In 2007, Delaware's GDP was US$60.1 billion, with a per capita GDP of US$56,496.
In October 2008, Delaware's unemployment rate was 5.4%, an increase of 1.9 percentage points from October 2007, and lower than the national unemployment rate of 6.5% during the same period. Delaware's legal minimum wage is $5.15 per hour (effective October 1997). The legal maximum working hours is 40 hours per week. Any excess working hours will be considered as overtime, and the wages will be 1.5 times the normal hours. The forest area is 1,500 square kilometers, accounting for more than 1/3 of the state's area. The main woods are maple, oak, pine, chestnut, beech, etc. The sand and pebbles produced can be used for construction, and the clay can be used for brick making. The main agricultural products include corn, soybeans, vegetables, berries, eggs, dairy products, soybeans, mushrooms, barley, cucumbers, watermelons, apples and barley; the coast and inland rivers are rich in fish, crabs and oysters. More than half of farmers' cash income comes from raising poultry .
In terms of agriculture, poultry income accounts for more than two-thirds of agricultural income. In addition, nearly half of the state's land is used for agriculture. Delaware's main industrial products include nylon, apparel, luggage, food, automobiles, processed meats and vegetables, railroads, aircraft parts, pharmaceuticals, high technology, composite materials, and credit card processing centers.
Manufacturing is the largest source of income and the third largest employer in Delaware, mainly the chemical industry and the automotive industry. The petrochemical industry ranks first in the country. Wilmington is known as the "Chemical Capital of the World" and the world-famous DuPont Company is located here. Mainly include common chemical products such as pigments and nylon. Followed by the service industry and trade, financial services and tourism are also important industries in Delaware.
Due to the preferential tax policies promoted by Delaware and its superior judicial system, Delaware has become one of the most popular places to register companies in the United States. More than half of the Fortune 500 companies have registered offices or branches in Delaware, and one-third of the companies listed on the New York Stock Exchange are also registered in Delaware. However, since Delaware does not strictly require registered companies to operate business in the state, most registered companies only have a symbolic office in Delaware and pay taxes to the Delaware government during tax filing season.
Investment Policy
Characteristics of tax law: The state constitution stipulates that increasing existing or new tax items must obtain the consent of three-fifths of the state assembly (super-majority); neither state nor local Sales tax (sales tax); grant reductions or credits to newly established or expanded enterprises in terms of corporate income tax and gross revenue tax; newly established or expanded enterprises established in designated areas can further enjoy corporate income tax and gross revenue tax There are no personal property or inventory taxes; corporate income tax is levied on net income and rapid depreciation of newly purchased assets is allowed.
Company registration: There are two company forms to choose from in Delaware: Corporation or Limited Liability Company (L.L.C. or LLC for short).
Tax requirements: Companies that do not operate in Delaware do not need to pay corporate income tax. Companies with business activities and offices in Delaware are subject to corporate income tax, and the income tax rate is 8.7%.