Monthly Economic Report – Thanksgiving Cost Less in Philadelphia

Audit Date: November 25, 2013
Audit Categories
  • Financial
Controller: Alan Butkovitz

Executive Summary

For Immediate Release:
November 25, 2013

Contact: Brian Dries

Thanksgiving Cost Less in Philadelphia
City Controller’s economic report includes annual cost of Thanksgiving dinner
for Philadelphians; $2.70 less than national average

October 2013 Economic Report

PHILADELPHIA – With the holiday season only days away, Philadelphians can expect to pay about $2 less this year for their Thanksgiving dinner, according to City Controller Alan Butkovitz’ latest economic report.

The average cost in the City of Philadelphia for main food items for a traditional Thanksgiving dinner for 10 is $46.37, compared to $48.42 last year. The overall lower cost is due to a drop in price for vegetables, bread rolls, sweet potatoes, and dairy products such as milk and whipping cream. A 16-pound turkey will cost about $0.31 less than last year.

In addition to paying less locally, Philadelphians also will pay almost $2.70 less than the national average of $49.04.

The local prices for food items and ingredients were compiled by averaging prices from various grocery stores located within Philadelphia. It was conducted as part of the Controller’s annual cost for Thanksgiving dinner for Philadelphians.

Along with reviewing the cost of Thanksgiving, the Controller’s economic report indicated that yearly sales tax revenues totaled almost $88 million, a three percent increase over last year. Wage, Net Profit and Earnings tax revenues totaled $534 million, a six percent increase over last year. Monthly home sales were also up almost 17 percent over last year.

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.