February 2017 Economic Report

Tax Revenues

Tax revenues (City & PICA) for February totaled $466.4 million, which is a 13 percent decrease compared to last February. A breakdown of the total revenues included $433.3 million into the General Fund and $33 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $141 million, which is a 12 percent decrease over the same month last year. Yearly collections for this tax category have totaled just over $1.2 billion, a five percent increase over last year.

Monthly sales tax collections for February totaled $15.2 million, a 10 percent increase over last February. Yearly collections have totaled almost $128 million.

Yearly General Fund tax revenues totaled $1.8 billion, an increase of almost $35 million, or two percent, over last year. However, it is $51 million, or three percent, below the City’s FY2017 initial Cash Flow Projections. The lower-than-expected  revenues is due to issues with the Department of Revenues’ payment processing system causing a delay in Real Estate Tax collections to be posted in February.

Home Sales

Home sales in neighborhoods South of Center City and into South Philadelphia (19146) continued to lead the city for the most sales in February, recording 56 sales.

Employment

The non-seasonally adjusted unemployment rate for the City of Philadelphia increased by one-tenth of a percentage point from January to  February. The latest reported non-seasonally adjusted rate is at 6.2 percent.

Download Full Report