Both World Wars stimulated the City's industries. Industries vital to the war effort - shipyards, steel foundries, machinery and chemical producers - operated on a 24-hour basis. Other industries produced such goods as automobiles, leather products and clothing. While many corporations sought the benefits of Delaware's liberal tax structure and located themselves in or near Wilmington, firmly establishing the City as a "Corporate Capital" even after the decline of large-scale manufacturing in Wilmington, the burgeoning number of automobiles and roadways in the 1950s made living in the suburbs and commuting into the City to work possible and contributed to significant population losses in Wilmington. Projects such as urban renewal in the 1960s and 70s, which cleared many blocks of housing, and the construction of 1-95 which cut a swath through several of Wilmington's most stable neighborhoods, also left their mark on the City. Numerous banks and financial institutions relocated to the area after the Financial Center Development Act of 1981 substantially liberalized the laws governing banks operating within the state. In 1986, the state adopted legislation targeted at attracting international finance and insurance companies. More recently, the "Back to the Cities' movement has provided Wilmington with renewed vigor; multiple redevelopment projects have proved that the City is on the upswing again. |