January 2017 Economic Report

Tax Revenues

Tax revenues (City & PICA) for January totaled $307.8 million, which is a 16 percent increase compared to last January. A breakdown of the total revenues included $259.3 million into the General Fund and $48.5 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $205.7 million, which is a 20 percent increase over the same month last year. Yearly collections for this tax 
category have totaled just over $1.1 billion, a seven percent increase over last year.

Monthly sales tax collections for January totaled $11.3 million, a nine percent decrease over last January. Yearly collections have totaled almost $113 million.

Yearly General Fund tax revenues totaled $1.34 billion, an increase of almost $70 million over last year. Additionally, it is $24 million, or less than two percent, above the City’s FY2017 initial Cash Flow Projections as reported in the annual budget.

Home Sales

Home sales in neighborhoods South of Center City and into South Philadelphia (19146) led the city for the most sales in January, recording 58 sales.

Feature - Tracking the Dollars

The City’s Hotel Tax revenues have realized a 25 percent spike from FY2012 through FY2016, with consistent annual increases during this period. The amount collected from the 8.5% Hotel Tax in FY2012 totaled $47 million, compared to $58.6 million collected in FY2016. 

Download Full Report