Attachment A.pdf

Phoenix Economic Indicators Report 
Fourth 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 for four quarters 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 significance 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 
7.0%
3 Year Avg.
33.8%
Peak Year
 (FY 2022‐23)
N/A
Totals
CYTD
47,029,885
PYTD
43,939,000
3YRAVG
35,148,333
Peak Year 
(FY 2022‐23)
N/A
Total Water Service Accounts
Current YTD Compared to:
Prior Year 
1.2%
3 Year Avg.
2.0%
Peak Year
 (FY 2022‐23)
N/A
Totals
CYTD
445,731
PYTD
440,352
3YRAVG
436,991
Peak Year 
(FY 2022‐23)
N/A
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 7.0% compared to the same time period last fiscal year and is 33.8% higher than the 
three year average. Industry data lags two months.  
Significance: Total water service 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
430,000
435,000
440,000
445,000
450,000
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 
‐28.8%
3 Year Avg.
‐22.8%
Peak Year (FY 
2004‐05)
‐71.2%
Totals
CYTD
3,434
PYTD
4,822
3YRAVG
4,447
Peak Year
 (FY 2004‐05)
11,924
New Multifamily Units Permitted
Current YTD Compared to:
Prior Year 
27.8%
3 Year Avg.
43.4%
Peak Year
 (FY 2022‐23)
N/A
Totals
CYTD
10,668
PYTD
8,345
3YRAVG
7,441
Peak Year 
(FY 2022‐23)
N/A
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 FY 2022-23. 
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 an increase in growth in multifamily housing compared to last fiscal year. 
As the demand for housing continues, growth in this sector is anticipated to continue, although there was a decline in the fourth 
quarter compared with the third quarter. 
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
2,400
4,400
6,400
8,400
10,400
12,400
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 
‐4.1%
3 Year Avg.
22.6%
Peak Year
 (FY 2021‐22)
‐4.1%
Totals
CYTD
$8,899,236,096
PYTD
$9,277,267,626
3YRAVG
$7,256,844,218
Peak Year 
(FY 2021‐22)
$9,277,267,626
Solid Waste - Residential Customer Growth
Current YTD Compared to:
Prior Year 
0.9%
3 Year Avg.
1.7%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
417,000
PYTD
413,177
3YRAVG
409,940
Peak Year 
(FY 2022‐23)
N/A
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 4.1% decrease in permit valuation compared to last fiscal year, which 
was the peak year. Fourth quarter FY 2022-23 Value of Permitted Activity decreased by 39.3% compared with the same quarter 
of the previous year. This is mainly attributable to a decrease in new multifamily units permitted in the fourth quarter.
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
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 
8.8%
3 Year Avg.
26.5%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$1,414,388,000
PYTD
$1,299,977,000
3YRAVG
$1,118,357,333
Peak Year 
(FY 2022‐23)
N/A
City Sales Tax - Retail
Significance: Retail sales tax represents retail sales, not including the sales tax on food.
Current YTD Compared to:
Prior Year 
3.9%
3 Year Avg.
20.4%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$596,045,000
PYTD
$573,660,000
3YRAVG
$495,097,333
Peak Year 
(FY 2022‐23)
N/A
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 fourth quarter compared to the same 
time period last fiscal year. The retail category grew at a slower pace, although the contracting, hospitality and leisure categories 
still have shown substantial increases. Prior year values have not been adjusted for inflation.
Current Year: City retail sales tax continues to experience positive growth, albiet at a slower pace. 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
$1,650,000,000
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
$722,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 4

City Sales Tax - Hotel/Motel
Current YTD Compared to:
Prior Year 
20.8%
3 Year Avg.
64.4%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$75,155,000
PYTD
$62,238,000
3YRAVG
$45,703,667
Peak Year 
(FY 2022‐23)
N/A
Current YTD Compared to:
Prior Year 
12.8%
3 Year Avg.
34.6%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$122,779,000
PYTD
$108,867,000
3YRAVG
$91,250,333
Peak Year 
(FY 2022‐23)
N/A
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 shown recovery. FY 2022-23 actuals continued this trend and grew 
significantly compared to the prior fiscal year. This growth may be attributed to several factors, such as the Super Bowl and 
related events, as well as the impact of inflation leading to an increase in the tax base. Prior year values have not been adjusted 
for inflation.
City Sales Tax - Restaurants/Bars
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 shown recovery. FY 2022-23  actuals continued this trend and grew 
significantly compared to the prior fiscal year. This growth may be attributed to several factors, such as the Super Bowl and 
related events, as well as the impact of inflation leading to an increase in the tax base. 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
$81,000,000
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
$124,500,000
$134,500,000
Current YTD
Prior YTD
3YR AVG YTD
Page 5

