COST OF LIVING
A study released by the United Way found that 38 percent of families in the state can’t afford basic life necessities. The nonprofit’s ALICE report also determined that 47 percent of Baltimore families have an income under $64,392, the minimum necessary to afford things like housing, transportation, food and child care. Read more at The Baltimore Sun.
COMMERCIAL REAL ESTATE
Waterside I LLC, an affiliate of Columbia-based Corporate Office Properties Trust, has entered into an agreement to acquire a 78-acre property in Sterling, Va. known as Waterside. COPT is planning to build multiple data centers there and potentially a shopping center as well. Read more at the Baltimore Business Journal.
In an effort to attract investment in local cybersecurity companies, the Maryland Department of Commerce is now accepting applications for the Cybersecurity Investment Incentive Tax Credit, through which venture capitalists, angel investors and others who have invested at least $25,000 in a Qualified Maryland Cybersecurity Company may be eligible for a refundable tax credit for 33 percent of the investment. Read more at Open Maryland.
The Rural Maryland Council’s Rural Maryland Prosperity Investment Fund awarded two grants in the amount of $450,000 to Frederick Innovative Technology Center, Inc. The tech incubator will use the funds to create the Community Growth Accelerator Program and a makerspace at its downtown Frederick incubator. Read more at Technical.ly Baltimore.
J.P. Morgan Chase has launched its AdvancingCities plan, pledging to invest $500 million to improve economic growth in cities around the world. Cities of all sizes can submit proposals for grants and low-cost loans to support programs that address jobs and skills, small business growth, neighborhood revitalization and financial health. Read more at CNBC.
Cigna announced the creation of a corporate venture fund aimed at supporting transformative and innovative health care companies. The global health service company will invest $250 million in capital to Cigna Ventures to invest in companies working on insights and analytics, digital health and retail and care delivery/management. Read more at Business Wire.
U.S. median household income rose 1.8 percent in 2017 to $61,372 from $60,309 in 2016, according to data from the Census Bureau. The number of employed people in the country also increased to 1.7 million and the number of workers with full-time, permanent positions rose to 2.4 million. Read more at Washington’s Top News.