Employment in Delaware continues to post modest year over year increases. The 12-month trend peaked to 442,000 in 2008 Q1 and reached a low of 412,000 in 2010 Q1. Since then, employment has been growing at a very modest growth rate and has now reached 424,000.
Click on the link below for the full listing of indicators:
DEC report
Other measures are weak. Bloomberg’s latest evaluation of the economic health of states ranked Delaware 46th. The U.S. Chamber of Commerce ranked Delaware 49th in STEM (science, technology, engineering and mathematics) job growth for the last decade.
The U.S. Department of Labor put Delaware 50th in placing adults in open jobs. And the state government now faces a projected $152 million FY 15 budget deficit.
As is the case throughout the nation, Delaware consumption spending is faltering, in part as a short term reaction to the Federal government shut down. Transfer payments such as Medicare, Medicaid, Social Security and Unemployment Insurance are the key driver of Delaware personal income as earnings of workers and business owners lag. Within this “buyers” labor market, average wages are not keeping pace with inflation.
Finally, except for coastal Sussex County, housing sales are slowing and house prices are barely rising.
DECON First expects these trends to continue through the middle of 2014; No strong recovery but no recession either.
DECON First is dedicated to providing accurate, “no spin” economic information to improve the decision making of Delaware business owners and managers. The detailed analysis for the Indicators above is found in the DECON First monthly Delaware Economic Review (www.deconfirst.com). DECON First also provides consulting to individual businesses to generate actionable advice given the economic outlook for Delaware, the businesses’ specific industry demand and supply conditions, and location.
Direct questions to info@deconfirst.com
