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SWOT ANALYSIS November 2014

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SWOT ANALYSIS November 2014 Wilmington, Delaware SWOT ANALYSIS November 2014 235 Main Street, Suite 286 157 Park Road Madison, NJ 07940 Pleasant Valley, CT06063 Tel: 973-593-9200 Tel: 860-379-7449 Website: www.wdgtech.com WILMINGTON, DE SWOT ANALYSIS Contents EXECUTIVE SUMMARY .......................................................................................................................................... 2 INTRODUCTION ..................................................................................................................................................... 8 COMPETITIVE ASSESSMENT ................................................................................................................................ 10 Demographics ................................................................................................................................................. 10 Economic Base ................................................................................................................................................ 15 Location and Access to Markets ..................................................................................................................... 17 Transportation ................................................................................................................................................ 19 Workforce ....................................................................................................................................................... 26 Education ........................................................................................................................................................ 29 Utilities (Public Water, Public Sewer, Electric Power, Natural Gas) ............................................................... 31 Telecommunications ....................................................................................................................................... 35 Infrastructure (Other) ..................................................................................................................................... 36 Business Climate ............................................................................................................................................. 37 Taxes ............................................................................................................................................................... 38 Public Services/Facilities ................................................................................................................................. 39 Business Support Services............................................................................................................................... 39 Economic Development Support Services ...................................................................................................... 40 Entrepreneurship Support Services ................................................................................................................ 41 Financing & Incentives .................................................................................................................................... 41 Available Sites and Buildings........................................................................................................................... 45 Quality of Life .................................................................................................................................................. 46 Image and Visibility ......................................................................................................................................... 48 Planning & Development ................................................................................................................................ 48 Leadership & Politics ....................................................................................................................................... 49 ECONOMIC DEVELOPMENT STRATEGY POTENTIAL INITIATIVES ........................................................................ 50 Exhibit: Statistical Background Data Prepared by Wadley-Donovan GrowthTech, LLC and Garnet Consulting Services, Inc. 1 CITY OF WILMINGTON, DELAWARE NOVEMBER 2014 WILMINGTON, DE SWOT ANALYSIS EXECUTIVE SUMMARY This portion of Phase 2 of the Wilmington, DE Economic Development Strategic Plan provides a competitive assessment of the City as a “product” in the highly competitive economic development marketplace. The assessment was prepared by the team of Wadley-Donovan GrowthTech, LLC and Garnet Consulting Services, Inc. This SWOT Analysis builds on and adds to the information gathered during Phase 1 of the project, and is a high level evaluation of the City’s current demographic, socio-economic, and economic landscape, including income statistics, population, housing, employment and workforce, racial diversity, poverty level, educational attainment, occupational characteristics, employment by industry, and other characteristics important to economic development analysis. This study uses information obtained through a combination of: . The results from a nearly identical companion project being undertaken by the consulting team for New Castle County . Background research from extensive documents provided by OED in response to a research list provided by the consultant team . A project alignment meeting with Mr. Harold Gray, Director of the Mayor’s Office of Economic Development and Mr. Stephan Williams of the same office. A tour of the City by Mr. Martin Hageman, Executive Director of Downtown Visions, and Mr. Will Minster, Director of Business Development, and Main Street Wilmington Program Manager, Downtown Visions, Wilmington Downtown Business Improvement District. Collection of key demographic and other data by the consultant team leading to the preparation of a statistical profile of the City . Orientation interviews with the chairs of the Mayor’s three Business Roundtable sub- committees. Data-focused interviews with several key City staff members . Six topic-oriented focus groups in which nearly 75 people participated; the topics were: o Economic Development o Marketing and Promoting the City: Economic Development and Tourism o Quality of Life/the Living Environment o Wilmington’s Development Regulatory Environment and Planning o Workforce, Training and Development o Young Professionals and Entrepreneurs . Additional research were necessary to accumulate additional information for this analysis The process used is very similar to that used by companies and site location consultants evaluating possible locations (including those where the company may already be located). The following topics were included in the analysis: Prepared by Wadley-Donovan GrowthTech, LLC and Garnet Consulting Services, Inc. 2 CITY OF WILMINGTON, DELAWARE NOVEMBER 2014 WILMINGTON, DE SWOT ANALYSIS • Demographics • Public services and facilities • Economic Base • Business support services • Location and Access to Markets • Economic development support services • Transportation • Entrepreneurship support • Workforce • Financing and incentives • Education • Available sites and buildings • Utilities • Quality of life • Telecommunications • Image and visibility • Infrastructure (Other) • Planning and development • Business climate • Leadership and politics • Taxes Supporting statistics to the SWOT Analysis are provided in the Exhibit. The purposes of the SWOT Analysis are to identify: • Major economic development strengths and opportunities on which the City can capitalize • Competitive weaknesses that should be corrected and obstacles that must be compensated for • Issues shaping the City’s economic development future Wilmington has many strengths and opportunities as well as weaknesses and issues. Those topics that were mentioned most frequently in our research, or are considered to be of most importance by the consulting team are: Strengths Weaknesses . Wilmington’s population and median . There is a forecasted decline in City residents household income is forecasted to grow over aged 18-34 over the next five years. the next five years-with the median income . The City’s median household income is well growth exceeding the national average. below the County and national averages. The educational attainment of the labor force . The average educational attainment of the serving the City matches the average of the City’s resident is below County and national Philadelphia-Camden-Wilmington MSA, while averages. the percentage with a four year college degree • The City’s economy is becoming less diverse, exceeds the national average. narrowing into six business sectors. The Wilmington employment base in the • The City is losing employment in two key finance and insurance and the professional columns to its economic base: financial and and scientific sectors is 15.8 percentage points professional services. and 8.4 percentage points respectively above • Recent structural problems with the I-495 the MSA averages, indicating comparative workforce and cluster advantages. (See Table bridge in Wilmington are both an accessibility 2.) and image problem for the City. • Wilmington’s Central location within the major • The Port is need of modernization. Northeast Corridor that includes Philadelphia, • The City’s public bus system, while extensive, Baltimore, NYC, Washington DC and Boston is aimed at moving low income residents (among others) affords excellent market rather than
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