Silver Spring Citizens Advisory Board (Photos)

The Silver Spring Citizens Advisory Board welcomed Steve Silverman, who is the director of Montgomery County’s Department of Economic Development (DED), to its March 11 meeting at the Civic Building.

Silverman presented an overview of the current economic situation in Montgomery County beginning with the unemployment rate (4.9%), noting thousands of residents are unemployed. He shared info about the commercial office real estate scene and housing starts and then talked about what his office is doing to retain and attract new businesses.

Silverman touted some of the county’s recent successes, including the biotech investment tax credit program–the first of its kind in the country. He said his office was adding a new position that would be considered a small business navigator.

He shared some facts and figures (see below) about DED’s 2012 local impact and noted the County Executive’s initiative to be more business efficient and friendly.

Finally, he fielded questions from the audience that ranged from the White Oak Science Gatetway to the FBI headquarters to the Purple Line to the Silver Spring Transit Center.

By the numbers*:
312 companies assisted by DED.
3,458 jobs retained (location decision, lease renewals).
1,250 number of new jobs to be created in the county.
30,868 number of employees at companies affected by DED business assistance.
690,000 square footage of new commercial space occupied by new and expanded business.
$115 million total new capital investment by new business attractions and start-ups through DED involvement.
$68 million total new capital investment by business expansions with DED involvement.

For more info, about Montgomery County’s economic development: visit Choose Montgomery.

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Sonya Burke

About Sonya Burke

Sonya Burke is the Multimedia Manager at Montgomery Community Media (MCM). You can email story ideas at or reach her on Twitter @SonyaNBurke.


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