Attachment A - EIR First Quarter.pdf

Phoenix Economic Indicators Report 
First Quarter FY2021-22
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 Valued 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 
142.2%
3 Year Avg.
21.7%
Peak Year (FY 
2018‐19)
‐1.1%
Totals
CYTD
10,511,000
PYTD
4,340,000
3YRAVG
8,637,000
Peak Year (FY 
2018‐19)
10,631,000
Total Single-Family Water Service Accounts
Current YTD Compared to:
Prior Year 
0.8%
3 Year Avg.
0.9%
Peak Year (FY 
2020‐21)
N/A
Totals
CYTD
437,544
PYTD
434,109
3YRAVG
433,784
Peak Year (FY 
2020‐21)
434,109
Significance: The number of passengers utilizing the Phoenix Sky Harbor airport can be an indicator for regional tourism 
and business activity.
Current Year: Passenger activity was significantly negatively impacted due to COVID-19. Passenger traffic recovery has 
continued along the 2019 peak year trajectory, but has not increased past 2019. 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 reflect a consistent upward trend in residential customers. Data for the prior year 
and three-year average have been revised to reflect changes to customer categories and software that were not 
captured in the data source used previously. 
425,000
427,000
429,000
431,000
433,000
435,000
437,000
439,000
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
Peak Year (FY2018‐19)
Page 1

Total New Home Construction Permits Issued
Current YTD Compared to:
Prior Year 
8.7%
3 Year Avg.
5.6%
Peak Year (FY 
2004‐05)
‐70.8%
Totals
CYTD
1,073
PYTD
987
3YRAVG
1,016
Peak Year (FY 
2004‐05)
3,672
New Multifamily Units Permitted
Current YTD Compared to:
Prior Year 
37.2%
3 Year Avg.
22.1%
Peak Year (FY 
2019‐20)
37.6%
Totals
CYTD
1,800
PYTD
1,312
3YRAVG
1,475
Peak Year (FY 
2019‐20)
1,312
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 nearly 9% increase in growth in residential construction permits 
during the first quarter of fiscal year 21-22 compared to the same time period last fiscal year. Due to continued growth in 
the housing market, continued growth in residential construction permits is anticipated.
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 37% increase in growth in multifamily housing during the first 
quarter of fiscal year 21-22 compared to the same time period last fiscal year. As the demand for housing continues, 
growth in 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
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 
65.5%
3 Year Avg.
35.9%
Peak Year (FY 
2020‐21)
65.5%
Totals
CYTD
$2,260,148,648
PYTD
$1,365,374,848
3YRAVG
$1,663,632,781
Peak Year (FY 
2020‐21)
$1,365,374,848
Solid Waste - Residential Customer Growth
Current YTD Compared to:
Prior Year 
0.8%
3 Year Avg.
1.7%
Peak Year (FY 
2020‐21)
0.8%
Totals
CYTD
410,879
PYTD
407,679
3YRAVG
404,067
Peak Year (FY 
2020‐21)
407,679 
Significance: The valuation of new construction is an indicator of one facet of Phoenix's economic strength because it 
reflects the permit value of new construction projects. 
Current Year: Planning and Development experienced a 65% increase in permit valuation during the first quarter of fiscal 
year 21-22 compared to the same time period last fiscal year. The increase is due to growth in the housing market as 
well as new large-scale commercial projects including the TSMC semi-conductor project. Valuation is anticipated to 
remain strong through the fiscal year.
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
$1,400,000,000
$2,400,000,000
$3,400,000,000
$4,400,000,000
$5,400,000,000
$6,400,000,000
$7,400,000,000
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
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 
15.3%
3 Year Avg.
22.9%
Peak Year (FY 
2020‐21)
15.3%
Totals
CYTD
$301,333,000
PYTD
$261,316,000
3YRAVG
$245,224,333
Peak Year (FY 
2020‐21)
$261,316,000 
City Sales Tax - Retail
Significance: Retail sales tax represents retail sales, not including the sales tax on food.
Current YTD Compared to:
Prior Year 
15.4%
3 Year Avg.
32.2%
Peak Year (FY 
2020‐21)
15.4%
Totals
CYTD
$133,643,000
PYTD
$115,849,000
3YRAVG
$101,112,333
Peak Year (FY 
2020‐21)
$115,849,000 
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. City sales tax collections were negatively impacted by COVID-19 primarily in the 
hotel/motel, restaurants/bars, and amusement sales tax categories. However, this was offset by additional retail sales tax 
collected from online retailers which became effective October 2019, and overall economic growth. 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
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT NOV DEC
JAN
FEB MAR APR MAY JUN
$22,000,000
$72,000,000
$122,000,000
$172,000,000
$222,000,000
$272,000,000
$322,000,000
$372,000,000
$422,000,000
$472,000,000
$522,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 4

City Sales Tax - Hotel/Motel
Current YTD Compared to:
Prior Year 
102.2%
3 Year Avg.
36.7%
Peak Year (FY 
2018‐19)
23.9%
Totals
CYTD
$9,982,000
PYTD
$4,937,000
3YRAVG
$7,300,333
Peak Year (FY 
2018‐19)
$8,057,000
City Sales Tax - Restaurants/Bars
Current YTD Compared to:
Prior Year 
41.0%
3 Year Avg.
22.7%
Peak Year (FY 
2018‐19)
18.5%
Totals
CYTD
$23,601,000
PYTD
$16,734,000
3YRAVG
$19,237,000
Peak Year (FY 
2018‐19)
$19,915,000 
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 have been negatively impacted by COVID-19 since the start of the 
pandemic. However, current year-to-date actuals are positive and growing compared to the first three months of the prior 
fiscal 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 have been negatively impacted by COVID-19 since the start of the 
pandemic. However, current year-to-date actuals are positive and growing compared to the first three months of the prior 
fiscal 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
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2018‐19)
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
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2018‐19)
Page 5

