Economy
Once a predominantly industrial town, with an economic base focused on steel processing, shipping, auto manufacturing, and transportation, the city experienced deindustrialization which cost residents tens of thousands of low-skill, high-wage jobs. The city now relies on a low-wage service economy, which accounts for 90% of jobs in the city.
Baltimore's unemployment rate in July 2012 was 11%, and the 2012 closure of a major steel plant at Sparrows Point is expected to have a further impact on employment and the local economy. One quarter of Baltimore residents (and 37% of Baltimore children) live in poverty.
The city is home to the Johns Hopkins Hospital. Other large companies in Baltimore include Under Armour, Cordish Company,, Legg Mason, T. Rowe Price, and Royal Farms. A sugar refinery owned by American Sugar Refining is one of Baltimore's cultural icons. Nonprofits based in Baltimore include Lutheran Services in America and Catholic Relief Services.
Read more about this topic: Baltimore
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)