Maryland Businesses Brace for Widespread Impact of Key Bridge Tragedy

The collapse of the Francis Scott Key Bridge in the early morning hours of March 26, 2024 has sent shockwaves throughout the Maryland business community.

As efforts to recover lives lost in the tragedy take place, Maryland leaders and agencies are also looking ahead to assess the short and long-term economic repercussions of this catastrophic event on residents, businesses, and the state's economy as a whole.

“The economic impact that’s going to be felt by Baltimore and the state of Maryland is incomprehensible,” Kane said in an interview with The Daily Record earlier this week. “It doesn’t just affect Maryland. This affects the entire East Coast up to the Mississippi.”

The Key Bridge carries an estimated 12.4 million vehicles annually, including more than 35,000 commuters, trucks and vital goods and services each day. Its collapse has effectively severed Maryland's main East-West connection, crippling the Port of Baltimore and disrupting businesses and jobs throughout the Baltimore-Washington corridor.

As Kane has noted "Our economy is already considered stagnant, and our state faces budget challenges. This tragedy could make those far more severe."

In the face of this adversity, the business community is urging patience and long-term adjustments while vowing to play an active role in the recovery process.

Our President & CEO, Mary D. Kane, has stepped forward to provide critical perspectives on this situation. Explore her insights in the following stories and media appearances:

• The Daily Record: "Economy could lose $15M daily from ‘incomprehensible’ Baltimore bridge collapse"

• Fox & Friends: "Companies scramble after Baltimore port closed by bridge collapse" 

• NewsNation: "Baltimore bridge collapse could cost state $400M in tax revenue" 

• Fox Business: "America is going to find out how resilient its port system is the ‘hard way’: Mary Kane"

• MarketWatch: "Baltimore's port is a major car hub, but any vehicle-inventory challenges may only be a quick blip"

• AFP: "Port blocked by Baltimore bridge collapse is key hub for US shipping"

• NPR: "Mercedes, GM, Stellantis scramble; Port jobs are at risk after Baltimore disaster"

• Industry Week: "Port Blocked by Baltimore Bridge Collapse is Key Hub for US Shipping"

• Chesapeake Bay Magazine: "Key Bridge Collapse Impacts Local Commerce, International Shipping"