Monthly Economic Report: Philadelphia’s Unemployment Rate Lower than Many Major U.S. Cities

Audit Date: May 30, 2014
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release
May 30, 2014

Contact: Brian Dries

Philadelphia’s Unemployment Rate Lower than Many Major U.S. Cities
City Controller’s economic report reviews metro area unemployment figures

April 2014 Economic Report

PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly Economic Report that indicated the Philadelphia Metropolitan Statistical Area (MSA) non-seasonally adjusted unemployment rate of 5.2 percent is fourth lowest among the largest U.S. Cities’ labor markets.

The Philadelphia MSA, excluding portions of New Jersey, Delaware and Maryland, has a higher rate than the major markets in Texas which include San Antonio, 4.4 percent; Houston, 4.6 percent; and Dallas, 4.7 percent, but it has a lower rate than the remaining top 10 largest U.S. Cities’ markets, including:

Phoenix – 5.3%
San Jose – 5.4%
San Diego – 6.0%
New York – 6.3%
Los Angeles – 7.0%
Chicago – 7.3%

When compared to other major labor market areas in Pennsylvania, the Philadelphia MSA non-seasonally adjusted rate falls in the middle. Pittsburgh and Harrisburg MSA unemployment rates are both below five percent. The Reading MSA is five percent, and Erie and Allentown MSA are at 5.4 percent and 5.5 percent, respectively.

In addition to reviewing unemployment rates, the Controller’s economic report showed that yearly tax collections for Wage, Earnings and Net Profits for the City and PICA totaled $1.4 billion, which is a four percent increase over last year. Yearly sales tax revenues totaled almost $218 million, a three percent increase over last year. Yearly real estate tax collections into the General Fund totaled almost $519 million, a two percent, or almost $11 million decrease from what was collected during the same period in FY2013.