Economy of Delaware facts for kids
The economy of Delaware is quite interesting and diverse, playing a big part in the state's daily life. It includes everything from farming and manufacturing to banking and tourism. Delaware is also known for being a popular place for companies to set up their legal base.
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A Wealthy State
Delaware is considered a wealthy state. In 2013, a study showed that Delaware had one of the highest numbers of millionaires compared to its population in the United States. This means many people living in Delaware have a lot of money.
Farming in Delaware
Farming is an important part of Delaware's economy. Farmers in Delaware grow and produce several key things. These include poultry (like chickens), plants from nurseries, soybeans, dairy products (like milk), and corn.
Energy Sources
Delaware is also looking into different ways to get energy. The state uses both solar power and wind power to help meet its energy needs. These are clean energy sources that are good for the environment.
Key Industries
As of October 2015, the unemployment rate in Delaware was 5.1%. This rate shows how many people who want to work are currently looking for a job.
Delaware has many large employers that provide jobs for its residents. Some of the biggest employers include:
- Government: The State of Delaware and New Castle County employ many people.
- Education: Schools and universities like the University of Delaware and Delaware Technical & Community College are major employers.
- Banking: Big banks such as Bank of America, M&T Bank, JPMorgan Chase, Citigroup, and Deutsche Bank have a strong presence.
- Chemical, Pharmaceutical, and Technology: Companies like DuPont de Nemours Inc., AstraZeneca, Syngenta, and Agilent Technologies are important.
- Healthcare: Hospitals and medical centers like ChristianaCare, Bayhealth Medical Center, and Nemours Children's Hospital, Delaware provide many jobs.
- Farming (especially chicken farming): Companies like Perdue Farms, Mountaire Farms, and Allen Family Foods are very important in Sussex County.
- Retail: Stores like Walmart, Walgreens, and Acme Markets also employ many people.
Dover Air Force Base, located near the state capital of Dover, is one of the largest Air Force bases in the country. It's a huge employer in Delaware. Besides its other duties, this base is where American military personnel who pass away overseas are brought back home.
Changes in Industries
Over the years, some industries in Delaware have changed or moved away. For example, the state's car manufacturing plants, like those run by General Motors and Chrysler, closed down. Some major banks and steel companies also changed or left. Even a big chemical company, AstraZeneca, reduced its presence.
In late 2015, DuPont, a very old and important company in Delaware, announced that many employees would be laid off. Later, DuPont merged with Dow Chemical Company to form DowDuPont. These changes show how industries can evolve over time.
Why Companies Choose Delaware
More than half of all publicly traded companies in the U.S. and most of the Fortune 500 companies (the 500 largest companies by revenue) are legally set up, or incorporated, in Delaware.
Delaware is very attractive to businesses because of its special corporation law. This law makes it easy and favorable for companies to incorporate there. The state collects a special fee called a franchise tax from these Delaware corporations, which makes up about one-fifth of the state's income. It's interesting to note that there are more than a million registered corporations in Delaware, which is more than the number of people living there!
