, if not in the world, that is as technologically dynamic, recession-resistant, prosperous, educated and that enjoys such elevated quality of life [as the Baltimore/Washington Corridor]," Basu said.
Tower FCU President/CEO Martin Breland said while many banks pulled back from lending in 2009, the CU infused hundreds of millions of dollars into the region's economy, in the form of mortgages and consumer loans to members.