August 2017 Economic Report

Tax Revenues

Tax revenues for the City’s General Fund and PICA portion for August totaled $238.6 million, marking a three percent decrease compared to last August. A breakdown of the total revenues included $203.5 million into the General Fund and $35.1 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $149 million, which is a 13 percent decrease over the same month last year. 

Monthly sales tax collections totaled almost $29 million, a six percent increase over last August. Yearly collections for the first two months of FY2018 totaled almost $58 million, which is a 10 percent increase compared to last year.

Home Sales

Home sales in South Center City (19146) recorded the most home sales for August with 87.  Sales across Lower Northeast neighborhoods (19111, 19149 and 19135) ranked in the top 10 areas for highest sales with a combined total of 222, marking 14 percent of all sales across the city.

Employment

Philadelphia’s total monthly employment increased from 689,500 to 705,300 compared to last August. While the Education and Health Services along with Leisure and Hospitality industries led with the largest increases, the Administrative and Waste Services also increased by 2,200 compared to last August. This industry is a sub-sector of Professional and Business Services.

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