May 2017 Economic Report

Tax Revenues

Tax revenues (City & PICA portions) for May totaled $285.5 million, marking a 13 percent decrease compared to last May. A breakdown of the total revenues included $243 million into the General Fund and $42.5 million as the PICA portion.

Monthly sales tax collections for May totaled $13.6 million, a nine percent increase over last May. Yearly collections have totaled $164 million.

Yearly General Fund tax revenues totaled more than $2.9 billion, an increase of almost $132.5 million, or almost five percent, over last year. 

Home Sales

Home sales totaled 1,641 for May, marking a 16 percent increase over last year. Home sales in neighborhoods South of Center City and into South Philadelphia (19146) continued to lead the city for the most sales in May, recording 102 sales. Total sales in this zip code were slightly higher than last month.

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