Home Construction Philadelphia Fed report shows Delaware’s economic performance mirrors U.S.

Philadelphia Fed report shows Delaware’s economic performance mirrors U.S.

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Philadelphia Fed report shows Delaware’s economic performance mirrors U.S.
Federal Reserve Bank of Philadelphia, Beyond My Ken photo via Creative Commons.
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The Federal Reserve Bank of Philadelphia’s Tri-State Tracking series indicates the Delaware’s economic performance  is mirroring the nation.

Tri-State  looks at the economic performance of the three state’s in the Philadelphia Fed’s territory, which encompasses a  portion of New Jersey, much of Pennsylvania and the entire state of Delaware.

Delaware’s unemployment rate and personal income growth remain  in line with national figures. The jobless rates for Pennsylvania and New Jersey are higher than the national average.

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The one area where Delaware performs better than the national average is in building permit activity.

Recent reports have shown Delaware ranking in the top five in the percentage of increase in building permits. The increase has been driven by new housing primarily in Kent and Sussex counties.

According to the  2020 Census, Delaware had the highest population growth rate of any state in the Northeast. 

The Philadelphia Fed’s Tri-State Tracking series provides statewide summaries of economic conditions using monthly and quarterly data of employment, housing, and personal income.

The latest update includes monthly data for employment, person income growth building permits, and mortgage delinquencies through June 2021 and quarterly data for house prices and personal income through the first quarter of 2021.

Employment  comparisons are not as relevant, due to the  steep downturn during the pandemic year of 2020.

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