Site Expansion - Regional Roundup: Delaware

Published on: 
BioPharm International, BioPharm International-03-01-2004, Volume 17, Issue 3

Regional Roundup: Delaware

Population (2002)805,945
Workforce population (2002)423,200
Unemployment rate (10/02)4.3%
Key cities and populationsWilmington: 72,485; Newark: 29,652; Dover: 32,299
Targeted industriesBiotech, agriculture, information technology, tourism, banking and finance, transportation, venture capital
Biopharm employment (2002)15,224
Academia and government affiliated with biopharm industryDelaware Technology Park; Delaware Biotech Institute; University of Delaware
Primary business strengthsExtensive pool of scientists and engineers; similar industries based in Delaware; broad regional network of specialized suppliers; one of the lowest costs of doing business regionally
Tax and other incentivesCompetitive tax structure, including no state or local general sales tax; no personal property or inventory taxes; real property taxes are among the lowest in the US; corporate income tax credits and reduction of gross receipts taxes for new and expanded businesses; additional tax credits on corporate income and reduction of gross receipt taxes for new and expanding businesses locating in 30 targeted census tracts; property tax relief for new construction and improvements of existing property; the exemption of certain investment and holding companies from corporate income tax; the adherence of the state tax structure to the federal definition of corporate net income so companies may take full advantage of any federal tax law change, such as more rapid depreciation of newly purchased assets. Also, two approved foreign trade zones will allow the deferment of import taxes; Public Utility Tax rebates of 50% on increased consumption for qualifying industries, and reduced rate for manufacturers and agricultural processors. (Visit
BioClustersDelaware Technology Park:
State committment to biopharm industry growthLegislative funding; restructuring of Delaware Economic Development Office to clusters one cluster is devoted to life sciences and biotechnology; the state plans to continue to attract new biopharm companies
State- and regional-level contactsDelaware Economic Development Office, 302.577.8477, Bob Dayton