Jun 2, 2012 - might find it more cost efficient to stay at home, ... The average cost for a meal for two at a mid-range
Economic Report Financial Forecast & Snapshot
Office of the City Controller
Alan Butkovitz Monthly Feature: June Economical Vacation: Stay at Home & Enjoy 2012 Philadelphia. Average cost of $273 for a
Snapshot Highlights
Wage/Earnings/NPT (City & PICA) collections for the month totaled $122.6 million, which is a 4% increase in what was collected in June 2011. Yearly collections are almost 3% above last year’s collection amount. Monthly sales tax collections totaled $20.97 million, which is a 2.5% increase from June of last year. Fiscal-year end sales tax collection totaled $250.2 million, a less than one percent increase over last year’s yearly collection. This month’s economic report reviewed the average cost of spending a night out in the 10 most-populated U.S. cities. With the vacation season in full swing, many Philadelphians might find it more cost efficient to stay at home, avoid the costly travel expenses, and enjoy a night out in their own city. By comparing the prices of meals, taxis, cocktails and hotels, Philadelphia ranks in the middle as far as vacationers getting more for their dollar. The average cost for a night in Philadelphia is $273, compared to $358 in San Diego, $342 in New York City, $324 in Chicago and $311 in Los Angeles. The average cost for a meal for two at a mid-range restaurant in Philadelphia is $48, which is $30 less than in New York City, $12 less than San Jose and $8 less than in San Diego. REPORT Fraud, Waste & Abuse!
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Page 3
Yearly Unemployment Rate
14
Phila. MSA U.S.
12 10 8 6 4 2
Jun-11
Jul-11
Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
City - MSA - US -
June-12 10.9% 8.5% 8.2%
May-12 10.2% 7.8% 8.2%
Change June-11 6.86% 11.1% 8.97% 8.6% 0.00% 9.2%
unemployment rates are non-seasonally adjusted
Monthly City & PICA Wage/Earnings/NPT Receipts 170 140
FY09 FY10 FY11 FY12
110 80 July
Aug.
Sept.
Oct.
Nov.
(in millions)
Dec.
Jan.
Feb.
FY2012 $1,548
Wage/NPT/Earnings (City & PICA Yearly)
Mar.
Apr.
May
June
FY2011 $1,529
Change 1.24%
Monthly City Sales Tax Receipts
Millions of Dollars
Tax revenue collections (City & PICA) for the fiscal-year end totaled $2.9 billion, which is about $47 million, or 2%, more than what was collected in FY11.
night out, less than other large cities
Millions of Dollars
Tax revenues (City & PICA) for June totaled $176.2 million, a 3.2% increase from June 2011. This included $147.9 million into the General Fund and $28.3 million as the PICA portion.
FY09 FY10 FY11 FY12
28.00 24.00 20.00 16.00 12.00 8.00 July
(in millions)
Sales (Yearly) -
Aug. Sept.
Oct.
Nov.
FY2012 $250.16
Dec.
Jan.
Feb.
Mar.
FY2011 $247.93
Apr.
May
June
Change 0.90%
According to PICA, collections for a single month can be a misleading indicator due to monthly variability in collections
Key Trends & Financials Monthly sales tax Fiscal Year tax revcollections increased enues (City & PICA) 2.5% compared to 2% higher than last June 2011 year’s total collection
Philadelphia: costeffective vacation destination compared to other U.S. cities
City unemployment rate increased almost 7% from last month
pg.1
Economic Report Financial Forecast & Snapshot
Office of the City Controller
Alan Butkovitz Forecast Highlights June 2012 According to the latest Business Outlook Survey from the Philadelphia Federal Reserve, general activ-
ity, new orders, and shipments improved since June, however they remain negative this month, suggesting an overall decline in business. The survey’s broadest measure of manufacturing conditions increased from a reading of -16.6 in June to -12.9, the third consecutive negative reading. Firms reported fewer hours worked this month; the average workweek index increased 2 points but posted its fourth consecutive negative reading. The current employment index decreased 10 points, to -8.4, its second negative reading in three months. The future general activity index remained unchanged at 19.3 this month. Firms were asked about recent demand for their own manufactured products over the past two months; the percent indicating that demand had decreased over the past two months was higher than the percent reporting an increase, 30 percent indicated an increase compared to 37 percent who indicated decreases. survey’s results reflect data of the current month and/or the month that the Controller’s economic report is released.
