Buying a business in Delaware: Sectors to watch

Purchasing a business is always an exciting prospect. Some entrepreneurs have expertise in a particular sector and already know their direction. Others are open to every possibility.

A quick look at the data from the Delaware Economic Development Office and the U.S. Department of Labor’s Bureau of Labor Statistics can give aspiring business owners an overview of the industries that are gathering steam in Delaware.

According to national statistics for 2012, Delaware is seeing positive growth in the following sectors:
Financial Activities, Leisure & Hospitality, Trade, Transportation, and Utilities, Education & Health Services,
Delaware’s Economic Development Office is more specific. They highlight the following industries:

Healthcare & Life Sciences

Delaware already has a robust life sciences industry, and it’s getting even stronger. Well known companies like Agilent Technologies, Syngenta and DuPont have facilities there. AstraZeneca, a large international pharmaceutical company, has its U.S. headquarters in Delaware.

Newark’s Delaware Technology Park, created by a public-private partnership that includes the University of Delaware, private businesses and the State of Delaware, hosts some of Delaware’s most cutting edge life sciences businesses. Businesses related to the life sciences are creating a thriving industry in Delaware.

Insurance & Financial Services

Delaware hosts the U.S. headquarters of many international insurance and financial services firms. These companies, including many in the insurance and credit card industries, are centered on Wilmington, Delaware’s largest and most accessible city. Delaware’s friendly business climate has attracted these companies, and it’s a state where a financial services business has a good chance at success.

Tourism

Delaware is a stunningly beautiful, lightly populated state located on an Atlantic peninsula, within a day’s drive of the most densely populated area of the U.S. Is it any wonder that it has a thriving tourism industry? Tourism in Delaware centers on the rural areas and small towns. Business opportunities in this industry involve a wide range of interests and activities.

Aerospace & Aviation

With existing facilities like Dassault Falcon’s service center in Wilmington, PATS Aircraft’s headquarters in Georgetown, and Summit Aviation’s headquarters in Middletown, Delaware has a thriving aviation industry. This makes Delaware a good location for aviation companies and businesses that serve the aviation industry.

Green & Material Sciences

The Delaware state government wants to help companies that deal in green energy generation, energy conservation and material sciences. They’ve already seen some success with business ventures such as Motech America’s facility in Newark and Fisker Automotive’s hybrid electrical automotive manufacturing facility in Wilmington. The State of Delaware has a Small Business Energy and Facilities Revolving Fund, meant to provide loans to firms that create jobs in energy efficiency and recycling.

Delaware’s unemployment rate is below the national average and falling. That’s good news for many potential business owners, because it indicates a state economy that’s strong overall and can support new businesses. Delaware has competitive tax rates for businesses, and does not collect a state sales tax. It is a business friendly state where a well planned venture, in the right industry and the right locality, can thrive.

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• The Delaware Business Weekly Round Up – January 4th, 2013 →