Monthly Economic Report: July Marks Peak Month for Philadelphia Tax Revenues

Audit Date: August 30, 2012
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
August 30, 2012

Contact: Brian Dries

July Marks Peak Month for Philadelphia Tax Revenues
Controller Alan Butkovitz’ latest economic report reviews revenue collections
& provides latest employment update

July 2012 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest economic report that indicates City and PICA tax revenues collected in July totaled $183.5 million, marking the highest amount collected for the month in the last five years. The last time July’s tax revenues were near $183.5 million was July 2007 with $181.2 million.

The July 2012 collection is an 11 percent increase from the previous July. The increase in tax revenues can be attributed to higher collections for the following taxes: $133.9 million in Wage/Earnings/NPT (City and PICA), – a 15 percent increase; and almost $21 million in sales tax revenue – an eight percent increase.

Along with reviewing monthly tax revenues, the Controller’s economic report examined the current employment conditions in the City of Philadelphia and found the City has lost 5,500 jobs over the prior July. In July 2011, there were 653,900 total jobs recorded in Philadelphia, compared to 648,400 in July 2012. Overall, total employment in Philadelphia declined by less than one percent, but at the same time U.S. employment increased by 1.4 percent.

Some of Philadelphia’s employment industries that realized job declines include the following: Education and Health Services (-2,000), Professional and Business Services (-900), Financial Activities (-300), and Information/Telecommunications (-100).

While Philadelphia realized more job decreases than increases, a few industries did not realize employment growth such as Retail Trade (+500) and Leisure and Hospitality (+300).

The Controller’s economic report is compiled on a monthly basis and includes an Economic Snapshot and Forecast, as well as real estate information on other local statistics. These reports are circulated every month to assist key decision makers in understanding and anticipating local and national economic trends. The Controller’s economic report is a useful tool for policy makers and analysis in understanding our regional and local economy.