What to take away from The Economist’s unflattering Delaware report

A headline like “The First State comes in last” makes it difficult to ponder the bright side of Delaware economics.
Phrases like “The Diamond State loses its sparkle” and ironic excerpts from the state song don’t make make things much easier. But alas, such is The Economist’s report on Delaware.
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Let’s start with the statistics and statements contained in the report that throw some shade at the First State:

• Since the recession, Delaware was the “the only state in which hourly and weekly wages dropped in cash terms.”
• High crime rates in Wilmington are deterring business.
• The last 15 years have seen an 11 percent decrease in private corporations registered in Delaware.
• Employees in the financial sector are earning 25 percent less per hour than they did pre-recession.
• Industrial electricity prices are 25 percent higher than the national average.

Enough of the bad. Let’s get to the good news.
The report states the unemployment rate in Delaware is at 4.8 percent, which is “well below the national average.” And while the number of private corporations has fallen, it’s important to remember that 64 percent of Fortune 500 firms are still incorporated in Delaware.
Plus, as The Economist notes, the 11 percent decrease in registered corporations has left room for small startups to grow. And they are. The Economist is also conveniently forgetting about the plethora of innovative technologies being developed in the First State.
So far, no Delaware government official has responded to the report. Who will step up?