For Immediate Release
April 5, 2017
Contact: Brian Dries
Philadelphia’s Job Market Remains Strong
City Controller issues latest monthly economic report
PHILADELPHIA – City Controller Alan Butkovitz today released his latest monthly economic report that indicated the City of Philadelphia’s jobs were up 22,400 over last year.
Total non-farm employment recorded 712,500 jobs in February. This marked a 3.2 percent increase over the 690,100 recorded in the city last February. The largest job increases by industry included the following:
|Education & Health Services||11,900|
|Leisure & Hospitality||4,100|
|Professional & Business Services||2,600|
|Trade, Transportation & Utilities||1,500|
The two major industries that realized decreases compared to last February were Manufacturing and Financial Activities with declines of 300 and 100, respectively.
Philadelphia’s 6.2 percent non-seasonally unemployment rate was down by one-tenth over last year. The City’s unemployment rate is about two percent higher than the average rate for its neighboring Pennsylvania counties.
In addition to reviewing the latest employment figures, the City Controller’s economic report indicated that total monthly tax revenues (City and PICA) for February totaled $466.4 million, which was a 13 percent decrease compared to last February. Yearly General Fund tax revenues totaled $1.8 billion, which is $51 million below the City’s initial budget projections. The lower-than-expected revenue is due to issues with the Department of Revenue’s payment processing system causing a delay in Real Estate Tax revenues to be posted in February.
Home sales totaled 976 for the month, marking a four percent increase compared to last February. Homes sold in neighborhoods across South Philadelphia continued to lead the city for areas with the highest sales. The Fishtown and Port Richmond neighborhoods followed for areas with top sales.