The Tri-State Tracking report from the Federal Reserve Bank of Philadelphia shows the Delaware economy id still outperforming its neighbors.
Delaware continues to post the fastest job growth in the three states within the fed region by a wide margin. The 2.9 percent year-over-year rate is more than triple the percentage in Pennsylvania and more than double New Jersey’s rate.
The report covers the month of September.
Much of the growth in Delaware is from the business and professional services category, which posted an 11 percent gain, with leisure and hospitality jobs up nearly 6 percent. Construction and manufacturing employment were down slightly from a year ago
The broad business and professional services category includes executive management as well as professional services such as accounting and law.
Delaware continued to outperform the nation in building permit activity, although the pace has slow in recent months.
One lagging indicator for Delaware continues to be housing price gains, which continue to lag national figures. The state also has the lowest labor participation rate among the three states in the Philadelphia Fed region.
Meanwhile, Pennsylvania has been affected by a slowdown in the natural gas business and mining. New Jersey has seen a decline in leisure and hospitality, a possible reflection of casino closings in Atlantic City.
The Philadelphia Fed territory includes the entire state of Delaware, a large swath of Pennsylvania and a portion of New Jersey around Philadelphia.
