Advocacy & Economic Development
We Must Do Better Reimagining Delaware’s Growth Agenda BY BRIAN DISABATINO
THERE ARE MANY REASONS to be proud of and excited about Delaware. Our diverse workforce, world-class researchers, colleges, and quality of life make Delaware a great place to live, work, and play. These uniquely First State assets are in jeopardy, however, and the decisions made in the coming months will determine whether and how we address the challenges the state is facing and set a course for excellence and prosperity. Today the Delaware Business Roundtable issues a challenge to fellow Delaware business and political leadership to confront what is holding us back and invest in what propels us forward. As we reflect on 2023 and prepare for 2024 and beyond, we must ask ourselves whether we as leaders have the vision and political will needed to help change the trajectory of the state. Consider the implications of the state’s diminishing labor force participation rate, the need for a more robust entrepreneur pipeline, a rapidly aging population, and challenges recruiting and retaining talent for leading-edge companies. In a state with so much potential, we can do better. DELAWARE BUSINESS
|
Ja nu a r y / Fe br u a r y 2024
ROBUST TALENT PIPELINE Delaware’s workforce development pipeline is perhaps the biggest challenge impacting the state’s economic growth. A reliable source of job candidates prepared to succeed is cited as the primary challenge for employers, regardless of location, size, and industry. As of 2021, Delaware ranked 40th in the share of population participating in the workforce. Only 60.1% of Delaware’s population ages 16 and older are in the labor force. In comparison, Maryland had a labor force participation rate of 66.6% (ranked 8th), along with 65.6% in New Jersey (ranked 13th) and 62.4% in Pennsylvania (ranked 32nd). Successfully creating a robust talent pipeline will require moving away from short-term thinking and episodic action. When the White House released goals for the nation’s biotech and tech hubs, its report referred to our region as “Cellicon Valley,” noting the tremendous advances in genetic and cellular science that warrant much greater investment in education and training. We need more efforts like the National Institute for Innovation in 63
