EC O N O M IC D E VE LOPME NT
REGIONAL REPORT
THE NORTHEAST Things are looking up—slightly—for the nation’s Northeast, which was losing workers and flat on growth last year. BY CRAIG GUILLOT TECH, MANUFACTURING AND LIFE sciences continue to be prime economic drivers in the Northeast. The region remains a mixed bag of urban innovation and development with moderate growth and some signs of hope in states that have traditionally suffered population declines. 22* DELAWARE
62 / CHIEFEXECUTIVE.NET / MARCH/APRIL 2020
26 NEW HAMPSHIRE GROWTH IN THE GRANITE STATE Life sciences and manufacturing are experiencing strong growth in New Hampshire. BAE Systems announced in February 2019
CREDIT PORT OF WILMINGTON
*No. ranking in the 2019 Chief Executive Best & Worst States for Business (ChiefExecutive.net/2019Best-Worst-States)
INNOVATION IN THE FIRST STATE The Delaware Prosperity Partnership is driving new development initiatives that offer the private sector a bigger seat at the table, says DPP CEO Kurt Foreman. Efforts focusing on tech and science startups are paying off. The Delaware Innovation Space, an incubator and accelerator for science startups, formally opened a $6 million lab in September 2019, and recently doubled its seed and pre-seed First Fund investment program to $150,000. “The knowledge base, the talent pool and the concentration of Ph.D.’s in science, health and engineering have continued to attract startups and angel investors,” says Foreman.
Other big developments continue to sprout in The First State. GT USA, a subsidiary of Gulftainer, is undertaking a $600 million project to turn the Port of Wilmington into one of the largest facilities of its kind on the East Coast. And, in June 2019, Kansas City-based Northpoint Development announced a deal to create 2 million square feet of warehouse and logistics space at the Delaware City Logistics Park. In July 2019, the Delaware Business Roundtable launched the Ready in 6 initiative to speed up the time it takes for the state to approve projects from an average of 24 months to only six. “It’s a plan to ensure we can commit to be ready in six months for companies who need and want us to move at the pace of business,” Foreman says.
