Delaware’s most dominant industries look different than they did during the recession. Jobs are on the rise, and new ventures are taking root in the mid-Atlantic state. Located within driving distance of nearly half the nation’s population, Delaware is situated to become one of the country’s hubs for corporate and private aircraft services, according to the Delaware Economic Development Office.
1. Aircraft industry
Delaware’s aircraft workforce first took flight with three national corporations: Dassault Falcon, Summit Aviation, and PATS Aircraft. Gov. Bill Nelson credited the three companies with contributing more than $7 billion each year to the state’s economy during the National Business Aviation Association opening general session last year.
Nelson’s job pool soared to new heights with these three birds of a feather. Dassault, Summit and PATS support more than 7,000 Delaware jobs each year.
2. Environmental protection companies
Delaware also attracts companies that recognize how important environmental protection plays in not only the community but commerce as well, according to the DEDO.
For example, Bloom Energy converted Newark’s former Chrysler plant in into the first power generator that uses solid oxide fuel cell technology. The “Bloom Boxes” generates clean, efficient power in the factory.
Motech Americas converted the former GE factory in Newark into a solar electricity company, providing 1.5 million photovoltaic modules internationally. The company saved 70 jobs and recently announced plans to expand its workforce.
3. Healthcare industry
The Northeast is world-renowned for its healthcare systems. Delaware is cashing in on this growing industry.
Home to many of the nation’s healthcare empires, Delaware boasts proud relationships with pharmaceutical and medical technology giants AgilentTechnologies, Adesis, DuPont, Intervet, MIDI, and Syngenta.
But the real gold mine is AstraZeneca, one of the world’s largest pharmaceutical companies in the world. The medical giant currently employs nearly 3,000 people in Delaware and more than 3,000 in Maryland.
Delaware Technology Park is another staple to the healthcare industry in Delaware. The 40-acre research center is home to the Delaware Biotechnology Institute and the Fraunhofer Center for Molecular Biotechnology.
4. Financial industry
If you look at the return address on your credit card bill, chances are the destination is a P.O. Box in Wilmington. The state has been home to many banks and financial services companies for years due to lax regulation on interest rates.
Also, because of its friendly business climate, many companies that you would not associate with Delaware are incorporated in the state. According to the National Law Review, “more than 50 percent of all U.S. publicly traded companies and 63 percent of the Fortune 500 are incorporated in Delaware.”
5. Delaware tourism industry
Sunny beaches, music festivals, and vacationers, all with a pocket full of jingle: Sometimes Delaware has a lot of fun making money.
In a column for The News Journal in Wilmington, Linda Parkowski, the director of the Delaware Tourism Office, wrote that tourism contributed $2.2 billion to Delaware’s economy in 2012, and the state saw more than 7 million visitors open their wallets to local vendors and hotel chains.
Each Delaware visitor spends about $586 in the state, $388 of which goes directly into the Delaware economy, and $88 of which goes to businesses that do not directly “touch” that visitor, according to Parkowski.