Attachment A.pdf

Phoenix Economic Indicators Report 
Fourth Quarter  FY 2021-22
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 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 
64.1%
3 Year Avg.
23.2%
Peak Year (FY 
2018‐19)
‐3.5%
Totals
CYTD
43,939,000
PYTD
26,780,000
3YRAVG
35,679,000
Peak Year (FY 
2018‐19)
45,531,000
Total Single-Family Water Service Accounts
Current YTD Compared to:
Prior Year 
0.7%
3 Year Avg.
1.2%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
440,352
PYTD
437,134
3YRAVG
435,310
Peak Year (FY 
2021‐22)
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 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 an upward trend in residential customers. Data for the prior year and three-
year average were 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
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
Peak Year (FY2018‐19)
Page 1

Total New Home Construction Permits Issued
Current YTD Compared to:
Prior Year 
6.3%
3 Year Avg.
23.3%
Peak Year (FY 
2004‐05)
‐59.6%
Totals
CYTD
4,822
PYTD
4,538
3YRAVG
3,911
Peak Year (FY 
2004‐05)
11,924
New Multifamily Units Permitted
Current YTD Compared to:
Prior Year 
29.3%
3 Year Avg.
29.9%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
8,345
PYTD
6,453
3YRAVG
6,426
Peak Year (FY 
2021‐22)
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 an 6.3% increase in growth in residential construction permits 
year to date compared to the same time period in the prior year. Due to continued growth in the housing market, growth 
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 29.3% increase in growth in multifamily housing units permitted 
year to date compared to the prior 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
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 
35.3%
3 Year Avg.
61.8%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$9,277,267,626
PYTD
$6,858,330,901
3YRAVG
$5,733,465,875
Peak Year (FY 
2021‐22)
N/A
Solid Waste - Residential Customer Growth
Current YTD Compared to:
Prior Year 
0.8%
3 Year Avg.
1.6%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
413,177
PYTD
409,954
3YRAVG
406,487
Peak Year (FY 
2021‐22)
N/A
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 35.3% increase in permit valuation year to date compared to the 
same time period in the prior year. The increase is due to growth in the 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
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 
20.3%
3 Year Avg.
29.0%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$1,299,977,000
PYTD
$1,080,661,000
3YRAVG
$1,007,872,000
Peak Year (FY 
2021‐22)
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 
15.8%
3 Year Avg.
33.3%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$573,660,000
PYTD
$495,479,000
3YRAVG
$430,380,667
Peak Year (FY 
2021‐22)
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, 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 
95.1%
3 Year Avg.
47.1%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$62,238,000
PYTD
$31,898,000
3YRAVG
$42,307,333
Peak Year (FY 
2021‐22)
N/A
City Sales Tax - Restaurants/Bars
Current YTD Compared to:
Prior Year 
33.8%
3 Year Avg.
28.1%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$108,867,000
PYTD
$81,354,000
3YRAVG
$84,999,333
Peak Year (FY 
2021‐22)
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 were negatively impacted by COVID-19 since the start of the pandemic. 
However, current year-to-date four-quarter actuals are positive and growing compared to the prior fiscal year and 
previous peak year, FY 2018-19. 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, current year-to-date four-quarter actuals are positive and growing compared to the prior fiscal year 
and previous peak year, FY 2018-19. 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
Previous 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
$104,500,000
$114,500,000
Current YTD
Prior YTD
3YR AVG YTD
Previous Peak Year (FY2018‐19)
Page 5

City Sales Tax - Contracting
Current YTD Compared to:
Prior Year 
25.2%
3 Year Avg.
38.2%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$120,170,000
PYTD
$95,965,000
3YRAVG
$86,940,333
Peak Year (FY 
2021‐22)
N/A
State Sales Tax - Total
Current YTD Compared to:
Prior Year 
14.2%
3 Year Avg.
28.1%
Peak Year (FY 
2021‐22)
N/A
Totals
CYTD
$229,901,000
PYTD
$201,292,000
3YRAVG
$179,428,000
Peak Year (FY 
2021‐22)
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 four-quarter 
actuals are positive and growing compared to the prior fiscal year and previous peak year, FY 2006-07. 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 fourth 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
Previous 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
$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 
‐1.3%
3 Year Avg.
7.1%
Peak Year (FY 
2020‐21)
‐1.3%
Totals
CYTD
$78,694,876
PYTD
$79,768,303
3YRAVG
$73,487,447
Peak Year (FY 
2020‐21)
$79,768,303
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 as of June 2021 was 40.41%. The latest Census 2020 data is not yet reflected in the 
distribution. 
Current Year: State shared vehicle license tax (VLT) collections continued to experience negative growth because of the 
implementation of a new system by the Arizona Department of Transportation (ADOT) in 2020, which recognized 
revenues from FY 2019-20 in FY 2020-21 and artificially boosted revenue collections in August and September 2020. 
The decreased VLT collections might also be attributable to the 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
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 
6.0%
3 Year Avg.
5.5%
Peak Year (CY 
2020)
N/A
Totals
2020
$60,914
2019
$57,459
3YRAVG
$57,713
Peak Year (CY 
2020)
N/A
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 is also no negative impact from COVID-19 on Phoenix Median Household 
Income in 2020. It exceeded the previous peak year of 2008 ($57,507). Data is from the U.S. Census Bureau 2016-2020 
American Community Survey Five-Year Estimates released in March 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
3YR AVG
CY 2018
CY 2019
CY 2020
Peak Year
(CY 2020)
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 
1.0%
3 Year Avg.
0.9%
 Peak Year 
(CY 2005)
‐3.7%
Totals
2020
67.9%
2019
67.2%
3YRAVG
67.3%
 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 increased slightly from 2019-2020, 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 2016-2020 American Community Survey Five-Year Estimates released in March 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 2018
CY 2019
CY 2020
Peak Year
(CY 2005)
CY = Calendar Year
Page 9