MESSAGE FROM THE PRESIDENT


June 10, 2024

Almost all the schools around the First State have wrapped up another school year, and residents and visitors are flocking to our beach resorts. The start of the “high season" is off to a solid start; however, hotel stays are running behind normal trends in some areas.


The weather, a driving factor in determining whether the beach season will be a success, has been very good so far. That’s the good news. Yet, many people I speak with worry that Sussex County needs to accelerate planned infrastructure improvements to accommodate the surge in residents and visitors. Another key seasonal industry—the agricultural sector—is off to a good start too as crop farmers, according to the USDA Crop Progress and Condition Report, have had plenty of opportunities to get work done in the field, despite being a little short of rain. 


Tourism and agriculture are big parts of our state's economy, and ironically enough, tourism generally loathes rainy days while farmers need the water for a successful growing season. It’s a little early to tell how things will work out this summer season for our farmers and hospitality sector in Sussex County. Let’s hope for bright sunny days with plenty of overnight rain!

News You Can Use

Economic news this week is light, but important. Key data points start tomorrow with the NFIB optimism index for May, followed on Wednesday by the May Consumer Price Index results and the Fed Open Market Committee decision on interest rates that afternoon. As is the standard practice, Fed Chair Powell hosts a press conference immediately after the FOMC announcement. Thursday brings us the producer price index numbers for May, and we wrap the week up on Friday with import price data. 


This is also a light week for companies with earnings calls. Fuel Cell Energy and Lovesac are scheduled for today, while Oracle headlines the Tuesday calls. Broadcom, Dave & Buster’s Entertainment, and Oxford Industries are the Wednesday calls, while Adobe, Signet Jewelers, Korn Ferry, and others round out the week. 

Michael J. Quaranta
President
Delaware State Chamber of Commerce

The mission of the Delaware Farm Bureau is to promote and protect Delaware agriculture through education and advocacy to ensure a quality of life for farmers and their families and their consumers.

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