Economy of Delaware explained

This article is intended to give an overview of the economy of Delaware.

Affluence

Average sale price for new & existing homes (in US$)[1]
DE CountyMarch 2010March 2011
New Castle229,000216,000
Sussex323,000296,000
Kent186,000178,000

According to a 2013 study by Phoenix Marketing International, Delaware had the ninth-largest number of millionaires per capita in the United States, with a ratio of 6.20 percent.[2]

Agriculture

Delaware's agricultural output consists of poultry, nursery stock, soybeans, dairy products and corn.

Energy

Wind power

Industries

, the state's unemployment rate was 5.1%.[3]

The state's largest employers are:

Dover Air Force Base, located next to the state capital of Dover, is one of the largest Air Force bases in the country and is a major employer in Delaware. In addition to its other responsibilities in the United States Air Force Air Mobility Command, this air base serves as the entry point and mortuary for American military personnel and some U.S. government civilians who die overseas.

Industrial decline

Since the mid-2000s, Delaware has seen the departure of the state's automotive manufacturing industry (General Motors Wilmington Assembly and Chrysler Newark Assembly), the corporate buyout of a major bank holding company (MBNA), the departure of the state's steel industry (Evraz Claymont Steel), the bankruptcy of a fiber mill (National Vulcanized Fibre),[4] and the diminishing presence of AstraZeneca in Wilmington.[5] [6]

In late 2015, DuPont announced that 1,700 employees, nearly a third of its footprint in Delaware, would be laid off in early 2016.[7] The merger of E.I. du Pont de Nemours & Co. and Dow Chemical Company into DowDuPont took place on September 1, 2017.[8] [9] [10] [11]

Incorporation in Delaware

See main article: Delaware General Corporation Law. More than 50% of all U.S. publicly traded companies and 63% of the Fortune 500 are incorporated in Delaware.[12] The state's attractiveness as a corporate haven is largely because of its business-friendly corporation law. Franchise taxes on Delaware corporations supply about one-fifth of its state revenue.[13] Although "USA (Delaware)" ranked as the world's most opaque jurisdiction on the Tax Justice Network's 2009 Financial Secrecy Index,[14] the same group's 2011 Index ranks the USA fifth and does not specify Delaware.[15] In Delaware, there are more than a million registered corporations,[16] meaning there are more corporations than people.

Food and drink

Title 4, chapter 7 of the Delaware Code stipulates that alcoholic liquor only be sold in specifically licensed establishments, and only between 9:00 am and 1:00 am.[17] Until 2003, Delaware was among the several states enforcing blue laws and banned the sale of liquor on Sunday.[18]

