Page 9 - World Trade Center - 2023

LOCATION, LOCATION,
LOCATION: Why Delaware Is the Right Place for Your Business
By Tina Irgang Leaderman
Delaware is small — and that is a good thing, for several reasons.
Ask anyone in the First State and they will tell you that key political and business decision makers are only a phone call away. And if you connect with organizations like the World Trade Center® Delaware and Delaware Prosperity Partnership (DPP), you might not even have to make that phone call yourself.
Delaware’s small size also means that the major economic powerhouses of the East Coast — the government agencies in Washington, DC, and the financial markets of New York, to name a few — are just a short drive or train ride away.
I-95 runs straight through Delaware, meaning there is only one stop-
light between Delaware and Canada, Florida and Chicago. Passengers can travel with ease on Amtrak, while Norfolk Southern and CSX get cargo to their destinations from the Port of Wilmington. That port, it should also be said, is closer to the Atlantic than either Baltimore or Philadelphia.
Five major airports — Baltimore- Washington International, Washington Dulles, Newark Liberty, Ronald Reagan National and Philadelphia International Airport — are within a two-hour
drive of Delaware’s borders. Summit Aviation in Middletown and Delaware Coastal Airport in Georgetown provide further crucial infrastructure for air transport, including airplane repair and upgrade services.
Delaware’s Foreign Trade Zone, FTZ #99, provides key advantages to international companies. For example, Delaware Freeport LLC is a full-service
fine-art storage facility and a fine- art market fulfillment center within the FTZ. (For more about the FTZ, see page 10.)
“If you want to serve the East Coast, Delaware should be on your radar,” said Kurt Foreman, President and CEO of DPP. There is a reason large companies like Amazon and Dot Foods have built major distribution centers in the state.
Another advantage: compared to other East Coast markets, Delaware is intensely cost-effective. “Our tax structure and cost of living, compared to the rest of the corridor, is very competitive,” Foreman said.
Planning for the Future
DPP and its partners will collaborate with companies to identify the best site for their expansion or relocation, but the organization also plans for the future: “We have worked with the state to encourage site readiness and lab grants,” Foreman said. “When buildings or sites get taken off the market, we always want to make sure that we have options for the next
wave of interested parties.”
Of course, talent is another key
consideration for any company, and Delaware’s talent pool can easily compete with any other state in the nation. “If you are looking for a well- educated workforce, particularly in the science and tech areas, we have one
of the highest concentrations in the world,” Foreman said. Another area where Delaware shines is in financial services: the sector accounts for 9% of all jobs in Delaware, the highest percentage of any state.
Science and technology and business and financial services are
two of DPP’s five focus sectors —
the others being healthcare and education, food and agriculture, and manufacturing and logistics. Those sectors play into Delaware’s traditional strengths, but that’s not to say Delaware can’t be the right location for companies in other industries as well.
In fact, Foreman said, one of his favorite things about his job is learning about new sectors and services — and helping those companies determine how Delaware can be helpful in their journey. «
“If you want to serve the East Coast, Delaware should be on your radar. Our tax structure and
cost of living, compared
to the rest of the corridor, is very competitive.”
– Kurt Foreman, President and CEO, DPP
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