Attachment A (Revised).pdf

Phoenix Economic Indicators Report 
First Quarter   FY 2022-23
Table of Contents 
Phoenix Sky Harbor Airport Total Passengers  ….. 1
City Sales Tax - Restaurants/Bars ….…………………  5 
Water Service Accounts  ……………………………..…..  1 
City Sales Tax - Contracting …….……………………….  6 
New Home Construction Permits Issued  ……….... 2
State Sales  Tax - Total   …………………………………..  6 
New Multifamily Units Permitted …………………..... 2 
State Vehicle License Tax  ……………………………….  7 
Total Value of Permitted Activity  …………………... 3 
Phoenix Primary Net Assessed Value  …….….…..  7 
Solid Waste - Residential Customer Growth …..... 3
Phoenix Full Cash Value …………………….……………  8 
City Sales Tax - Total   .…..…………………………………. 4
Phoenix Median Household Income  ………………  8 
City Sales Tax - Retail  ………………………………………. 4 
Phoenix Unemployment Rate  ….…….………….…… 9 
City Sales Tax - Hotel/Motel …………………………….  5 
Phoenix Labor Force Participation  …….……….….. 9 
Executive Summary 
Economic indicators, such as those included in this report, provide measurements for 
evaluating the health of our economy, the latest business cycles, and how consumers are 
spending and generally faring.  Included in this report are aviation, utility, new develop-
ment, state and local sales tax, vehicle sales, property values, and employment statistics. 
Each statistic is shown through a graph presenting current year-to-date data (for data 
available on a monthly basis), prior year-to-date, prior three year average of year-to-date 
data, and peak year data (if current year is not the peak year) for a quarter of the current 
fiscal year (July 1 - June 30).  Each indicator has its own peak year where performance 
was at its highest since 2000.  Each graph is accompanied by a description of the signifi-
cance of the measure as an economic indicator, and a statement about the current year 
data in relation to prior years.  Many of the statistics are measured on a monthly basis,
but a few are only available quarterly or annually. 
Attachment A

Phoenix Sky Harbor Airport Total Passengers
Current YTD Compared to:
Prior Year 
1.4%
3 Year Avg.
23.4%
Peak Year (FY 
2018-19)
0.3%
Totals
CYTD
10,661,000
PYTD
10,511,000
3YRAVG
8,637,000
Peak Year (FY 
2018-19)
10,631,000
Total Single-Family Water Service Accounts
Current YTD Compared to:
Prior Year 
0.7%
3 Year Avg.
0.7%
Peak Year (FY 
2021-22)
0.7%
Totals
CYTD
440,490
PYTD
437,544
3YRAVG
437,381
Peak Year (FY 
2021-22)
437,544
Significance: The number of passengers utilizing the Phoenix Sky Harbor airport can be an indicator for regional tourism and 
business activity.
Current Year: Passenger traffic increased 1.4% compared to the same time period last fiscal year and is 23.4% higher than 
the three year average. This indicator has shown recovery after being adversely affected by the COVID-19 pandemic, 
exceeding the peak year of FY 2018-19 by 0.3%. Industry data lags two months.  
Significance: Single-family water services account growth is a measurement indicating revenue generated through services 
provided by the Water Services Department. The number of water service accounts can be an indicator of changes in 
population and development. 
Current Year: Water service accounts continue to reflect an upward trend in residential customers. While most growth has 
occurred in the single family residential sector, multifamily residential also grew at an increased rate as compared to previous 
years. 
425,000
427,000
429,000
431,000
433,000
435,000
437,000
439,000
441,000
443,000
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
45,000,000
50,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 1

