The Metropolitan Council of Government (MCOG) has recently featured College Park in their 2016 State of the Region: Economic Competitiveness Report. You can see the coverage on page 52.
In 2005, the City of College Park implemented an economic development strategy that successfully transformed it from being an auto-dominated community to one with thriving walkable retail nodes. Now ranked among the Top 50 Small College Towns in the United States, College Park has attracted a series of economic development projects that are collectively forecasted to generate over 500 new hotel rooms, approximately 93,000 square feet of new retail space, and over 1,000 new multifamily housing units.
With over 37,000 students and 4,400 faculty, the University of Maryland at College Park is a major economic engine both for Prince George’s County and the region.80 The University contributes more than $3.4 billion into the economy, supporting 23,000 jobs and generating an 8:1 economic return.81 University and community leaders are working to take this impact to the next level with a focus on cultivating innovation while also redeveloping land along the City’s Baltimore Avenue commercial corridor and the proposed Purple Line light rail station into a mixture of apartments, university housing, retail, offices, and laboratory buildings. This initiative has already helped to attract a new wave of technology companies to College Park–including such groundbreaking
startups as Immuta and FlexEl.
Small businesses continue to play a major role in College Park’s economy. The City of College Park has created several grant programs to assist local businesses with sustaining their economic growth. This year the City awarded approximately $50,000 in business expansion grant funds to local small businesses. These funds were matched by approximately $170,000 in private capital investment.