The Federal Reserve Bank of Philadelphia plays a vital role in advancing the economic stability and growth of the United States. Located in the country’s first financial center, the institution traces its roots back to 1791, when Alexander Hamilton established an early financial system that laid the foundation for today’s central banking framework. The Bank operates within the Third District, covering Delaware, southern New Jersey, and parts of eastern and central Pennsylvania. Its mission centers on promoting sustainable economic conditions and supporting vibrant communities across this diverse region. n nMonetary policy decisions are guided by Congress-mandated objectives of maintaining stable prices and achieving maximum employment. Beyond policy, the Philadelphia Fed supervises regional financial institutions, ensures the integrity of payment systems, and collects localized economic data that inform national decision-making. Its research teams specialize in macroeconomic analysis, consumer financial behavior, and community development, integrating real-world insights from local stakeholders into actionable intelligence. n nThe Third District mirrors the broader U.S. economy in both scale and complexity. Home to over 13.8 million residents—approximately 5 percent of the national population—it occupies just 1 percent of the country’s land area. Economic activity spans agriculture, education, healthcare, transportation, and finance. The region outperforms the national average in employment within trade, transportation, utilities, and education and health services. Notably, the Philadelphia metropolitan area ranks fifth nationally in jobs related to education and healthcare institutions. Several local economies are anchored by major universities and hospitals, which serve as primary employers. Delaware stands out for its concentration of financial services firms, where such roles account for nearly 10 percent of nonfarm employment—almost double the national share. n nAgriculture remains a cornerstone across the three states. Pennsylvania, known as the “Mushroom Capital of the World,” ranks fourth in apple production. New Jersey, nicknamed the Garden State, ranks among the top ten producers of blueberries and cranberries. Delaware leads in broiler chicken production. Tourism also plays a significant role: it supports 1 in 16 jobs in Pennsylvania, 1 in 12 in New Jersey—famous for its coastal boardwalks—and ranks as the fourth largest private-sector employer in Delaware. These varied industries collectively reflect the economic resilience and diversity of the region.
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About Our District
Our District n nNestled in the nation’s first financial capital, the Federal Reserve Bank of Philadelphia carries out the mission of the Federal Reserve to promote a strong and stable U.S. economy. It was here in Philadelphia that Alexander Hamilton, the nation’s first secretary of the Treasury, launched the predecessor to the Federal Reserve to fuel the new economy back in 1791. n nThe Philadelphia Fed serves the Third District, which encompasses Delaware, southern New Jersey, and eastern and central Pennsylvania. Our job is to foster conditions that support a strong economy and thriving communities for the people and businesses that call our region home. n nThe Federal Reserve conducts monetary policy in support of our congressionally mandated goals of price stability and maximum employment. The Federal Reserve also carries out other essential functions that help our economy run well, including supervising local and regional financial institutions, ensuring the payment system is safe and secure, and gathering regional data that help us keep a pulse on economic trends and business conditions. n nThe Philadelphia Fed brings together leading experts in macroeconomics, consumer finance, community development, and other fields that impact the economic well-being of the Third District and beyond. Through our research, supervision of local and regional financial institutions, and economic and community outreach across our District, we are listening to and learning from the people, organizations, and communities that are the backbone of our region’s economy. We translate their real-time insights into a deeper understanding of our District’s most pressing economic issues, which in turn helps inform policy decisions to support a strong economy. n nA Microcosm of the U.S. Economy n nThe Third District boasts everything from farmlands and small rural towns to seaside and mountain resorts to midsize cities and growing suburbs, as well as the nation’s sixth largest city, Philadelphia. More than 13.8 million people call the Third District home — that’s about 5 percent of the U.S. population in 1 percent of the country’s land. n nThe drivers of our economy are as varied as the communities and people who call our region home. Our region tends to have a higher concentration of jobs than the United States overall across the trade, transportation, utilities, and education and health services industries. One example is in the higher education and healthcare sectors, with the Philadelphia area ranking fifth in the nation for jobs in “eds and meds.” In fact, the local economies of several areas in our District rely more on higher education institutions and hospitals, or anchor institutions, than the national average. Delaware also has a high concentration of financial services institutions, accounting for about one in 10 of all nonfarm jobs in Delaware — nearly twice the U.S. average. n nFrom Farmlands to Seashores n nAgriculture is another key industry in the three states of our District. Pennsylvania is home to the “Mushroom Capital of the World” and is also the fourth largest producer of apples in the United States. New Jersey, the Garden State, is a top 10 producer of several crops, including blueberries and cranberries, while Delaware is a leading producer of broiler chickens. n nWith miles of coastline and rolling mountain communities, tourism is another key sector for the Third District. Tourism supports one in 16 jobs in Pennsylvania. In New Jersey, which boasts one of the largest collections of beachside boardwalks in the country, tourism drives one in 12 jobs. In Delaware, tourism is the fourth largest private employer in the state.