Prosperity Partnership building a strong portfolio of prospective jobs
The Delaware Prosperity Partnership continues to gain traction in its efforts to attract new jobs to Delaware and retain ones that may be thinking about moving.
DPP’s new Projects Report with data through the end of November shows 65 active projects representing 5,869 new jobs, 515 potential retained jobs, and potential capital investment of $747 million. This compares with the October report that had 70 active projects, with 6,009 potential new jobs, 473 potential retained jobs, and $787 million in potential capital investment.
And the organization got off to a great start in December with the announcement that Carvertise would add 50 jobs in Delaware, thanks in part to approval for a $290,000 performance-based grant from the Delaware Strategic Fund.
DPP’s 2019 monthly project pipeline has shown a fairly steady increase since 2019.
“The Delaware Prosperity Partnership model is showing promising results with 65 active projects. What is especially encouraging is that 42 of those active projects are new to our market – that tells us that Delaware’s brand as business-friendly is growing strong. I also think our partnerships throughout the state are paying dividends for Delaware’s visibility; by working together we are seeing stronger results. DPP’s portfolio of projects ranges from the small to the midsized and the large and that’s a good thing. In economic development having a portfolio representing a range of opportunities and sizes is ideal,” said DPP President and CEO Kurt Foreman.
In the first half of 2019, Delaware small businesses show strong revenue growth
Delaware small businesses showed the third-largest revenue growth in the first half of 2019 among small states with fewer than 250,000 small businesses, according to the Kabbage Small Business Revenue Index, which reported strong overall revenue growth over the first six months of 2019.
The Kabbage Index Value tracks revenue growth of 200,000 small businesses across the country and indicates that Delaware has grown 67.7% since the index was created in January 2017. That ranks the First State fourth among small states and fifth overall. Overall, U.S. small businesses – and 83% of the businesses surveyed have fewer than 10 employees with median annual revenues of $280,000 – have grown a total of 58%.
Delaware lands in middle of state rankings of credit-card debt burden
Delaware has the 24th lowest credit card debt burden in the United States according to a CreditCards.com report that compares credit card debts and household incomes. A Delaware household has the 17th highest average credit card debt ($8,410) and the 17th highest median annual household income ($64,805). Setting aside the recommended 15% of earnings to pay off debt, it would take 12 months to pay off the balance and would cost $959 in interest.
Southern states have the highest credit card debt burdens in the United States, according to a CreditCards.com report that compares credit card debts and household incomes. In fact, southern states comprise all but one of the 10 states with the highest debt burdens, with the one geographical outlier, New Mexico, holding the top spot.
The typical American household (earning $61,937) needs a little over a year (13 months) to pay down the average credit card balance of $8,407. They would pay on average $1,005 in interest.
Where’s the best county in Delaware for:
SmartAsset, a New York-based personal finance technology company sent us a few “best places” rankings this week that drew comparisons between the three Delaware counties.
- Retirement Savings: SmartAsset considered four factors: paycheck friendliness, 401(k) plan performance, public pension plan performance, and the number of financial advisors per capita. New Castle finished first here, largely on the shoulders of financial advisor density (more than double the other two counties). Sussex finished second, leading the pack on paycheck friendliness, which measured paycheck size, purchasing power, unemployment and income growth.
- Best Budgeters: This ranking took into account consumer expenditures as a % of personal income; net wealth as a % of personal income; and bankruptcies per 1,000 people. Sussex County finished first in that one on the strength of its high net wealth to income and low bankruptcy numbers. New Castle County finished second with strong net wealth to income, and Kent lagged behind the other two.
- Small Business Ownership: SmartAsset considered three factors: the proportion of people in a county with small business income; how much business income those people reported; and the amount of tax a potential resident must pay on his or her income. They took that approach because small businesses are typically incorporated as pass-through entities, meaning the business owner pays income tax on the company profits rather than the company itself paying income tax. Once again, Sussex finished first, leading the pack in both small-business income and small-business returns. New Castle and Kent finished second and third, respectively, with income and returns figures below the state average.