FHA Loans in Delaware
About This State and its People, Places, and Industries
Delaware is a U.S. state located on the Atlantic Coast in the Mid-Atlantic region of the United States. The state takes its name from Thomas West, 3rd Baron De La Warr, a British nobleman and Virginia's first colonial governor, after whom (what is now called) Cape Henlopen was originally named. Delaware is located in the northeastern portion of the Delmarva Peninsula and is the second smallest state in area (after Rhode Island). Estimates in 2007 rank the population of Delaware as 45th in the nation, but 6th in population density, with more than 60% of the population in New Castle County. Delaware is divided into three counties. From north to south, these three counties are New Castle, Kent, and Sussex. While the southern two counties have historically been predominantly agricultural, New Castle County has been more industrialized.The state ranks second in civilian scientists and engineers as a percentage of the workforce and number of patents issued to companies or individuals per 1,000 workers. The history of the state's economic and industrial development is closely tied to the impact of the Du Pont family, founders and scions of E. I. du Pont de Nemours and Company, one of the world’s largest chemical companies.
Before its coastline was first explored by Europeans in the 16th century, Delaware was inhabited by several groups of Native Americans, including the Lenape in the north and Nanticoke in the south. It was initially colonized by Dutch traders at Zwaanendael, located near the present town of Lewes, in 1631. Delaware was one of the thirteen colonies participating in the American Revolution and on December 7, 1787, became the first state to ratify the Constitution of the United States, therefore becoming known as The First State.
The gross state product of Delaware in 2003 was $49 billion. The per capita personal income was $34,199, ranking 9th in the nation. In 2005, the average weekly wage was $937, ranking 7th in the nation. Delaware's agricultural output consists of poultry, nursery stock, soybeans, dairy products and corn. Its industrial outputs include chemical products, automobiles, processed foods, paper products, and rubber and plastic products. Delaware's economy generally outperforms the national average of the United States.
The state's largest employers are:
Government (State of Delaware, New Castle County)
Education (University of Delaware)
Banking (Bank of America, Wilmington Trust, First USA / Bank One / JPMorgan Chase, AIG, Citigroup, Deutsche Bank, Barclays plc)
Chemical and pharmaceutical companies (E.I. du Pont de Nemours & Co., Syngenta, AstraZeneca, and Hercules, Inc.)
Healthcare (Christiana Care Health System, Alfred I. DuPont Hospital for Children)
Automotive manufacturing (Fisker Automotive)
Farming, specifically chicken farming in Sussex County (Perdue Farms, Mountaire Farms, Allen Family Foods)
The Dover Air Force Base, located next to the state capital of Dover, is one of the largest Air Force bases in the country and is a major employer in Delaware. In addition to its other responsibilities in the USAF Air Mobility Command, this air base serves as the entry point and mortuary for American military personnel, and some U.S. government civilians, who die overseas.
Delaware has six different income tax brackets, ranging from 2.2% to 5.95%. The state does not assess sales tax on consumers. The state does, however, impose a tax on the gross receipts of most businesses. Business and occupational license tax rates range from 0.096% to 1.92%, depending on the category of business activity. Delaware does not assess a state-level tax on real or personal property. Real estate is subject to county property taxes, school district property taxes, vocational school district taxes, and, if located within an incorporated area, municipal property taxes.
Over 50% of US publicly traded corporations and 60% of the Fortune 500 companies are incorporated in Delaware; the state's attractiveness as a corporate haven is largely because of its business-friendly corporation law. Franchise taxes on Delaware corporations supply about one-fifth of its state revenue. Although Delaware is ranked first tax haven in the world by Tax Justice Network, it is not listed on the OECD's 2009 "Black List", despite objections of Luxembourg's and Switzerland's authorities.
Title 4, chapter 7 of the Delaware Code stipulates that alcoholic liquor only be sold in specifically licensed establishments, and only between 9:00 AM and 1:00 AM. As of January 2010, the state’s unemployment rate is 9%.
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