“Our latest economic indicators report from this July has a lot of positive news for Phoenix with several direct measures such as sales tax receipts showing the highest returns we’ve ever seen,” said Councilman Gates, chair of the City Council’s Finance, Efficiency, Economy and Sustainability Subcommittee. “What’s more encouraging is that several other indicators such as solid waste and recycling tonnage show big increases, which point to less vacant homes and greater consumer activity.”
The monthly Phoenix Economic Indicators Report tracks several measures of economic activity in the city including direct measures such as city sales tax receipts for retail purchases, hotels/motels and restaurants/bars; and indirect measures such as Phoenix Sky Harbor passenger volumes and total solid waste tonnage collected. The city’s Budget and Research Department presented the July 2015 report results at the Sept. 16 Finance, Efficiency, Economy and Sustainability Subcommittee meeting.
The July report showed that total passengers to date at Sky Harbor airport are up 4.7 percent from last year, with total sales tax receipts to date up 0.5 percent from the prior year, with retail sales receipts up 6.2 percent, hotel/motel sales tax receipts up 14.8 percent and restaurant/bar receipts up 7.8 percent. Total tonnage of solid waste collected is up 11.2 percent, and recycling tonnage is up 11.6 percent. Statewide sales tax receipts also are showing positive signs, up 4.1 percent from the prior year.
Councilman Gates is encouraging residents to read the latest Phoenix Economic Indicators Reports, including July’s, online at phoenix.gov/budget.