For Immediate Release:
Sept. 28, 2010
Contact: Brian Dries
Philadelphia’s Poverty Rate Outpaces Largest U.S. Cities
Butkovitz’ monthly economic report includes new City poverty rate,
compares highest populated cities
Click here to view economic report
PHILADELPHIA – City Controller Alan Butkovitz today released his monthly economic report that focuses on Philadelphia’s new poverty rate of 25% that outpaces the poverty rates of the nation’s largest cities.
Philadelphia, the sixth largest U.S. city, has a poverty rate above Chicago, 21.6%; Houston, 20.6; Los Angeles, 19.58%; and New York City, 18.7%. Detroit, the 11th largest city and about half the size of Philadelphia, has a higher rate with 36.4%.
While the current 2009 rate is below the City’s 2006 rate of 25.1%, it was 18.5% in 2000. Philadelphia’s poverty rate has seen steady increases the last two years.
Along with a look at poverty rates, the Controller’s economic report includes City tax revenues for August totaled $177.3 million, a slight increase from last month’s collections. Monthly sales tax collections were $23.4 million, making it the highest monthly collection since the 8% sales tax increase was implemented.
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.