Delaware income growth slightly below national average

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Income growth in Delaware was slightly below the national average through the third quarter of this year.

The Tri-State Tracking report from the Federal Reserve Bank of Philadelphia showed that personal income grew by 3 percent for a one-year period ending on Sept 30.

Total wages were up by only one percent, well below figures for New Jersey and Pennsylvania. By contrast, Proprietor’s (business) incomewas up 5.2 percent, with dividends, interest and rent up 4.7 percent and transfer payments (Social Security, etc.) up more than 5 percent. Delaware has an aging population and a growing number of retirees moving in from other states.

Construction remained strong with building permit activity in Delaware running well above the national average.

The unemployment rate in Delaware remainednear the national average. Click on the links below for the Tri-State Tracking reports for states within the Federal Reserve bank’s district. The district encompasses a portion of New Jersey, the entire state of Delaware and a large chunk of the Commonwealth of Pennsylvania.

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