City Sales Tax - Contracting
Current YTD Compared to:
Prior Year 
18.5%
3 Year Avg.
29.0%
Peak Year (FY 
2006‐07)
12.5%
Totals
CYTD
$27,605,000
PYTD
$23,296,000
3YRAVG
$21,397,000
Peak Year (FY 
2006‐07)
$24,532,000 
State Sales Tax - Total
Current YTD Compared to:
Prior Year 
16.9%
3 Year Avg.
27.2%
Peak Year (FY 
2020‐21)
16.9%
Totals
CYTD
$53,288,000
PYTD
$45,576,000
3YRAVG
$41,890,000
Peak Year (FY 
2020‐21)
$45,576,000
Significance: Contracting sales tax revenue presents activity in the commercial, retail and residential construction 
markets.
Current 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 as of August 2021 was 28.07%, based 
on Census 2020 data. 
Current Year: State sales tax collections were negatively impacted by COVID-19 primarily in the hotel/motel, 
restaurants/bars, and amusement sales tax categories. However, this was offset by additional retail sales tax collected 
from online retailers which became effective October 2019, and overall economic growth. 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
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2006‐07)
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
Current YTD
Prior YTD
3YR AVG YTD
Page 6

State Vehicle License Tax
Current YTD Compared to:
Prior Year 
‐12.2%
3 Year Avg.
‐0.3%
Peak Year (FY 
2020‐21)
‐12.2%
Totals
CYTD
$19,489,605
PYTD
$22,186,456
3YRAVG
$19,545,389
Peak Year (FY 
2020‐21)
$22,186,456
Phoenix Primary Net Assessed Valuation
Calendar Year Compared to:
Prior Year 
6.3%
3 Year Avg.
5.9%
 Peak Year (TY 
2010)
‐7.9%
Totals
TY 2021
$14,800,877,416
TY 2020
$13,923,185,918
3YRAVG
$13,982,360,232
 Peak Year (TY 
2010)
$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 as of June 2021 was 40.41%. The latest Census 2020 data is not yet reflected in the 
distribution. 
Current Year: Prior year values have not been adjusted for inflation. 
Current Year: Tax year 2021 (FY 2021-22) Primary NAV grew by 6.3% over the prior year; 2.3% is attributable to new 
property and 4.0% 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. 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 2019
TY 2020
TY 2021
Peak Year
(TY 2010)
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
Page 7

Phoenix Full Cash Value
Calendar Year Compared to:
Prior Year 
9.0%
3 Year Avg.
9.1%
 Peak Year (TY 
2021)
N/A
Totals
2021
$215,741,892,809
2020
$198,012,408,578
3YRAVG
$197,724,137,082
 Peak Year (TY 
2021)
N/A
Phoenix Median Household Income
Calendar Year Compared to:
Prior Year 
4.9%
3 Year Avg.
4.9%
Peak Year (CY 
2008)
‐0.1%
Totals
2019
$57,459
2018
$54,765
3YRAVG
$54,768
Peak Year (CY 
2008)
$57,507 
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: The increase in 2019 over prior years is an indication of moderate recovery from the 2008 recession and is 
close to the peak year in 2008. Data is from the U.S. Census Bureau American Community Survey Five-Year Estimates. 
Peak year reflects the highest since 2005 (the oldest readily available data set). The most recent ACS Five-Year 
Estimate data is from 2019. The 2020 ACS is expected to be released in January 2022.
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 2021 (FY 2021-22) full cash value grew by 9.0% over the prior year. Growth rates were led by 
class four property (predominantly apartments, other residential rental, and secondary residences) growth of 14.3%. 
Prior year values have not been adjusted for inflation.
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
3YR AVG
CY 2017
CY 2018
CY 2019
Peak Year
(CY 2008)
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
3YR AVG
TY 2019
TY 2020
2021
(Peak Year)
Series1
TY = Tax Year
Page 8

Phoenix Unemployment Rate
Calendar Year Compared to:
Prior Year 
90.5%
3 Year Avg.
46.3%
 Peak Year 
(CY 2009)
‐25.2%
Totals
2020
8.0%
2019
4.2%
3YRAVG
5.5%
 Peak Year 
(CY 2009)
10.7%
Phoenix Labor Force Participation
Calendar Year Compared to:
Prior Year 
0.7%
3 Year Avg.
0.8%
 Peak Year 
(CY 2005)
‐4.7%
Totals
2019
67.2%
2018
66.7%
3YRAVG
66.7%
 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 slightly increased from 2018 to 2019, indicating an increase 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 American Community Survey Five-Year Estimates. Peak year reflects the highest since 2005 (the oldest 
readily available data set). The most recent ACS Five-Year Estimate data is from 2019. The 2020 ACS is expected to be 
released in January 2022.
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 during the week including the 12th of the month. 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 2020 reflects nationwide impacts of COVID-19. 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).
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
3YR AVG
CY 2017
CY 2018
CY 2019
CY 2020
Peak Year
(CY 2009)
CY = Calendar year
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
3YR AVG
CY 2017
CY 2018
CY 2019
Peak Year
(CY 2005)
CY = Calendar year
Page 9