In Delaware, we listen to the priorities of our business people. By working with them on all fronts, from driving down costs to improving our education system, we make the First State a great place to start a new company or expand a growing one.
Last month, experts from the Federal Reserve Bank of Philadelphia confirmed that Delaware's economy is "well-positioned" for "decades of growth ahead." They credited our state as a "first mover" in identifying opportunities for growth and praised our portfolio of generally high-wage industries.
Delaware offers a high quality of life, with beautiful beaches, parks, scenic farmland, a vibrant arts community and a rich cultural and historical heritage. Furthermore, our longtime leadership in corporate law and our Court of Chancery's unmatched expertise in this area have repeatedly earned our state acclaim as the most fair and reasonable legal system for U.S. businesses.
We're committed to taking advantage of these assets, and our policymakers' work demonstrates the state's dedication to meeting the needs of our many innovative and hardworking business people.
Recent legislation places tighter controls on workers' compensation medical costs and ensures that insurance carriers' requests for rate increases receive a high level of scrutiny to tackle recent increases in premiums. We have also reformed our unemployment insurance system to reduce the burden on employers and have focused on lowering gross-receipt taxes.
As part of our efforts to ensure entrepreneurs have access to the resources they need, we helped launch "Start It Up Delaware," a public-private partnership that brings together our financial, accounting, legal and real estate communities to assist new companies.
To drive down energy costs for businesses and families, we've focused on inexpensive and cleaner-burning natural gas, and last month, Calpine Corporation broke ground on a new power plant in Dover that is expected to serve about a quarter of a million homes.