https://www.cnn.com/2024/04/02/economy/baltimores-regional-economy-francis-scott-key-bridge/index.html



Washington
CNN
—
The tragic collapse of the Francis Scott Key Bridge last week claiming the lives of construction workers who were all Hispanic has rattled the Baltimore region to its core.

As the local community begins the difficult work needed to return to some sense of normality, experts say that, at the very least, the local economy will likely withstand the effects of the bridge’s collapse.

The collapse will indeed have some economic impact, but it will likely be limited. Baltimore’s regional economy has a lot going for it such as low unemployment and low inflation.

The Port of Baltimore is a key economic engine, employing tens of thousands, but it is currently immobilized with debris littering the Patapsco River. Officials have said they’re tapping into billions in emergency federal dollars to remove the wreckage to allow ship traffic and rebuild the bridge as quickly as possible. Insurers are also stepping in to cover costs.

“Baltimore County and the city have very high credit ratings, which means they have broad, diverse and strong tax bases that would be resilient to one-time shocks like this,” Orlie Prince, a senior vice president and manager at Moody’s Ratings, told CNN.