b'OPPORTUNITY LIVES HEREEconomyMAJOR ECONOMIC SECTORS AND EMPLOYERSThe COVID-19 pandemic prompted an economicover the next decade. Brick-and-mortar retail IN AND NEAR THE DISTRICTrecession from February 2020 to April 2020,establishments are expected to continue to contend Known for its strong legal and financial sectors,leading to substantial declines in both output andwith fiercer competition from online retailing.the Wilmington area is home to a wide varietyemployment. While the recession only lasted a fewKEY INDUSTRIES IN THE DISTRICT of industries, including a growing tech sector.months, the pandemic has persisted, continuing The workforce has developed expertise in theto disrupt economic activity, preventing orFintech emerging fields of predictive analytics, financialdiscouraging individuals from re-entering the laborFintech is a ballooning industry, driven by technology, and user experience design.force, and impacting other economic conditionstechnology disruptions in financial services. The Delaware is also the highest ranked for fiber opticthat affect employment. Some industries haveterm fintech applies to financial companies and infrastructure in the U.S. and able to supportbeen disproportionately affected by the pandemic,startups that use artificial intelligence (AI) and businesses in need of 21st-century connectivity. and some are projected to have altered long-termother technologies in their day-to-day processes. structural demand. For example, many computerConsumers are increasingly turning to digital Within and near the District are major employersoccupations are expected to have elevated long- platforms to manage their finances, a trend such as AAA, Adesis, Bancroft Construction,term demand, in part due to increased businessthats been accelerated due to the COVID-19 Barclays, Brandywine Elevator Company, Capitaldemand for telework, computing infrastructure,pandemic, when access to brick-and-mortar One, The Chemours Company, ChristianaCareand information technology (IT) security. financial management services was limited. Health System, Citicorp Banking, CMH Capital,The leisure and hospitality sector is projected to Corteva Agriscience, Delaware Businessexperience the fastest employment growth of allMarket research firm BlueWeave Consulting Systems, DiSabatino, DuPont, EDiS Company,sectors at an annual rate of 1.3 percent, reflectingrevealed that the United States fintech market Gore, HBCS, Incyte, JPMorgan Chase, Johnsoncyclical recovery. Seven of the top 20 fastestis estimated to grow at a CAGR (Compound Controls Holding Company, Marlette Funding,growing industries are in the leisure and hospitalityAnnual Growth Rate) of 10 percent in the next Navient, Nemours (A.I. DuPont Hospital), Nixonsector. The food services industry is expected tofive years, accounting for 57 percent of the Medical, Prince Telecom, TA Instruments, Unitedrise to about 1.3 million jobs in the next decade.global market. 4This presents an opportunity Acquisition, and Wilmington University. The healthcare and social assistance sector isfor Delaware as it is a national leader in the GROWING NATIONAL TRENDSprojected to add about 2.6 million jobs by 2031,financial sector. The District has the infrastructure the most of any sector, driven by the aging baby- necessary to support the growth or creation The U.S. Bureau of Labor Statistics (BLS)boom population and a higher prevalence of chronicof more fintech companies and jobs. reports that the economy is projected to addconditions. Demand for professional and businessGeospatial Technology8.3 million jobs between 2021 and 2031. Totalservices is expected to increase as well, driven by employment is projected to increase frombusinesses need for technical expertise in areasGeospatial technology is a collective term that 158.1 million to 166.5 million people employed,such as IT solutions, cybersecurity, management,refers to technologies that gather, store, query, and continue to grow 0.5 percent annually,marketing research, and other consulting andanalyze, visualize and present spatial information. which is slower than the 1.0 percent annualtechnical services. Meanwhile, retail trade isGeographic Information Systems (GIS) utilize digital growth recorded over the previous decade. projected to lose the most jobs of any sectorsoftware to combine datasets and maps about socioeconomic trends and environmental events. 4 https://www.blueweaveconsulting.com/press-release/united-states-fintech-market-forecast-to-grow-at-a-cagr-of-10-1-by-2027Delaware Three Rivers Area Economic Development Master Plan 40'