Notes and References

  1. News: Delaware housing: Home prices slide in all three counties; sales in NCCo, Kent down from year ago . Eric . Ruth . . Delaware . April 15, 2010 . Delaware Online . March 31, 2014 . https://web.archive.org/web/20140403234128/http://www.delawareonline.com/article/20110416/BUSINESS/104160310/-1/NLETTER01/Home-prices-slide-in-all-three-counties--sales-in-NCCo--Kent-down-from-year-ago . April 3, 2014 . live .
  2. News: Frank . Robert . Top states for millionaires per capita . January 15, 2014 . . CNBC.com . October 28, 2016 . https://web.archive.org/web/20140122061516/http://www.cnbc.com/id/101338309 . January 22, 2014 . live .
  3. Web site: Delaware Economy at a Glance . database report . United States Department of Labor, Bureau of Labor Statistics . March 10, 2015 . https://web.archive.org/web/20150315161346/http://www.bls.gov/eag/eag.de.htm . March 15, 2015 . live .
  4. Web site: National Vulcanized Fibre Corp. site in Yorklyn. December 12, 2015. https://web.archive.org/web/20180803220420/https://www.delawareonline.com/picture-gallery/news/2015/04/22/national-vulcanized-fibre-corp-site-in-yorklyn/26175401/. August 3, 2018. live.
  5. Web site: AstraZeneca lays off workers at Delaware headquarters. December 12, 2015. https://web.archive.org/web/20160205095218/http://www.delawareonline.com/story/money/business/2015/11/19/astrazeneca-lays-off-workers-delaware-headquarters/76048454/. February 5, 2016. live.
  6. Web site: Delaware officials concerned about AstraZeneca, DuPont threats. December 12, 2015. https://web.archive.org/web/20160205095218/http://www.delawareonline.com/story/money/business/2015/02/20/delaware-officials-concerned-astrazeneca-dupont-threats/23763597/. February 5, 2016. live.
  7. Web site: DuPont to cut 1,700 jobs in Delaware in January. December 29, 2015. https://web.archive.org/web/20151231231119/http://www.philly.com/philly/blogs/inq-phillydeals/DuPont-to-cut-1700-jobs-in-Delaware-this-winter.html. December 31, 2015. live.
  8. Web site: DuPont merger called 'catastrophic' for Delaware. December 12, 2015. https://web.archive.org/web/20151217064717/http://www.newsworks.org/index.php/local/delaware/89056-dupont-merger-called-catastrophic-for-delaware. December 17, 2015. dead.
  9. Web site: DuPont merger: A 'sad day' for Delaware. December 12, 2015. https://web.archive.org/web/20160131030704/http://www.delawareonline.com/story/news/2015/12/11/dupont-and-dow-combine-merger/77138022/. January 31, 2016. live.
  10. Web site: DuPont-Dow merger 'catastrophic' for Delaware. December 12, 2015. https://web.archive.org/web/20151231231119/http://www.bizjournals.com/philadelphia/news/2015/12/11/dupont-dow-merger-catastrophic-delaware-markell.html. December 31, 2015. live.
  11. Web site: Chemours will lay off 400, including some in Delaware. December 12, 2015. https://web.archive.org/web/20160203144602/http://www.delawareonline.com/story/news/2015/11/30/chemours-lays-off-400-workers-including-some-delaware/76580028/. February 3, 2016. live.
  12. Web site: Delaware Division of Corporations. Government of DE. June 10, 2012. https://web.archive.org/web/20110810011523/http://corp.delaware.gov/. August 10, 2011. live.
  13. Web site: Delaware 2007 Fiscal Notebook – State General Fund Revenues by Category (F.Y. 2002 – F.Y. 2005) . August 17, 2011 . dead . https://web.archive.org/web/20110816093426/http://finance.delaware.gov/publications/fiscal_notebook_07/Section02/sec2page24.pdf . August 16, 2011 .
  14. News: Financial Secrecy Index . Tax Justice Network . November 1, 2009 . June 24, 2015 . https://web.archive.org/web/20150626125234/http://www.financialsecrecyindex.com/Archive2009/FSI-2009/FSI%20-%20Rankings%20-%202009.pdf . June 26, 2015 . dead .
  15. News: Financial Secrecy Index. Tax Justice Network. October 4, 2011. June 24, 2015. https://web.archive.org/web/20150404031914/http://www.financialsecrecyindex.com/Archive2011/FSI-2011/FSI-Rankings.pdf. April 4, 2015. dead.
  16. Web site: State of Delaware – Division of Corporations . June 10, 2012 . https://web.archive.org/web/20110810011523/http://corp.delaware.gov/ . August 10, 2011 . live .
  17. Web site: Chapter 7. Regulatory Provisions. June 26, 2013 . https://web.archive.org/web/20130626194611/http://delcode.delaware.gov/title4/c007/. September 13, 2011. Online Delaware Code. Delaware General Assembly.
  18. News: Aaron . Nathans . Del. package stores hope to benefit from Md. tax . The News Journal . New Castle, Delaware . July 9, 2011 . https://web.archive.org/web/20120821195354/http://www.delawareonline.com/apps/pbcs.dll/article?AID=2011107100328 . August 21, 2012 . July 10, 2011 . live .

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