Growth in Wilmington Reaching a “Tipping Point”

“Dela-where?” Longtime residents of Delaware have heard this joke to the point of tears. But the well-worn joke has an undeniable ring of truth.

 

The state of Delaware is frequently confused with the county in Pennsylvania of the same name. Delaware is even more often overlooked despite the many benefits of living here. Wilmington, in particular, has many assets, including: access, parks, and public amenities. Despite these features, the expense of living or doing business in Wilmington is considerably less than the bigger, surrounding cities.

 

Wilmington is reaching a tipping point as the city follows “a trend of many American cities that are revitalizing their downtowns and recreating their profiles.” -Catherine Timko

 

Wilmington Growth

In terms of growth, the city is currently seeing nearly $450M worth of private investments, multi-million dollars of city infrastructure improvements, and significant improvements to our transportation infrastructure. Some examples include:

Private Investments

  • 2 new hotels
  • 2,000 multi-family units
  • 5 new restaurant/entertainment venues

 

City Infrastructure

  • The Rock Lot (pocket park)
  • Multi-million dollar Rodney Square overhaul
  • 6,000 LED lights

 

Transportation Infrastructure

  • Increased number of commuter trains
  • Greenway trail connecting the Riverfront and historic New Castle
  • City bike plan to improve bike commuter safety

 

Technology and Innovation Hub

More and more, Wilmington is coming to be known for the large (and growing) number of tech businesses that make their home here. The co-working space, The Mill, is one of our centers for innovation and creativity and home to organizations like ZipCode. Financial technology is another economic driver, accounting to 1/5 of Delaware’s GDP.

 

Fun Facts

Did you know…

  • Over 40% of the workforce in the core has at least a Bachelor’s degree
  • 67% of jobs are in 1 of 6 industries (Finance, insurance, healthcare, professional, scientific and technical service)
  • The average wage for professional jobs downtown is $75,000
  • Multi-family residential occupancy exceeds 90%

 

Summarized from the article, “If you haven’t been to Wilmington, DE recently, it’s time for a visit!” on Econsult Solutions, Inc.

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