Total New Home Construction Permits Issued
Current YTD Compared to:
Prior Year 
-28.1%
3 Year Avg.
-18.2%
Peak Year (FY 
2004-05)
-79.0%
Totals
CYTD
772
PYTD
1,073
3YRAVG
944
Peak Year (FY 
2004-05)
3,672
New Multifamily Units Permitted
Current YTD Compared to:
Prior Year 
69.3%
3 Year Avg.
48.4%
Peak Year (FY 
2021-22)
69.3%
Totals
CYTD
3,048
PYTD
1,800
3YRAVG
2,053
Peak Year (FY 
2021-22)
1,800
Significance: New single family homes are a key economic indicator, reflecting local population growth as well as spill over 
benefits to other sectors of the economy such as demand for construction labor/materials, retail, manufacturing and utilities.
Current Year: Planning and Development experienced a year over year decrease in single family permits issued in the first 
three months of FY22-23. This decrease was expected as there has been a decline in the number of residential lots 
submitted for preliminary approval. 
Significance: New multi-family construction is a key economic indicator of local population growth or shifts in housing 
preferences and its spill over benefits to other sectors of the economy such as demand for construction labor/materials, retail, 
manufacturing and utilities.  
Current Year: Planning and Development experienced a 69% increase in growth in multifamily housing in the first three 
months of FY22-23. As the demand for housing continues, growth is this sector is anticipated to continue.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2004-05)
400
1,400
2,400
3,400
4,400
5,400
6,400
7,400
8,400
9,400
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
Current YTD
Prior YTD
3YR AVG YTD
Page 2

Total Value of Permitted Activity
Current YTD Compared to:
Prior Year 
16.9%
3 Year Avg.
26.5%
Peak Year (FY 
2021-22)
16.9%
Totals
CYTD
$2,641,626,746
PYTD
$2,260,148,648
3YRAVG
$2,089,050,081
Peak Year (FY 
2021-22)
$2,260,148,648
Solid Waste - Residential Customer Growth
Current YTD Compared to:
Prior Year 
1.6%
3 Year Avg.
2.4%
Peak Year (FY 
2021-22)
1.6%
Totals
CYTD
417,249
PYTD
410,879
3YRAVG
407,463
Peak Year (FY 
2021-22)
410,879
Significance: The valuation of new construction can be an indicator of economic strength because it reflects the permit value 
of new construction projects. 
Current Year: Planning and Development experienced a 17% increase in permit valuation year to date in the first three 
months of FY 22-23. The increase is due to growth in the multi-family housing market as well as new largescale commercial 
projects including the TSMC semi-conductor project. Valuation is anticipated to remain strong.
Significance: Residential customer growth is an indicator of one facet of Phoenix's economic strength because it reflects the 
growth in households. The graph shows a consistent upward trend in the count of Solid Waste residential customers.
Current Year: The number of residential living units being serviced by the Public Works Department Solid Waste Division is 
consistently trending upwards.
$400,000,000
$2,400,000,000
$4,400,000,000
$6,400,000,000
$8,400,000,000
$10,400,000,000
JUL
AUG
SEP
OCT NOV DEC
JAN
FEB
MAR APR MAY JUN
Current YTD
Prior YTD
3YR AVG YTD
398,000
400,000
402,000
404,000
406,000
408,000
410,000
412,000
414,000
416,000
418,000
420,000
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
Current YTD
Prior YTD
3YR AVG YTD
Page 3

City Sales Tax - Total
Current YTD Compared to:
Prior Year 
10.8%
3 Year Avg.
24.3%
Peak Year (FY 
2021-22)
10.8%
Totals
CYTD
$333,988,000
PYTD
$301,333,000
3YRAVG
$268,799,000
Peak Year (FY 
2021-22)
$301,333,000
City Sales Tax - Retail
Significance: Retail sales tax represents retail sales, not including the sales tax on food.
Current YTD Compared to:
Prior Year 
6.1%
3 Year Avg.
22.8%
Peak Year (FY 
2021-22)
6.1%
Totals
CYTD
$141,797,000
PYTD
$133,643,000
3YRAVG
$115,509,667
Peak Year (FY 
2021-22)
$133,643,000
Significance: City sales tax (all funds including: General Fund, T2050, Public Safety, 3PI, Convention Center, Sports 
Facilities, and Capital Construction) represents overall local economic activity related to taxable sales.  
Current Year: Total City sales tax collections continued to experience positive growth in the first quarter compared to the 
same time period last fiscal year, which was also the peak year. Beyond solid growth in the retail and contracting categories, 
the hospitality and leisure categories, which were most adversely affected by the COVID-19 pandemic, have seen substantial 
increases. Prior year values have not been adjusted for inflation.
Current Year: City retail sales tax continues to experience positive growth, as it has throughout the COVID-19 pandemic due 
to shifts in consumer spending to taxable goods and overall growth in the economy. Current year growth also accounts for 
additional retail sales tax collected from online retailers which became effective October 2019. Prior year values have not 
been adjusted for inflation. 
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
$50,000,000
$250,000,000
$450,000,000
$650,000,000
$850,000,000
$1,050,000,000
$1,250,000,000
$1,450,000,000
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT NOV DEC
JAN
FEB
MAR APR MAY JUN
$22,000,000
$122,000,000
$222,000,000
$322,000,000
$422,000,000
$522,000,000
$622,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 4

