November 2016 Economic Report

Overview

Tax Revenues:
Tax revenues (City & PICA) for November totaled more than $201.2 million, which is a six percent decrease compared to last November. A breakdown of the total revenues included almost $166.1 million into the General Fund and $35.1 million as the PICA portion.

Wage/Earnings/NPT (City & PICA) collections for the month totaled $149.7 million, a six percent decrease over the same month last year. Yearly collections for this tax category have totaled almost $774 million, a six percent increase for the year.

Monthly sales tax collections for November totaled $13.8 million, an almost five percent increase over last November. Yearly collections have totaled almost $90 million.

Yearly General Fund tax revenues totaled almost $913 million, an increase of $21 million over last year. Additionally, it is $15.5 million, or less than two percent, above the City’s FY2017 Cash Flow Projections for FY2017 tax revenues.

Employment:
The non-seasonally adjusted unemployment rate for the City of Philadelphia declined by seven-tenths of a percentage point over last month. The current rate is at 6.3 percent.

Home Sales:
Neighborhoods across South Philadelphia continued to lead the way for most home sales in November. Homes sold in 19148, 19145, 19146 and 19147 totaled 245, accounting for 20 percent of the total monthly home sales.

Feature - Tracking the Dollars:
Cigarette Tax revenues fall $26 million short of City's initial projections for Fiscal Year 2017.

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