Delaware’s January economic performance is outpacing the other states in the territory covered by the Federal Reserve Bank of Philadelphia.
That’s according to the bank’s monthly Tri-State Tracking service.
Employment growth in Delaware from January 2015 to January 2016 is up 2.8 percent. That compares to 1.8 percent in New Jersey and an anemic .6 percent in Pennsylvania.
Resident employment in Delaware was up 3.5 percent, compared to 1.3 percent in Pennsylvania and 2.3 percent in Pennsylvania.
Showing the strongest growth was leisure and hospitality, which gained 3,500 jobs over the past year, with professional and business services coming in at 2,800.
Even manufacturing saw a gain of 800 jobs over the year, reversing a decade of declines that included the closing of both of the state’s auto plants.
Financial services saw a gain of 600 jobs. That figure seems low, given the number publicly announced job additions and current openings.
The impact of cuts at DuPont Co. would not be reflected in the January figures and with early retirements and buyout packages will not be seen for months. Also, the 1,700 jobs lost account for less than one-half of one percent of total employment.
Income growth in Delaware stayed at the national average. While not bad news, it may indicate that many of the jobs created are not in higher paying categories.
Home price increases came in below the national average in Delaware.
Pennsylvania’s performance was dragged down by a 23 percent drop in energy and mining employment as gas drilling slowed down and coal mining saw near-depression conditions. Construction employment also declined. The commonwealth’s budget stalemate is also believed to be a drag on the economy.
The Philadelphia Fed’s territory includes southern New Jersey, a large portion of Pennsylvania and Delaware.
