For Immediate Release:
Feb. 25, 2011
Contact: Brian Dries
City’s Unemployment & Revenue Collections Improving
City Controller’s monthly economic report shows Wage/Earnings/NPT
revenues are at an almost five-year high
PHILADELPHIA – City Controller Alan Butkovitz today released his monthly economic report that shows monthly Wage/Earnings/NPT revenue collections of $156 million have reached an almost five-year high.
City and PICA Wage/Earnings/NPT revenues for the month were a 13% increase over the same period last year, and the total collection hasn’t reached $156 million since May 2006. Of the total amount collected, $120 million are City revenues and $36 million are for PICA.
As revenue collections increased, the City’s unemployment rate decreased to 10.7 percent in December 2010, marking the lowest recorded rate for the year. The previous month’s unemployment rate was 11.2 percent. December 2010 is the latest month available for local unemployment rates.
The Controller’s economic report also featured a look at 2010 real estate sales across the City. Total sales recorded were 10,795, a nine percent decrease from the previous year. Sections of South Philadelphia (19146, 19147, 19148) realized the most sales as did sections of the Lower Northeast (19124, 19149).
The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information and other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. Both of these documents are a useful tool for policy makers and analysts in understanding our regional and local economy.