City Sales Tax - Contracting
Current YTD Compared to:
Prior Year 
10.6%
3 Year Avg.
31.3%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$132,952,000
PYTD
$120,170,000
3YRAVG
$101,231,667
Peak Year 
(FY 2022‐23)
N/A
State Sales Tax - Total
Current YTD Compared to:
Prior Year 
5.2%
3 Year Avg.
20.3%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$241,813,000
PYTD
$229,901,000
3YRAVG
$201,039,667
Peak Year 
(FY 2022‐23)
N/A
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 fourth quarter actuals 
are positive and growing compared to the prior fiscal year. The increase might be due to growth in the multi-family housing 
market and new largescale commercial projects including the TSMC project. 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 33.72% and the current relative population share was reduced to 27.87% in July 2022 
based on Census 2021 data.
Current Year: State sales tax collections continued to experience positive growth in the fourth quarter compared to the same 
time period last fiscal year. The retail category grew at a slower pace, although the contracting, hospitality and leisure categories 
still have shown strong 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
$145,000,000
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
$271,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 6

State Vehicle License Tax
Current YTD Compared to:
Prior Year 
2.4%
3 Year Avg.
5.6%
Peak Year 
(FY 2022‐23)
N/A
Totals
CYTD
$80,593,187
PYTD
$78,694,876
3YRAVG
$76,315,746
Peak Year 
(FY 2022‐23)
N/A
Phoenix Primary Net Assessed Valuation
Calendar Year Compared to:
Prior Year 
5.0%
3 Year Avg.
4.8%
 Peak Year 
(TY 2023)
0.0%
Totals
TY 2022
$15,490,531,934
TY 2021
$14,800,877,416
3YRAVG
$15,518,914,067
 Peak Year
(TY 2023)
$16,265,332,852 
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 started to experience positive growth, which might be 
attributable to the elimination of the alternative fuel vehicle license tax discount after December 31, 2022. Prior year values have 
not been adjusted for inflation. 
Current Year: Tax year 2023 (FY 2023-24) Primary NAV grew by 5.0% over the prior year; 1.9% is attributable to new property 
and 3.1% is attributable to appreciation in previously-taxed property. Prior-year values have not been adjusted for inflation.
Significance: Phoenix 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 the City property tax revenue. Primary NAV growth year-over-year is limited under
the State Constitution and does not match growth in market values. The 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 2021
TY 2022
TY 2023
(Peak Year)
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 
26.0%
3 Year Avg.
18.6%
 Peak Year 
(TY 2023)
0.0%
Totals
2022
$232,423,574,149
2021
$215,741,892,809
3YRAVG
$247,029,671,908
 Peak Year 
(TY 2023)
$292,923,548,766
Phoenix Median Household Income
Calendar Year Compared to:
Prior Year 
6.6%
3 Year Avg.
6.3%
Peak Year 
(CY 2021)
0.0%
Totals
2021
$64,927
2020
$60,914
3YRAVG
$61,100
Peak Year 
(CY 2021)
$64,927
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: Phoenix Median Household Income in 2021 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 2023 (FY 2023-24) full cash value grew by 26.0% over the prior year. Growth was most impacted by 
30.0% appreciation 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
 $320,000,000,000
3YR AVG
TY 2021
TY 2022
TY 2023
(Peak Year)
Series1
TY = Tax Year
Page 8

Phoenix Unemployment Rate
Calendar Year Compared to:
Prior Year 
‐11.8%
3 Year Avg.
‐18.2%
 Peak Year 
(CY 2010)
‐68.4%
Totals
2022
3.0%
2021
3.4%
3YRAVG
3.7%
 Peak Year 
(CY 2010)
9.5%
Phoenix Labor Force Participation
Calendar Year Compared to:
Prior Year 
0.3%
3 Year Avg.
0.6%
 Peak Year 
(CY 2005)
‐3.3%
Totals
2021
68.2%
2020
68.0%
3YRAVG
67.8%
 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 2022 decreased from the prior year which reflected the continued 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 2011 through 2022 were revised by the federal government in April 2023.
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
3YR AVG
CY 2021
CY 2022
CY 2023
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