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FOR IMMEDIATE RELEASE |
CONTACT: Michelle Reardon |
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Tuesday, April 25, 2000 |
302/577-8701 |
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DOVER - Adding to Delaware's recent "Triple Crown" of AAA bond ratings, Governor Thomas R. Carper today announced that a national magazine has named the state's economy as among the strongest in the nation in its upcoming May issue. Governing magazine has ranked Delaware first in the nation for the per capita market value of all final goods and services produced in Delaware -- known as the Gross State Product -- in its latest monthly edition. Gross State Product is often used to evaluate and compare state economic activity for a given year, including growth rates. Delaware's economy is the 8th fastest growing economy in the U.S., according to the same study. "This national study illustrates that this Administration's economic development strategy has succeeded in creating a strong environment where businesses can locate and grow," Carper said. "Delaware's place among the strongest economies in the nation again reflects the strides we have made in growing businesses that offer quality jobs to our residents. Delaware's strengths outlined in the study included competitiveness of existing businesses, entrepreneurship, technology resources and infrastructure." The Gross State Product for Delaware was $31.5 billion or $42,964 per capita - the highest in the nation per capita. Among the Mid-Atlantic region states, Maryland's GSP ranked 20th, New Jersey ranked 5th, and Pennsylvania ranked 26th in the comparison of GSP per capita. The annual Gross State Product (GSP) is an estimate of the value of all economic activity that takes place in the state during the year. Delaware's financial institutions and chemical industries are two of the strongest contributors to the state's GSP. Among these sectors of the economy, Delaware's many financial institutions became a larger part of the state's overall economy, increasing by more than 2.0 percentage points on the total GSP for Delaware. This increase was more than twice the growth of the financial industry nationally (0.5 percentage points). In addition, the growing critical mass of Delaware's chemical and pharmaceutical industry, as seen by the announced growth at the DuPont Company and the merger of AstraZeneca last year, are also strong factors contributing to the state's top economic rating. Governing magazine's announcement follows on the heels of an independent report earlier this year that also rated Delaware's economy as one of the best in the nation - for the third consecutive year - by a nationally-recognized economic research organization. Corporation for Enterprise Development (CFED) last month released its report "1999 Development Report Card for the States," the non-profit agencies' annual comparison of the 50 states' economies. Compared to other states, Delaware's economy is among the top 5 in the nation, according to the report. 1999 was the third consecutive year Delaware earned "honor roll" accolades from the national agency for earning A's and B's in its major grading categories. Only seven other states were included on this year's honor roll. Since 1993, more than 75,000 jobs have been created in Delaware, which also ranks among the top five states in job creation. A combination of personal and business taxes have been cut for seven consecutive years and Fortune 100 again ranked Delaware as the state with the fairest and most equitable tax policy in America. Delaware has the second-fastest growth nationwide in median family income and the First State's unemployment rate of 3 percent is the lowest among states in the region and well below the national average. |
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