Alan B. Levin, director of the Delaware Economic Development Office, gave his perspectives on the state of the economy in the First State as the guest speaker at the Dec. 7 annual dinner of the DSU College of Business MBA program.
Mr. Levin gave an overview of the challenges of the recent past and the present that Delaware faces, especially in light of the departure of three significant automobile industries in the state.
“We are at 8.7% unemployment, the highest unemployment rate in the state in 30 years,” Mr. Levin said. “This is not a good time to be experimenting with what you want to do when you come out of college.”
Mr. Levin noted that Delaware has been able to soften the blow of losing three industries by attracting Fisker Automotive to take over the former General Motors Boxwood Road facility in New Castle County. Fisker will develop and build affordable, family-oriented plug-in hybrid sedans vehicles in that facility.
“The Boxwood Road car plant will be the only one (that has stopped operations) to come to life in the United State in the near future,” Mr. Levin said.
The state economic development chief shared how the Markell Administration was able to bring Fisker to Delaware, and noted that it was representative of a mindset that is determined to restore the jobs that have been lost.
“We are in a difficult time and patience is what it is going to take to get through it,” Mr. Levin said. “In this state, we will weather the storm.”