Delaware’s economy ranks 7th in the nation
Moving on up…
The report “The 2007 State New Economy Index” published by the Ewing Marion Kauffman Foundation and Information and Innovation Foundation (ITIF) of Washington, DC ranks Delaware’s economy 7th in the nation overall, rising two places in just the past five years. The significance is that a distinguished third party recognizes that Delaware has not remained stagnant in the face of a rapidly changing global business environment but has embraced the change to a fast paced entrepreneurial economy.
It is worth noting that according to the New Economy Index report referenced above, Delaware ranks 8th in Knowledge Jobs and 10th for Managerial, Professional and Technical Jobs. Knowledge workers are obviously critical in a knowledge based economy and the availability of managers, professionals and technicians skilled in knowledge based industries is paramount. The declines in Delaware’s traditional manufacturing industries has been more than offset by the gains in knowledge based service industries and the growth of smaller, entrepreneurial firms.
I have not had time to read the whole report. But I bet taxes did not have much to do with the ranking. Massachusetts, New Jersey, Maryland and California are all ahead of Delaware. Those are some of the highers tax states in the Country. If you factor in taxes, Delaware would score even higher I bet.