Delaware’s economy remains ‘fair,’ according to the state treasury’s newly released economic index.
The state’s unemployment rate declined to 6.5 percent in November, down from 7.3 percent in August — the fourth consecutive decrease in as many months. State Treasurer Chip Flowers reports that Delaware now ranks 9th in job growth after placing 40th at this time a year ago.
Flowers points to the recent 15-year agreement keeping Dole Foods at the Port of Wilmington and specialty outdoor retailer Cabela’s looking to hire 250 people as positive contributors, but says Fisker’s bankruptcy filing dampens any kind of celebration.
“The Delaware economy is doing better, but we’re not out of the woods yet,” Flowers said. “We still have problems with unemployment, though it’s improving in Delaware, but as you can imagine there has been no really significant announcement of major jobs in quite some time.”
According to the report, personal per capita income growth in Delaware was 3.3 percent in 2012, comparable with the national average of 3.4 percent, but a decrease from 4.2 percent in 2011.
“The economy in Delaware looks like it’s going to be growing at least up until the second quarter of this year, but that being said, it’s not the time to go splurging, it’s a time to still be cautious, still be prudent with your finances,” Flowers said.
The national economic climate is also showing signs of improvement with the national unemployment rate dropping to 7 percent. Congress’ ability to agree on a budget deal also provides some more certainty, Flowers said.