City Sales Tax - Hotel/Motel
Current YTD Compared to:
Prior Year 
27.5%
3 Year Avg.
60.3%
Peak Year (FY 
2021-22)
27.5%
Totals
CYTD
$12,731,000
PYTD
$9,982,000
3YRAVG
$7,942,000
Peak Year (FY 
2021-22)
$9,982,000
City Sales Tax - Restaurants/Bars
Current YTD Compared to:
Prior Year 
18.8%
3 Year Avg.
37.0%
Peak Year (FY 
2021-22)
18.8%
Totals
CYTD
$28,031,000
PYTD
$23,601,000
3YRAVG
$20,465,667
Peak Year (FY 
2021-22)
$23,601,000
Significance:  Hotel/Motel sales tax revenue represents taxable sales for these businesses and is an indicator of tourism 
activity.
Current Year: Hotel/motel sales tax collections were negatively impacted by COVID-19 since the start of the pandemic. 
However, starting from May 2021, this category as shown recovery. The first quarter actuals continued this trend and grew 
compared to the prior fiscal year, which was also the peak year. Prior year values have not been adjusted for inflation.
Significance: Restaurants/Bars sales tax revenue represents taxable sales for these businesses and is an indicator of 
economic strength, population growth, and tourism.
Current Year: Restaurants/bars sales tax collections were negatively impacted by COVID-19 since the start of the pandemic. 
However, starting from April 2021, this category has shown recovery. The first quarter actuals continued this trend and grew 
compared to the prior fiscal year, which was also the peak year. Prior year values have not been adjusted for inflation.  
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR APR
MAY
JUN
$1,000,000
$11,000,000
$21,000,000
$31,000,000
$41,000,000
$51,000,000
$61,000,000
$71,000,000
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
$4,500,000
$14,500,000
$24,500,000
$34,500,000
$44,500,000
$54,500,000
$64,500,000
$74,500,000
$84,500,000
$94,500,000
$104,500,000
$114,500,000
Current YTD
Prior YTD
3YR AVG YTD
Page 5

City Sales Tax - Contracting
Current YTD Compared to:
Prior Year 
17.5%
3 Year Avg.
33.0%
Peak Year (FY 
2021-22)
17.5%
Totals
CYTD
$32,446,000
PYTD
$27,605,000
3YRAVG
$24,403,667
Peak Year (FY 
2021-22)
$27,605,000
State Sales Tax - Total
Current YTD Compared to:
Prior Year 
7.0%
3 Year Avg.
22.0%
Peak Year (FY 
2021-22)
7.0%
Totals
CYTD
$56,997,000
PYTD
$53,288,000
3YRAVG
$46,730,333
Peak Year (FY 
2021-22)
$53,288,000
Significance: Contracting sales tax revenue presents activity in the commercial, retail and residential construction markets.
Current Year: Contracting sales tax collections continued to experience solid growth. Current year-to-date one-quarter 
actuals are positive and growing compared to the prior fiscal year, which was also the peak year. Prior year values have not 
been adjusted for inflation.  
Significance: State shared sales tax revenues are distributed to cities and towns based on relative population share in 
Arizona. The population share in FY 2000-01 was 33.7%. The population share was 28.07% for the first eleven months of FY 
2021-22 and reduced to 27.87% for June's distribution, based on Census 2021 data.
Current Year: State sales tax collections continued to experience positive growth in the first quarter compared to the same 
time period last fiscal year, which was also the peak year. Beyond the solid growth in the retail and contracting categories, the 
hospitality and leisure categories, which were most adversely affected by the COVID-19 pandemic, have seen substantial 
increases. Prior year values have not been adjusted for inflation.  
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR APR
MAY
JUN
$5,000,000
$15,000,000
$25,000,000
$35,000,000
$45,000,000
$55,000,000
$65,000,000
$75,000,000
$85,000,000
$95,000,000
$105,000,000
$115,000,000
$125,000,000
$135,000,000
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT NOV DEC
JAN
FEB
MAR APR MAY
JUN
$11,000,000
$31,000,000
$51,000,000
$71,000,000
$91,000,000
$111,000,000
$131,000,000
$151,000,000
$171,000,000
$191,000,000
$211,000,000
$231,000,000
$251,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 6

