Economic Development in Montgomery County Reinvented by MCEDC
The public-private Montgomery County Economic Development Corp. accelerates business outreach
As a public/private partnership between the county and the private business community, the Montgomery County Economic Development Corp. (MCEDC) is delivering results in business development, location marketing and strategic initiatives. Built to be innovative, proactive and accountable, the organization is engaging industry leaders to retain, expand and recruit new business, add new jobs and capital investment to the economy.
“We’re telling the Montgomery County story in a way that it hasn’t been told before, and creating a new culture of economic development that is responsive, nimble, and relevant to the needs of our diverse county,” says President and CEO David Petr. Montgomery County Economic Development Corporation is accelerating new business recruitment and supporting the growth of existing business such as Marriott International, which selected downtown Bethesda for its new $600 million headquarters campus.
At the core of the organization are business development initiatives, including Outreach Montgomery, a major retention and expansion program for existing businesses involving meetings with key stakeholder industries. Petr and his team have committed to connect with 1,000 businesses a year. Altimmune, a Gaithersburg-based biotech company that creates advanced therapies to fight disease, is a great example of a recent business expansion that is a significant source of new jobs and investments. “It’s estimated that 80 percent of new jobs will come from existing business,” says Petr.
To retain and attract new business to the county, the MCEDC has created two marketing campaigns called Montgomery 365, a dynamic video and print series that showcases the “reasons why” the county offers incredible opportunities in business and life, and a Think Success video series. “We’re sharing the stories of business leaders, residents and partners alike, with the goal to present a peer-to-peer campaign that will resonate with the region and beyond,” adds Petr.