Good News Delaware … You’re #2!! | Harvey Hanna

Good News Delaware … You’re #2!!

June 24, 2014

Good News Delaware … You’re #2!!

 Delaware came in second for the 2014 ‘State New Economy Index.

Not too shabby Delaware!

According to the report, Delaware is the most Globalized of states due to the state’s business-friendly corporate law. This serves to entice both foreign and domestic companies and creates a higher-wage traded service sector.

Thanks to the high-wage traded services, along with direct foreign investment and industry investment in R&D, Delaware moved up 4 rankings since 2010.

Massachusetts has been ranked #1 since the conception of the State New Economy index. This is largely due to the state’s concentration of biotech, hardware and software firms supported by widely renowned universities, such as Harvard and MIT.

California ranked #3, largely due to its domination of venture capital (55% of all U.S. Venture Investments), Silicon Valley and high-tech clusters in the southern part of the state.

The State New Economy Index is a report that focuses on measuring the economic structure of states, unlike other reports that assess state economic performance or state economic policy. (According to ‘The Information Technology & Innovation Foundation’, a Washington, D.C. non-profit, nonpartisan think tank at group whose mission is to help policymakers better understand the nature of the new innovation economy and the publisher of the report)

This report focuses on the simple question, “To what degree does the structure of state economies match the ideal structure of the New Economy (a more global one)?”

The report uses five categories; Knowledge Jobs, Globalization, Economic Dynamism, The Digital Economy, and Innovation Capacity.

To find out more, download the report or go to ITIF website.

Are you in an industry that you feel has helped Delaware rise to second place? If so, what are your thoughts about how Delaware continue to compete in the New Economy?