Local Economy Looks Bright

Local Economy Looks Bright

In good news for the housing market, Pennsylvania’s unemployment rate fell from 6.9% in June to 6.6% in July, according to the Bureau of Labor Statistics. During the same period, the national unemployment rate fell from 5.9% to 5.4%.

July’s unemployment data is not yet available for Montgomery, Bucks, and Chester Counties, but June data shows that all three counties had a rate lower than the state average. Chester County’s rate of 4.3% was the lowest.

The local housing market remains competitive, with high demand from buyers reflecting employment growth, low mortgage rates, and a strong stock market. According to the Wall Street Journal, the S&P 500 today (August 30) is up 29.35% compared with one year ago.

Unemployment Rates Per County

Here are the unemployment rates by county as of June 2021 (July county numbers not yet available):

  • Chester County— 4.3%
  • Montgomery County— 5%
  • Bucks County— 5.3%
  • Delaware County— 6.4%
  • Philadelphia— 9.4%
Chart and county data from the Federal Reserve Bank of Saint Louis, August 26, 2021.

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FOR EXPERT HELP buying or selling a home, contact Annette at (610) 247-7892 or annette@preferredhomes.com

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