Growing stronger: Chester

Growing stronger:

Chester County is ready-made to meet the challenges of the new normal

With an abundance of wide-open spaces, a highlyrated education sector and a sought-after quality of life, Chester County is on the rise. A plum location and a diversified economy that helped the county stave off the worst of the COVID-19 pandemic have positioned Chester County as a nationally recognized destination to live, work and raise a family.

Its key virtue has been most evident during the pandemic in particular, giving the county a unique opportunity to face the new normal head-on. When the world began to place greater importance on living spaces, the county stood out as one deeply rooted in open space. About 142,000 acres, or 29% of its land area, is preserved. For many, this affords a desirable quality of life that is now crucial when selecting a place to live, which is why the county continues to experience one of the highest rates of net in-migration in the state.

With good access to award-winning top public and private schools, thriving urban centers and recreational events, the county also is attracting a younger population, which positions it well for future growth. Projections are for the county’s estimated 2019 population of 524,989 to grow by another 137,294 residents to 662,283 by 2045, making Chester County among the fastest-growing counties in southeastern Pennsylvania.

Located within a short commute to both Philadelphia and Wilmington, the county offers road and rail proximity to New York and Washington, D.C. For this reason, a high proportion of residents work in professional occupations with a high median income of almost $100,000 – far above the U.S. median by approximately $31,000. But the county itself also provides solid employment opportunities, with an equal number of people commuting both into and out of Chester County.

Median home values in Chester County climbed to $375,000 in 2020, which exceeds the U.S. average of $217,500 as well as the state average of $180,200.

The county also remained resilient throughout the pandemic. Economically, Chester County has been rated within the highest Triple-A classification by the three main ratings agencies, Moody’s, Fitch and S&P Global, for the last 12 years. This was reaffirmed in December. The accolade places it in the top 2% of counties in the United States and allows the county to access debt at lower interest rates due to its financial strengths. ( )