Delaware Prosperity Partnership hits big milestones in 2024
The Delaware Prosperity Partnership is a public/private nonprofit that was created in 2017 by former Gov. John Carney to spur economic growth throughout the state.
Chris Kelly, partnership economic research director, said the partnership has surpassed 10,000 jobs created/retained, $2 billion worth of capital investment and completed 75 projects. The partnership is really excited about those numbers, he said.
Kelly and colleague Bryan Mack, the partnership’s business development manager, addressed members of the Rehoboth Beach-Dewey Beach Chamber of Commerce’s monthly luncheon Jan. 15 at The Cambria Hotel. The two were on hand to talk about the work and successes of the partnership since it was created to replace the Delaware Economic Development Office.
Mack said the partnership targets a wide range of industrial sectors, including business and financial services, manufacturing and logistics, healthcare and education, agriculture and food, and science and technology. The partnership travels across the country and the world to meet with site selectors representing large companies interested in expansion, he said.
Mack talked about the success of the partnership’s Site Readiness Fund, which was created in 2022 and provides grants, loans or other economic assistance to qualified businesses or local governments. He said 24 sites have received $21.68 million in funding, which has leveraged $839 million in private investment in a mix of projects across the state – four in Sussex County, 10 each in New Castle and Kent counties.
A second initiative undertaken by the partnership is the Modernization Investment Support Initiative, which was created in 2023 and is aimed at helping the state’s businesses evolve and remain competitive. Mack said three projects have received $2.07 million in funding, which led to private company contributions of more than $10.4 million for upgrades and the retention of 76 retained jobs.
Of those 75 projects completed, Kelly said, 65% are companies already operating in Delaware, 40% are in the science and technology section, and more than 46% of the projects included a manufacturing facility. In 2024, the DDP announced nine projects that could retain and create up to 1,573 jobs and result in $304 million in capital investment, he said.
There’s more to the story than the direct numbers, said Kelly. These businesses are going out and spending money on supplies and other needs locally, he said.
There’s been stable job growth in Delaware over the past decade, said Kelly, providing data showing the state has added about 40,000 jobs since 2014 – 443,600 in November 2014 to 489,1000 in November 2024. That includes bouncing back and then surpassing pre-COVID numbers, he said.
There was a question-and-answer period following the presentation. Most of the questions were related to what they could do to bring big industry to Sussex County.
Mack said the most important thing is to be vocal of what the county has to offer in terms of proximity to large cities, lifestyle and that the year-round population is continuing to grow.
The question that garnered the most reaction was whether a Costco was coming to the area. Mack laughed and said he didn’t know and didn’t want to start any rumors.
