in

All You Need to Know about the Delaware Job Market

Since the early 20th century, Delaware is grown to become one of the most economically prosperous states in the Nation. Being one of the few states who were able to exhibit an economic growth while the nation was ailing with a recession, the state was able to accelerate its growth rate by a 100% within a span of 3 years.

Leading Industries in Delaware

Manufacturing – Even though, historically speaking, manufacturing is known to hold the maximum number of Delaware Jobs, within the realm of manufacturing, jobs in Delaware is primarily dominated by the automotive and chemical industries.

These industries experienced an unfortunate downfall post 2001, where output from automobile and automotive equipment manufacturing plants reduced by about 34%. The chemical industry also showed a decline of 2.6% during the same time frame.

This consequently impacted the manufacturing sector on the whole, where maximum layoffs were experienced at the turn of the millennium.

Finance and Other Services – The industries that have been major contributors to the economy of the state include – the finance, insurance and real estate sector which in the last decade contributed to 43% of the state’s economy; and the general services sector such as that of hospitality, personal, auto repair, legal services, education, recreational services and healthcare have also been major contributors to the state’s economy and job market.

In contrast to the manufacturing sector, the Finance, Insurance and Real Estate sector continued to exhibit an annual growth of 2-3% in the early 2000’s. In spite of the consequent downfall of the industries, the office space vacancy levels in the state bordered 15% when the national average was 16.5%. A major reason behind this occurrence was the fact that the state of Delaware continued to offer more affordable housing and commercial real estate in comparison to its neighboring states who bared a bigger brunt of the recession due to the already high real estate prices.

Other factors that influenced the market for jobs in Delaware were the fact that the state experienced a 17% growth in population between 1991 and 2001. This not only reflected well on the flow of expendable income and movement of businesses within the state, but also impacted the availability of work force which in 2013 is qualified to take on a number of employment related responsibilities.

Delaware versus the United States

As off today, the state of Delaware continues to thrive when compared to its neighboring states as well as the national average. When one compares the current unemployment rate, the state offers a positive outlook with an unemployment rate of 7.6% as compared to the 8.6% national average.

With a recent job growth rate of the state at 1.17% it has surpassed the national expectations of 0.35%. Additionally, the state also promises a future job growth of 34.74% compared to the national projections of 32.1%.

Additionally, with a higher per capita income as well as household income, the state of Delaware offers tremendous opportunities in employment and career growth.

Source link

What do you think?

Why Web-Based Businesses Need Collocation Services

Glass Room Dividers – Aesthetically Pleasing And Universal Space Partitioning Options