Advocacy & Economic Development
Adaptation Resilience BY MICHELE A. SCHIAVONI
DELAWARE PROSPERITY PARTNERSHIP (DPP)— Delaware’s statewide economic development resource—is completing its fourth year in operation. President and CEO Kurt Foreman sat down to discuss how the DPP team continued its mission of advancing prosperity throughout the second year of the COVID-19 pandemic. What are some of the key learnings for the DPP team working during the pandemic? I think the most important takeaway is that in times of crisis, don’t stop. Who was it that said: “a crisis is a terrible thing to waste?” What we learned is to adapt—there is always a way to keep things moving and make progress. How we do things during a pandemic may be different than how we managed in more predictable times, but the key is to keep moving. What does the DPP pipeline of prospects tell us about what sectors are thinking of choosing Delaware? The manufacturing and logistics sector have historically been the source of most of our projects, and this year we saw science and technology increase substantially—the sectors are almost at parity. When you reflect on this, you can understand why. Delaware is steeped in a rich history of scientific discovery and innovation. Much of the intellectual capital that made breakthrough innovations possible is here in Delaware. That has resulted in a rich talent pool and tremendous intellectual capital in an array of science-based industries. And advanced manufacturing has also benefitted from the foundational work of companies like DuPont with more than two centuries of experience and know how. We think this blend has made Delaware a distinctive place for startups in a broad spectrum of 66
industry sectors. Lots of regions use the “I” word, but in Delaware we truly are focused on innovating—it is a part of our DNA and that is getting the attention of companies looking to grow and relocate. Are there other attributes that are important for prospects when they look at Delaware as a potential place to grow? The cost of doing business, the cost of living, and access to talent are usually on the list of things that get careful scrutiny. The good news for Delaware is if you are focused on the Mid-Atlantic, you really cannot beat Delaware’s affordability—whether you are concentrated on the tax structure for your business or the cost of living for individuals, Delaware is a great deal. Based on the Tax Foundation’s most recent Location Matters report, Delaware has the most optimal tax rate for manufacturing. It also has the sixth-lowest property tax in the nation and the highest population growth along the northeast corridor. Add to that the new Site Readiness Fund, the Transportation Infrastructure Development Fund, and the new Delaware Lab Space Grant program, and you see that Delaware is business-friendly and focused on making growth and location a priority. What are some of the projects you found most gratifying this year? One of the larger projects that we collaborated with our economic development partners on was WuXi STA, a leading Contract Development and Manufacturing Organization (CDMO) that recently selected Middletown, Delaware, to build a new pharmaceutical manufacturing campus. The 190-acre, state-of-the-art campus is expected to open in 2024 and will add nearly 500 jobs in the first phase. This is WuXi STA’s eighth global manufacturing facility—the first on the East Coast. The Jan uar y / Fe b r uar y 2022 | DELAWARE BUSINESS
