Economy of Delaware

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
"Picking Peaches in Delaware" from an 1878 issue of Harper's Weekly

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

Industries

As of October 2015, 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
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]

References
  1. Ruth, Eric (April 15, 2010). "Delaware housing: Home prices slide in all three counties; sales in NCCo, Kent down from year ago". The News Journal. Delaware. Delaware Online. Archived from the original on April 3, 2014. Retrieved March 31, 2014.(subscription required)
  2. Frank, Robert (January 15, 2014). "Top states for millionaires per capita". CNBC. CNBC.com. Archived from the original on January 22, 2014. Retrieved October 28, 2016.
  3. "Delaware Economy at a Glance" (database report). United States Department of Labor, Bureau of Labor Statistics. Archived from the original on March 15, 2015. Retrieved March 10, 2015.
  4. "National Vulcanized Fibre Corp. site in Yorklyn". Archived from the original on August 3, 2018. Retrieved December 12, 2015.
  5. "AstraZeneca lays off workers at Delaware headquarters". Archived from the original on February 5, 2016. Retrieved December 12, 2015.
  6. "Delaware officials concerned about AstraZeneca, DuPont threats". Archived from the original on February 5, 2016. Retrieved December 12, 2015.
  7. "DuPont to cut 1,700 jobs in Delaware in January". Archived from the original on December 31, 2015. Retrieved December 29, 2015.
  8. "DuPont merger called 'catastrophic' for Delaware". Archived from the original on December 17, 2015. Retrieved December 12, 2015.
  9. "DuPont merger: A 'sad day' for Delaware". Archived from the original on January 31, 2016. Retrieved December 12, 2015.
  10. "DuPont-Dow merger 'catastrophic' for Delaware". Archived from the original on December 31, 2015. Retrieved December 12, 2015.
  11. "Chemours will lay off 400, including some in Delaware". Archived from the original on February 3, 2016. Retrieved December 12, 2015.
  12. "Delaware Division of Corporations". Government of DE. Archived from the original on August 10, 2011. Retrieved June 10, 2012.
  13. "Delaware 2007 Fiscal Notebook – State General Fund Revenues by Category (F.Y. 2002 – F.Y. 2005)" (PDF). Archived from the original (PDF) on August 16, 2011. Retrieved August 17, 2011.
  14. "Financial Secrecy Index" (PDF). Tax Justice Network. November 1, 2009. Archived from the original (PDF) on June 26, 2015. Retrieved June 24, 2015.
  15. "Financial Secrecy Index" (PDF). Tax Justice Network. October 4, 2011. Archived from the original (PDF) on April 4, 2015. Retrieved June 24, 2015.
  16. "State of Delaware – Division of Corporations". Archived from the original on August 10, 2011. Retrieved June 10, 2012.
  17. "Chapter 7. Regulatory Provisions". Online Delaware Code. Delaware General Assembly. Archived from the original on June 26, 2013. Retrieved September 13, 2011.
  18. Aaron, Nathans (July 9, 2011). "Del. package stores hope to benefit from Md. tax". The News Journal. New Castle, Delaware. Archived from the original on July 11, 2011. Retrieved July 10, 2011.
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