Markell brushes off concerns around recession risk

By Amy Cherry 4:41pm, October 3, 2013
Gov. Markell speaks to the Wilmington Rotary Club at the Hotel du Pont.
Governor Markell brushes off concerns from Rotarians that Delaware is heading into a recession after a recent Moody's report.

"So we're not in recession now. I don't believe that's the direction we're going. Moody's has since come out and said for 2013-2014, their view is we will be significantly outpacing the nation when it comes to job growth. The Federal Reserve has said we're very well-positioned for growth," he says

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In speaking to the Wilmington Rotary Club, Markell says the financial services sector in Delaware is strong, adding jobs and boosting the economy due to the state's skilled workforce.

"JP Morgan Chase has added 1,200 jobs in the last 18 months in Delaware. Bank of America is cutting 30,000 people across the country, they're adding 500 jobs in Delaware. Capital One bought ING Direct, and we were really worried about those jobs because they have a big presence in Virginia and Texas, not only are they keeping those jobs, they're adding 500 in Delaware. Citi is adding, Barclay is adding, Discover is adding," he says.

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Markell also points to the aviation industry that's also expanded over the past year in Delaware.

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