The State of Delaware enjoys a $63 billion per year gross product and ranks No. 17 on the Forbes list for Best States to Do Business. Expectations are that employment growth over the next year will continue to rise at a rate of 1.9 percent and the state’s economy is expected to increase by 3.4 percent during the next five years, according to Forbes.
There are several key indicators that point to Delaware’s future prosperity. The state has been listed as the seventh most business friendly in terms of business costs, eleventh in terms of labor supply and the regulatory environment is not particularly onerous, ranking a middling 23rd. There appears to be nothing but good news for those seeking employment in the country’s second smallest state.
Labor Force
The First State gets high marks for its ready-to-work labor force and this sector shows slow but steady and positive growth. The civilian labor workers have gained nearly 5,000 jobs since February and the unemployment rate has been in steady retreat. There have been a few dips in the road for the state’s labor force throughout the years with 2010 being the worst time for workers. However, this sector has enjoyed robust growth since 2014 and looks like one of the best areas for secure employment.
Professional & Business Services
Professionals and business service workers may have seen the biggest up-tick in job growth during the last 12 months. This trained work force has seen an 8.2 percent bump since February and appears to be outpacing a slower national growth rate in the area. Historically, this sector was relatively strong statewide 10 years ago, but employment plummeted from 2008 to 2010. It slowly regained its legs and since mid-2015 has been a veritable juggernaut and is posting 10-year employment highs.
Government Jobs
The ongoing national debate about shrinking government appears to come home to roost in Delaware. Government employment has steadily declined since February by just over two percent. Given that private sector employment continues to rise, these may be positive benchmarks for people seeking jobs when put side by side.
Leisure & Hospitality
The leisure and hospitality industry has remained relatively static this year with approximately 51,300 jobs filled. That number hasn’t moved significantly all year. But the good news for those looking for work in this industry is that Delaware has hit all-time high employment numbers in this sector throughout 2016 and the number of opportunities have been rising sharply since 2010. This year’s leveling off could indicate that the job market is filling up, which lends itself to future need by leisure and hospitality companies. Like any industry, if people are buying, someone is selling. This sector could be poised for expansion over the next few years.
The overall employment forecast for Delaware appears quite positive. Many sectors are showing growth and excellent job opportunities ahead of national averages. Things are definitely on the upswing and this may be time to jump back into the workforce or consider moving to an industry that holds future promise.
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