Economic Outlook Breakfast Projects Future Economic Trends

Bel Air, MD – On Thursday, March 27th, The Harford County Chamber of Commerce hosted their annual Economic Outlook event, sponsored by APG Federal Credit Union, at Maryland Golf & Country Clubs. Featured speakers, Harry Coker Jr., Acting Secretary of Maryland’s Department of Commerce, Dr. Daraius Irani of Towson University and Regional Economic Studies Institute, and Karen Holt of Harford County’s Department of Economic Development, shared economic updates from the federal, state, and local levels.

Harford Chamber Board Chair, Chris Stone of E-Moxie, welcomed guests and recognized dignitaries in attendance., Monica Worrell, APGFCU, offered sponsor remarks, and Debi Williams, APGFCU, led the invocation and pledge. Additional event sponsors included: Towson University in Northeastern Maryland, University of Maryland Upper Chesapeake Health, Harford Bank, DiPaula Law, Rosedale Federal Savings & Loan, Harford Transit LINK, Harford County Economic Development, and MidAtlantic Photographic.

Acting Secretary Coker addressed attendees on behalf of the Moore Administration, sharing the Department of Commerce’s priorities as well as three “Lighthouse Sectors” and metrics for success. Coker detailed the department’s number one priority of growing Maryland’s economy through various means, specifically highlighting the three “Lighthouse Sectors”: Computational Biology, Quantum Computing & AI, and Position, Navigation, and Timing, a subsector of aerospace and aviation. Coker also cited the department will be tracking the number of jobs created and maintained, business start-up and growth, and foreign capital investment as metrics of success in this effort. He encouraged businesses to advocate and support the community stating, “help us collaborate and better serve you” as we work towards new solutions for Maryland.

Dr. Daraius Irani provided a federal economic overview as well as additional state updates. The national GDP has increased slightly so far in 2025, while inflation continues to subside from its 2022 peak. Despite these positive trends, Dr. Irani noted the declining consumer sentiment, sharing that despite lower national inflation, the prices on common household goods have yet to decrease at the same rate. For the local business community, Dr. Irani shared that hiring will likely continue to be a challenge as the number of people looking for work continues to decline. He also cited national tariffs and higher costs of insurances due to natural disasters as areas of concern for business but shared that the increasing GDP and slowing federal interest rates are a potential tailwind.

Karen Holt provided an update from Harford County’s Department of Economic Development, sharing positive trends for demographic and wage growth in Harford County. Holt noted various investments made by local businesses that are expected to create hundreds of new jobs and increase the county’s GDP over the next few years. She also cited recent growth in biomanufacturing and other defense efforts thanks to growth at APG and new partnerships with local defense contractors.

Photos of the event were graciously provided by MidAtlantic Photographic LLC. View event photos here.

 About the Harford County Chamber of Commerce: The Harford County Chamber of Commerce has worked continually as the recognized voice of business in Harford County since 1976. The Harford Chamber is the premier business advocate in the county, helping members connect and thrive to create a vibrant economy across all sectors. For more information or become a Harford County Chamber member, please contact Natalie Pixley at natalie@harfordchamber.org