State Vehicle License Tax
Current YTD Compared to:
Prior Year 
0.3%
3 Year Avg.
-2.6%
Peak Year (FY 
2020-21)
-11.9%
Totals
CYTD
$19,548,440
PYTD
$19,489,605
3YRAVG
$20,078,543
Peak Year (FY 
2020-21)
$22,186,456
Phoenix Primary Net Assessed Valuation
Calendar Year Compared to:
Prior Year 
4.7%
3 Year Avg.
5.1%
Peak Year 
(FY 2010/TY 
2009)
-3.6%
Totals
TY 2022
$15,490,531,934
TY 2021
$14,800,877,416
3YRAVG
$14,738,198,423
 Peak Year
(FY 2010/TY 
2009)
$16,063,200,689 
Significance: State shared vehicle license tax revenues are distributed to cities and towns in Maricopa County based on their 
relative population share of Maricopa County. The City of Phoenix's population share in FY 2000-01 was 48.51%, and the 
population share has been reduced to 38.93% starting from FY 2022-23.
Current Year: State shared vehicle license tax (VLT) collections continued to experience negative growth because of  supply 
chain shortages and declined car sales. Prior year values have not been adjusted for inflation. 
Current Year: Tax year 2022 (FY 2022-23) Primary NAV grew by 4.7% over the prior year; 2.1% is attributable to new 
property and 2.6% is attributable to appreciation in previously-taxed property. Prior-year values have not been adjusted for 
inflation.
Significance: Phoenix's assessed valuation is based on the Primary Net Assessed Value (Primary NAV), which beginning in 
FY 2015-16, is the single value used for calculating both Primary Property Taxes and Secondary Property Taxes. The 
assessed valuation provides an indicator of the basis for City property tax revenue. The peak year of tax year 2009 
represented the peak of the housing bubble due to the lag between market conditions and valuation assessment. Although 
market values have returned to levels higher than those during the housing bubble, Primary NAV growth year-over-year is 
limited under the State Constitution and therefore continues to be lower than the peak prior to the 2008 financial crisis. This 
statistic is updated once per year, in February.
$0
$4,000,000,000
$8,000,000,000
$12,000,000,000
$16,000,000,000
$20,000,000,000
3YR AVG
TY 2020
TY 2021
TY 2022
Peak Year
(FY 2010/TY
2009)
Series1
TY = Tax Year
JUL
AUG
SEP
OCT NOV
DEC
JAN
FEB
MAR APR
MAY
JUN
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2020-21)
Page 7

