Delaware’s new Angel Investor tax credit helped propel Delaware into the No. 7 spot in a new ranking of states based on the strength of their science and technology sectors.
It is the highest ranking ever for the state in California-based Milken Institute’s bi-annual State Technology and Science Index, which was first published in 2002.
Delaware was No. 10 in 2016
The report weighed states on a number of factors including access to capital for startup tech and science companies and the strength of the science and tech workforce.
Delaware improved to No. 15, up from No. 29 in the ability of tech and science companies to obtain investment.
The study cited the Angel Investor tax credit, signed into law in May by Gov. John Carney, which creates a 25 percent credit for investments in Delaware companies in high-tech industries including biotech, pharmaceuticals and financial technology (fintech).
Delaware ranked No. 5 in the U.S. for the strength of its tech and science workforce, including workers in the life sciences, engineering and computer sciences.
The study also noted Delaware’s active startup environment.
The state ranked No. 5 in the U.S. for business startups at a rate of 53.4 per 1,000 residents.
The Milken Institute reports comes as several high-tech companies either opened a location in Delaware in 2018 or announced plans to expand their existing Delaware workforce.
Marlette Funding, a north Wilmington-based financial technology firm, will add more than 200 positions.
TrafficCast, a Madison, Wisconsin-based provider of real-time traffic information, relocated its East Coast Traffic Operations Center to downtown Wilmington from Pennsylvania and will employ at least 68 people.
Delaware’s overall No. 7 ranking in the Milken Institute report topped that of neighboring Pennsylvania (No. 13) and New Jersey (No. 21).
Click here to read the study.
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