MESSAGE FROM THE PRESIDENT

August 21, 2023

I’m not sure we are at the “Houston, we have a problem” point, but it sure feels like we have a sizeable challenge before us. Workers, especially younger and employees entering middle age, are struggling to find housing options that are affordable or a “reasonable” distance from their place of employment.

Delaware, according to the most recent USPS data, is a top 10 state that people are moving to. That’s the good news. The challenge is our housing inventory is top-heavy with single-family-detached homes and we are woefully short of apartments, townhomes, duplexes, and the like. The absence of these “middle housing” options are also important for workers approaching retirement or retirees who want to downsize and stay near their current residence.

Our Developing Delaware Conference on October 5 will explore the issues associated with workforce, seasonal, affordable, and senior housing inventories around our state. We’ll also discuss workforce topics and how a diverse arts culture supports strong and thriving communities. Register >

News You Can Use

Economic news for the week begins on Tuesday with existing homes sales data from July and remarks from Richmond Fed President Tom Barkin. On Wednesday, we will see new home sales data from July, while Thursday brings us initial jobless claims and July durable goods numbers. The week closes on Friday with Fed Chair Jerome Powell speaking at the Fed’s Jackson Hole Summit.

Earnings calls begin today with Zoom Video Communications. On Tuesday we will hear from Toll Brothers, BJ’s Wholesale, Dick’s Sporting Goods, Macy’s, and DSCC member Lowe’s. Nvidia leads Wednesday calls, along with Abercrombie & Fitch, Bath & Body Works, Footlocker, Kohl’s, Peloton, and others. Thursday’s headliner is Dollar Tree who will be joined by Gap, Intuit, Nordstrom, and Petco Health & Wellness.

Michael J. Quaranta

President

Delaware State Chamber of Commerce

Uniquely Delaware

Housing Supply & Demand in Delaware

There is a distinct mismatch between household size and household type in Delaware. Since 2000, 85% of all new housing units built in Delaware have been single-family detached homes, while only 3% have been attached homes (such as a townhome), or in 3- and 4-unit buildings. At the same time, however, household sizes have been decreasing. In 2021, only 15% of Delaware households included a couple with children, while 32% included couples only, and 29% were single-person households (U.S. Census, 2021 5-Year ACS, Tables S1101).

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