Baltimore Is Setting A National Standard For Diversifying Its Economy
One of the crucial economic lessons of the Covid-19 pandemic is the importance of diversifying local economies, even in America’s largest cities. New York City continues to struggle with an economy too heavily reliant on tourists and commuters; Las Vegas saw its entertainment industry shut down when out-of-state visitors stopped traveling; vacant storefronts are prominently visible in major business districts and on main streets nationwide.
Diversifying often implies attracting new industries by luring them from elsewhere – often a zero-sum game, if the industries are simply shifting locations within the United States.