Community Tour: Wayne County

Philadelphia Fed President and CEO Anna Paulson visited Wayne County in northeastern Pennsylvania on September 22 and heard from local leaders about their efforts to increase affordable housing, strengthen the small business sector, and grow jobs. The visit was part of President Paulson's ongoing series of community tours, in which she's meeting with people, organizations, and businesses, small and large, to hear about how they are experiencing the economy.

Getting to know the Third District - which covers Delaware, southern New Jersey, and eastern and central Pennsylvania - is a chief goal for President Paulson. Understanding the unique economic conditions in communities across the District helps her bring regional perspectives to national monetary policy discussions.

Ryanne Jennings, president and CEO of the Wayne County Community Foundation, welcomed President Paulson to Honesdale, the county seat. The foundation led a group who participated in our 2021 Reinventing Our Communities Cohort Program - an initiative that invites community partners to collaborate on local solutions.

Inside The Cooperage Project, a historic barrel-making factory turned community hub, President Paulson met a range of partners working to strengthen the local economy. They shared details about efforts to attract small businesses and jobs and to address the county's housing shortage.

Wayne County has a limited and older housing supply. Compounding the issue, housing prices have skyrocketed: Median home prices rose sharply from 2018 to 2021. With a high concentration of older adults, the county has few housing options for seniors who want to downsize or adapt their homes to age safely in place.

Roundtable participants discussed housing efforts underway, including how homes owned by seniors are being adapted to allow them to age in place, partially funded by the Older Adults Home Modification Grant Program. They shared how regional housing organizations are expanding their work into Wayne County to help address the local housing needs. They also mentioned a proposed 42-unit affordable housing site to be located within walking distance of the downtown area and key medical services.

Afterward, President Paulson toured Honesdale's Main Street, stopping to chat with the owners of a coffee shop and gift shop about the challenges and opportunities facing small businesses in rural communities. The shops are two of several small businesses that are part of the downtown revitalization.

"Getting to know more about Wayne County and building relationships here is incredibly valuable," said President Paulson. "I have always strived to make connections between the data and the real people they represent. These connections are crucial to our work at the Philadelphia Fed."