U.S. Economy Shrinks, Delmarva Sets Its Own Pace - 47 ABC - Delmarva's Choice

U.S. Economy Shrinks, Delmarva Sets Its Own Pace

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SALISBURY, Md. - For the first time since 2011, the U.S. economy shrank in the first quarter of this year. Economists blame winter weather and say it's no big deal. Delmarva's economy, however, is on its own timeline.

Dave Ryan, Executive Director for Salisbury Wicomico Economic Development, says the rest of the country might be a little ahead of Delmarva on the recovery front.

"I would offer that we're still in recovery from the Great Recession. We also entered that recession at a far later date than the country or the state [of Maryland] as a whole, and therefore, coming out of that recession, we're lagging," says Ryan.

He calls Delmarva's recovery "uneven," adding, "sales are brisk for existing homes…the downside is we're not seeing a lot of new construction yet, and that's the timeline we're on. It's been a long, cold winter. A lot of people are really looking forward to some warmth."

Local realtor Patti Moore agrees that the winter was brutal, but she sees signs of promise that the rest of the country was first seeing a couple of years ago.

"The numbers were so significantly down the first three months of this year…we still have a decent amount of inventory, but we are beginning to see multiple offers, cash offers, offers with no contingencies," she says.

The job market is also mixed. As a state, Delaware reports its lowest unemployment rate since October of 2008 at 5.8%. Wicomico County's is down as well.

The same can't be said of other counties on the shore, but county lines aside, Delmarva's outlook isn't all that bleak. It's just going to take some time.       

Dave Ryan is optimistic: "I think the future for the area two, three, four years out...is very favorable."

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