Deldot Begins 3-Year Rehab of I-95 As Anxious
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HARKER ONE-ON-ONE: How the Philly Fed chief sees recovery, infl ation 3 April 20, 2021 | Vol. 8 • No. 8 | $2.00 | DelawareBusinessTimes.com BIDEN’S TECH: Del. sound engineer heads to White House 7 SIGNED ON: UD President Assanis extended to ‘26 6 THE LONG HAUL DelDOT begins 3-year rehab of I-95 as NEW BREW: anxious Wilmington watches | 16-18 Dogfi sh Head opens new Miami brewery 10 IN THE C-SUITE: DelDOT Secretary Nicole Majeski talks public service, career planning and what’s ahead for transportation 30 Founded 2014, a biweekly newspaper serving Delaware’s business community Vol. 8, No. 8 dated April 20, 2021 Copyright © 2021 by Today Media, all rights reserved MIDDLESEX COUNTY NJ This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying or recording, or by any information storage and retrieval system now known or hereafter invent without written permission from the Publisher. For licensing, reprints, e-prints, plaques, e-mail [email protected]. Group Publisher Robert F. Martinelli Publisher Michael Reath [email protected] Editor Jacob Owens [email protected] Reporter Katie Tabeling [email protected] Research, Digital, and Mike Rocheleau Engagement Editor [email protected] Vice President of Charlie Tomlinson Business Development [email protected] Digital Sales & Karen Martinelli Marketing Manager [email protected] Advertising Director Lisa Minto [email protected] Multimedia Account Carol Houseal Executives Tracy Mulcahy Marketing & Events Leeanne Rocheleau HIGH QUALITY Production Director Donna Hill Art Director Chris Johnson Graphic Designers Eric Bolis WORKFORCE. Shelby Mills Rosalinda Rocco Director of Digital Strategy Greg Mathias HIGH QUALITY Publisher Emeritus Sam Waltz Today Media, A Martinelli Holdings LLC President Robert F. Martinelli OF LIFE. Secretary-Treasurer Richard Martinelli In Memoriam Chairman Angelo R. 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DiscoverMiddlesex.com/Biz rmation in this publication is gathered from sources considered to be reliable, he accuracy ad completeness of the information cannot be guaranteed. information expressed herein constitutes a solicitation for the purchase or sale y securities. 2 April 20, 2021 | DelawareBusinessTimes.com Philly Fed CEO Harker talks Founded 2014, a biweekly newspaper serving Delaware’s business community Vol. 8, No. 8 dated April 20, 2021 recovery, inflation prospects Copyright © 2021 by Today Media, all rights reserved MIDDLESEX COUNTY NJ This newspaper or its trademarks may not be reproduced in whole or in part in any form or by any means electronic or mechanical, including photocopying BY JACOB OWENS Committee to let inflation average 2% and in order to or recording, or by any information storage and retrieval system now known or average it, it has to go above 2% for a period of time. hereafter invent without written permission from the Publisher. For licensing, A year after the COVID-19 pandemic closed down reprints, e-prints, plaques, e-mail [email protected]. much of the American economy, Patrick Harker, Where does your worry about inflation president and CEO of the Federal Reserve Bank of begin then? Group Publisher Robert F. Martinelli Philadelphia, has reason to be hopeful in year two It’s not just the level but also the rate of change of Publisher Michael Reath of the public health crisis. [email protected] Vaccination efforts are ramping up nationwide and inflation, the velocity of inflation. If it gets to 2.5%, hiring and spending numbers are rising as well, leading or maybe even goes above that for a little bit, but it’s Editor Jacob Owens just hovering there, that's very different than quickly [email protected] the region’s top fiscal analyst to estimate gross domestic product (GDP) growth as high as 6% this year. reaching 2.5% and accelerating past. Reporter Katie Tabeling Harker, who also served as [email protected] president of the University A year ago, you told state leaders that you Research, Digital, and Mike Rocheleau of Delaware from 2007 to were most worried about the commercial real Engagement Editor [email protected] 2015, offered his outlook to estate sector and now that we're starting to Vice President of Charlie Tomlinson state leaders in a April 13 see some office vacancies and subleasing Business Development [email protected] presentation to the Delaware Digital Sales & Karen Martinelli State Chamber of Commerce. creep up. What's your outlook for the Marketing Manager [email protected] Afterward, he sat down for a commercial real estate sector today? Advertising Director Lisa Minto Patrick Harker one-on-one interview with the [email protected] I think it’s a story that hasn't completely been Delaware Business Times. written yet. It’s one we're watching very carefully. It's Multimedia Account Carol Houseal The following has been edited for clarity and not commercial real estate broadly either, you have Executives Tracy Mulcahy brevity. For more of the conversation, visit to really look at the subsegments. Marketing & Events Leeanne Rocheleau DelawareBusinessTimes.com. Retail has clearly changed. I think there are longer- HIGH QUALITY Production Director Donna Hill How do you see the remainder of 2021 term trends that this pandemic has accelerated. Art Director Chris Johnson playing out and did today's report around One of those is online shopping and the way we're just shopping differently. That doesn't mean your Graphic Designers Eric Bolis the Johnson & Johnson vaccine change WORKFORCE. Shelby Mills brick-and-mortar is dead completely. It's not, but it's Rosalinda Rocco that outlook at all? probably going to be a different mix. Director of Digital Strategy Greg Mathias In the case of office space, we don't really know It's going to be a bumpy road. It's not going to be what the future of work is. For some companies, it may HIGH QUALITY Publisher Emeritus Sam Waltz a straight line back to recovery. We never anticipated be all remote although many companies that initially Today Media, A Martinelli Holdings LLC that, and I think that's what we're seeing. thought they would be all-remote are now saying they President Robert F. Martinelli The news about Johnson & Johnson is concerning need a hybrid model because it's hard to create culture. OF LIFE. Secretary-Treasurer Richard Martinelli from an economic point of view, mainly because it Culture is a very important part of a company, and In Memoriam may just fuel more vaccine hesitancy. We already have it's hard to build it, maintain it and to instill it to a next Chairman Angelo R. Martinelli (1927 – 2018) vaccine hesitancy within our communities. And that is generation of workers unless you have some real face Find all your business needs in Vice President Ralph A. Martinelli (1962 – 2019) the issue I'm really focused on because if we don't get time and you have those serendipitous moments in Advertising Information the vaccine into people's arms in sufficient numbers the hallway or in the coffee shop. Middlesex County, New Jersey. [email protected] to achieve herd immunity, we can't fully open the 302.504.1276 economy. Do you still think the greater Wilmington Subscription Information So, I am concerned and have been for a while now, market or Delaware overall can see some DelawareBusinessTimes.com/subscribe-now that vaccine hesitancy … is going to possibly create benefit from workers relocating from Learn how a deep commitment from 800.849.8751 more bumps in this road back to full recovery. neighboring areas to take advantage local government and the community To submit press releases or story ideas [email protected] We have been hearing increasing worries of remote working opportunities? has created the perfect ecosystem where from some about the prospect of inflation, Daily Newsletter Cities like Wilmington still have real opportunities, Sign up for our daily newsletter, delivered to your e-mail especially as Congress has now passed but there are things that we know have to happen. It's businesses and residents can thrive. inbox at DelawareBusinessTimes.com/Newsletter several trillions of dollars in stimulus. not only the job that's available – it’s the infrastructure, Events Do you see costs ticking up this year? the transportation access and the amenities, the quality The Delaware Business Times hosts a number of events of life, the cultural scene, restaurants, etc.