M id A tlantic Real Estate Journal — January 2023 — 5A
www.marej.com
Mid Atlantic R eal E state J ournal ’ s E conomic D evelopment D elaware N ew J ersey Greetings from the great state of Delaware.
As we enter a new year, New Jersey is eager to convey one simple message to the Mid-Atlantic Real Estate Journal, and real estate professionals across the country: We are ready for your business. We have a “can’t miss” geographic location, un- matched infrastructure, and boundless opportuni- ties for development and redevelopment through- out our cities and towns. We also possess one of the largest commuter rail systems in the country,
The First State had a strong 2022, with robust expansion in the manufacturing, science, technology, and financial sectors. Working with local and regional commercial real estate partners, Delaware attracted several new companies to the state. Among these were leading water-quality testing instrumentation and reagent producer LaMotte and global protective case and rack manufacturer CP Cases, together bringing more than 100 new jobs to Delaware.
John Carney
Philip Murphy
which presents numerous transit oriented development opportunities. These factors make us uniquely primed for companies looking for a lo- cation that is easily accessible, offers a vast pool of premier talent, and a state government that is eager to work with them to create a home in our great state. We are also making every effort to improve the interaction between the state government and the private sector and make it easier to run your business. Permitting processes are being updated, more forms are being made available online, and we offer an Opportunity Zone tax incentive program. These are just a few of the numerous reasons why the Garden State is a can’t-miss location for the real estate industry. I encourage you to see how New Jersey can fit your plans for a prosperous and successful 2023.
We also supported the expansion of numerous companies already operating in locations across our state. These included a $52.6 million investment by DuPont Electronics & Industrial – a key player in the semiconductor industry – and a $35 million investment by water tech- nologies leader Solenis – the company’s second such expansion in just four years. Additional growth in Delaware’s manufacturing, science and technology sectors included expansions by specialty chemical company Royale; global life sciences, diagnostics and applied chemicals leader Agilent Technologies; green energy startup Versogen; and early-stage biopharmaceutical company Uvax Bio. Within the business and finan - cial services sector, expansions by Ally Financial and City National Bank are collectively creating almost 400 new jobs in our state. Representatives from these companies and others locating or grow- ing in Delaware continually reference the major benefits of doing busi - ness here. Among these are our central East Coast location between Washington, D.C., and New York; a favorable corporate tax structure; industry-leading corporate and legal services; low property taxes; no sales, inventory or value-added tax; an affordable cost of living; and a rich talent pool fed by more than 100 nearby colleges and universities. Recognized as a pro-business state where it’s easy to get things done, Delaware ranks well nationally with the 2nd lowest business costs (Forbes), 3rd lowest tax burden (WalletHub) and 6th overall business environment (U.S. News & World Report). Delaware also offers growing companies refundable R&D tax credits, Jobs Performance Grants, Capital Expenditure Grants, Transportation Infrastructure Investment Fund Grants and Graduated Lab Space Grants. For property owners looking to prepare future sites for industrial and office development, we offer the Site Readiness Grant program. Delaware looks forward to continuing our business success, embracing our commercial real estate partners and supporting business development across all sectors in 2023 and beyond. John Carney Governor, State of Delaware
Philip Murphy, Governor, State of New Jersey
Inside: Montgomery County, Pennsylvania.................................................................................................................6-7A Aaron Gantz, GRCA........................................................................................................................................8A Jamie Williams, CEcD, Kent County, Maryland...............................................................................................9A
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