Resources
Total Non-Farm Employment (in thousands) June-12 (P) City Total 656.8 Manufacturing 23.3 Wholesale & Retail 61.6 Services 624.0 Construction & Mining 9.5 MSA Total 2,741.9 Manufacturing 187.8 Wholesale & Retail 410.3 Services 2,454.1 Construction & Mining 100.0 American Bankers Association Forecast & Outlook
-outlook delivers a one-year forecast for mostly banking-related indicators as well as general economic measures
economy.com - Precis: Metro/US/ Northeast/Philadelphia
-includes five-year forecasts of eleven key indicators
FRB Philadelphia
-3rd District - eastern PA, southern NJ and state of Delaware
FRB Philadelphia - Livingston Survey
-summarizes the forecasts of economists from industry, government, banking and academia
FRB Philadelphia - Professional Forecasters
-quarterly survey of macroeconomic forecasts in the U.S.
FRB Philadelphia - Regional Employment Forecasts
-regional indicator predicting job growth and unemployment rate one year from now
FRB Philadelphia - Business Outlook Survey
-monthly survey of manufacturers in the Philadelphia area indicating the change in expected business activity six months from now
NABE Outlook
-presents the consensus of macroeconomic forecasts by 37 professional forecasters from NABE
Conference Board - U.S. Leading Indicator
-gauges the whereabouts of the U.S. economy in nine months
Source: BLS
May-12 659.0 22.9 62.0 627.0 9.1 2,738.9 186.4 411.2 2,453.5 99.0
% Change -0.3% 1.7% -0.5% -0.5% 4.4% 0.1% 0.8% -0.2% -0.1% 1.0%
June-11 658.6 23.9 62.0 624.7 10.0 2,728.2 186.8 410.8 2,437.9 103.5
Demographics Philadelphia
1 The
Data above is from the 2010 Census, unless noted *based on 2010 American Community Survey
pg.2
Economic Report Financial Forecast & Snapshot
Office of the City Controller P hiladelphia = E conomical V acation For those looking to travel this summer and wanting to save money, it might be worth it to just stay home and enjoy a night out with all that Philadelphia has to offer. In addition, staying at home means avoiding the costly expenses associated with traveling. By comparing the prices of meals, taxis, cocktails and hotels in the 10 most-populated U.S. cities, Philadelphia ranks in the middle as far as vacationers getting 1 more for their dollar.
Alan Butkovitz June D estination 2012
Taxi 2 The average taxi cost in Los Angeles is a little more than $20 and in San Antonio it’s more than $17, while in Philadelphia an average taxi ride is less than $17.
10 Most-Populated U.S. Cities Comparing Average Costs
Hotel 3 The average cost for a four-star hotel on a Saturday night in Center City Philadelphia is $192 per night, compared to $240 in downtown Chicago, or $223 in New York City.
City
Meal
Taxi
Cocktails
Hotel
Total
San Diego
$56
$17
$21
$264
$358
NYC
$78
$16
$25
$223
$342
Chicago
$49
$14
$21
$240
$324
LA
$50
$20
$21
$220
$311
Phila.
$48
$17
$16
$192
$273
San Antonio
$45
$17
$21
$165
$248
Houston
$46
$15
$16
$168
$245
Dallas
$40
$13
$18
$167
$238
San Jose $60 $22 $27 $120 $229 Dining Cocktails/Drinks 1 San Diego The average cost of dining out for a For those having cocktails before din- Phoenix $40 $16 $16 $137 $209 mid-range meal for two in Philadelphia ner, save even more in Philadelphia, as about $16, compared to $25 in New York averages $48, compared to the $78 in the average cost for drinks for two is City City orNew $21 York in Los Angeles or Chicago. Chicago New York City, $56 in San SanAntonio Diego or Phoenix $60 in San Jose. How much it costs to spend a night in...
HOTEL
TAXI
COCKTAILS
Meal
Meal
$209
DINNER
$248
Taxi Museum Hotel
Taxi Museum
$324
$273
San Antonio
Museum
Museum
Chicago
2. Taxi Fare Finder - taxi rates for U.S. cities
H ome S ales
June 2012 - Top 10 Sales by Zipcode ZIP Code 19146
Sales 74
% of Sales from Bank Owned 6.80%
% of Sales from Short Sales 0.00%
19148
57
10.50%
3.50%
19147
53
1.90%
5.70%
19111
48
2.10%
14.60%
19145
42
4.80%
4.80%
19149
41
24.40%
2.40%
19130
38
2.60%
0.00%
19124
36
13.90%
8.30%
19128
35
2.90%
2.90%
19103
34
2.90%
0.00%
Based on information from TREND for June 2012.
in
Ta
$358
Mu
Hotel
Hotel
Philadelphia
1. Numbeo.com - cost of living index
Taxi
$342
Taxi
Hotel
Phoenix
Mea Meal
Meal
Ho
San Diego
New York City
3. Travelocity - avg. rates for five hotels in selected cities
P hiladelphia 19111
19128
19149 19124
19130 19103 19146 19147 19145
19148
1,013 = Total real estate sales in June 2012 1.1% = increase in sales over last month pg.3
