Monthly Economic Report: Region’s Shore Vacationers Hit with Higher Costs Compared to Pre-Recession

Audit Date: June 27, 2011
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
June 27, 2011

Contact: Brian Dries

Region’s Shore Vacationers Hit with Higher Costs
Compared to Pre-Recession Rates

City Controller’s economic report looks at increased vacation costs
for those traveling to New Jersey’s beaches

Click here to view monthly economic report

PHILADELPHIA – With 35 million people within a tank of gas from New Jersey’s southern shore region, fuel costs, dining-out expenses and even charter fishing rates have increased by more than the 8.45 percent inflation rate change from the 2007 summer, just before the recession.

Philadelphians filling up their tanks before leaving the city are realizing a 25 percent increase in fuel costs. The current average roundtrip fuel cost for driving to Cape May in a compact car which earns 32 miles per gallon is $21.68 compared to $17.36 four years ago.

Those dining out in Atlantic City, Cape May or Wildwood could see a 13 percent increase in their overall restaurant bill. Also, the total average increase at selected charter fishing trips along the southern shore increased by almost 16 percent.

While fuel, dining, and attraction costs have increased by double digits, the overall average room rate increased by only seven percent at selected hotels in Cape May, Ocean City and Wildwood. For those looking to buy, the beach towns that have realized the most significant decreases in median house prices include: Wildwood, -45 percent; Ventnor, -32 percent; and Somers Point, -24 percent.

Along with a snapshot of this summer’s vacation costs to the beach, the Controller’s economic report includes May’s tax revenue collections (City & PICA) which totaled $288 million, an almost 25 percent increase from the same month last year. Monthly sales tax collections totaled $22.7 million, a 2.6 percent increase compared to May 2010.

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. The Controller’s economic report is a useful tool for policy makers and analysts in understanding our regional and local economy.