Phoenix Full Cash Value
Calendar Year Compared to:
Prior Year 
7.7%
3 Year Avg.
17.5%
Peak Year (TY 
2022)
N/A
Totals
2022
$232,423,574,149
2021
$215,741,892,809
3YRAVG
$197,724,137,082
Peak Year (TY 
2022)
N/A
Phoenix Median Household Income
Calendar Year Compared to:
Prior Year 
12.3%
3 Year Avg.
9.9%
Peak Year (CY 
2021)
0.0%
Totals
2021
$68,435
2020
$60,914
3YRAVG
$62,269
Peak Year (CY 
2021)
$68,435
Significance: This measure includes the income of the householder and all other individuals 16 years of age and older in the 
household. Median income is the amount that divides the income distribution into two equal groups, half at income levels 
above that amount, and half at income levels below that amount. 
Current Year: Due to federal assistance, there was no negative impact from COVID-19 on Phoenix Median Household 
Income in 2021. It exceeded the previous peak year of 2008 ($57,507). Data is from the U.S. Census Bureau 2021 American 
Community Survey One-Year Estimates released in September 2022. Peak year reflects the highest since 2005 (the oldest 
readily available data set).
Significance: Full cash value is an indicator of both commercial and residential property values, an important indicator of one 
facet of economic health. This statistic is updated once per year, in February, and lags market conditions by approximately 
one year. Due to assessed valuation growth limits and statutory changes in assessment ratios, however, trends in full cash 
value do not correlate to trends in the tax base for property taxes.
Current Year: Tax year 2022 (FY 2022-23) full cash value grew by 7.7% over the prior year. Total growth was most 
attributable to 10.7% growth in single and multi-family residential properties. Prior year values have not been adjusted for 
inflation.
$25,000
$30,000
$35,000
$40,000
$45,000
$50,000
$55,000
$60,000
$65,000
$70,000
3YR AVG
CY 2019
CY 2020
CY 2021
Peak Year
(CY 2021)
CY = Calendar Year
 $-
 $40,000,000,000
 $80,000,000,000
 $120,000,000,000
 $160,000,000,000
 $200,000,000,000
 $240,000,000,000
 $280,000,000,000
3YR AVG
TY 2019
TY 2020
TY 2021
TY 2022
(Peak Year)
Series1
TY = Tax Year
Page 8

Phoenix Unemployment Rate
Calendar Year Compared to:
Prior Year 
-37.5%
3 Year Avg.
-15.1%
Peak Year (CY 
2010)
-52.6%
Totals
2021
4.5%
2020
7.2%
3YRAVG
5.3%
Peak Year (CY 
2010)
9.5%
Phoenix Labor Force Participation
Calendar Year Compared to:
Prior Year 
-0.4%
3 Year Avg.
0.0%
Peak Year (CY 
2005)
-4.1%
Totals
2021
67.6%
2020
67.9%
3YRAVG
67.6%
Peak Year (CY 
2005)
70.5%
Significance: This measures the percentage of the population (16 years of age and older) that is in the labor force. The labor 
force is defined as the total population of employed and unemployed people (16 years of age and older). People are 
classified as unemployed if they do not have a job, have actively looked for work in the prior 4 weeks, and are currently 
available for work. 
Current Year: The labor force participation rate decreased slightly from 2020 to 2021, indicating a decrease in the percentage 
of the population that is either employed or unemployed and actively looking for work. Data is from the U.S. Census Bureau 
2021 American Community Survey One-Year Estimates released in September 2022. Peak year reflects the highest since 
2005 (the oldest readily available data set). 
Significance: This measures the percentage of the labor force that are unemployed. Those individuals (16 years of age and 
older) who do not have a job but are available for work, except in the case of temporary illness, and actively seeking work in 
the prior 4 weeks. The only exceptions to these criteria are individuals who are waiting to be recalled from a layoff and 
individuals waiting to report to a new job within 30 days—these, too, are considered unemployed. This statistic is updated 
once per year, in April.
Current Year: The unemployment rate in 2021 decreased from the prior year which reflected recovery from the pandemic. 
Data is from the United States Department of Labor, Bureau of Labor Statistics. Peak year reflects the highest since 1990 
(the oldest readily available data set). Data from 2010 through 2021 were revised by the federal government in April 2022.
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
3YR AVG
CY 2019
CY 2020
CY 2021
Peak Year
(CY 2010)
CY = Calendar Year
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
3YR AVG
CY 2019
CY 2020
CY 2021
Peak Year
(CY 2005)
CY = Calendar Year
Page 9