Delaware County continues to have consistent, steady economic growth, according to the Delaware County 2018 Comprehensive Annual Financial Report issued this summer.
The County’s unemployment rate of 3.4 percent remains below the statewide rate of 3.8 percent.
Nine new construction and redevelopment projects were announced in 2018:
- A major redevelopment of the 58 acre Granite Run mall site in Middletown Township continues. The outdated enclosed mall is being transformed into a walkable town center promenade with restaurants, stores and new movie theater with bowling, bar and restaurant.
- Equus Capital is developing the Shops at Ellis Preserve in Newtown Square.
- MCB Real Estate is redeveloping the Drexeline Shopping Center in Upper Darby Township. This town center concept will expand parking, improve traffic flow and enhance the overall economic vitality of the surrounding community. Plans include walking paths and improved access to public transportation. The overall project will be a $110 to $120 million investment in the community.
- Crozer Keystone Health System began the expansion project of their Taylor Hospital Emergency Room with a completion target in 2019. Additionally, Main Line Health announced plans to renovate their Birthplace at Riddle Hospital, which includes the nursery, patient rooms and other care areas for families and newborns.
- Major transformative campus construction projects are underway at Villanova, Cabrini and Neumann Universities.
- Amerihealth Caritas, an Independence Blue Cross affiliate that manages Medicaid plans, is relocating corporate headquarters from Tinicum Township to the Ellis Preserve in Newtown Township. Their current 650,000+ square foot space in Tinicum will be completely refurbished as their national operations center. The company projects that these two actions will result in an additional 1,500 – 2,000 employees.
- Kimberly Clark in Chester has announced a $150 million conversion of their coal fired plant to natural gas. Not only will thisresult in a significant reduction in carbon emissions, it will also ensure the future of the largest manufacturing facility in the City of Chester.
The Governor of Pennsylvania designated six targeted census tracts within the County as “Opportunity Zones” to encourage private investment.
County-wide Property Reassessment
A property assessment initiated in 2017 was on track throughout 2018 for the county’s 202,399 residential and commercial properties. The assessment will determine the current market value of all properties to more fairly and equitably distribute the tax burden for school, municipal and county real estate taxes. The new values will be effective in 2021.
See the full report here.