Attachment A - EIR Fourth Quarter FY 19-20 - Updated 9-3-20.pdf

Phoenix Economic Indicators Report 
Fourth Quarter FY201 9- 20
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 measures 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 
-23.7%
3 Year Avg.
-21.9%
Peak Year 
(FY2018-19)
-23.7%
Totals
CYTD
34,726,000
PYTD
45,531,000
3YRAVG
44,483,000
Peak Year 
(FY2018-19)
45,531,000
Water Service Accounts
Current YTD Compared to:
Prior Year 
0.8%
3 Year Avg.
1.7%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
434,023
PYTD
430,592
3YRAVG
426,906
Peak Year 
(FY2019-20)
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 activity has been significantly negatively impacted due to COVID-19. Passenger Traffic for the 
month of June decreased 23.7% as compared with June of the previous year and is 21.9% lower than the three year 
average. Industry data lags two months.  
Significance: The number of water service accounts can be an indicator of changes in population and development.
Current Year: Although the trend continues upward, June's increase was slight. 
418,000
420,000
422,000
424,000
426,000
428,000
430,000
432,000
434,000
436,000
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 
3.7%
3 Year Avg.
20.9%
Peak Year 
(FY2004-05)
-66.6%
Totals
CYTD
3,980
PYTD
3,837
3YRAVG
3,293
Peak Year 
(FY2004-05)
11,924
New Multifamily Units Permitted
Current YTD Compared to:
Prior Year 
41.9%
3 Year Avg.
71.5%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
7,526
PYTD
5,303
3YRAVG
4,388
Peak Year 
(FY2019-20)
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 is projecting continued strength in residential construction permits in 2020-21, 
based on projections of 2% population growth for Maricopa County and increased single family lots in the planning 
stage. 
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 is projecting slower growth in multi-family residential permits in 2020-21 based 
on the number of projects being submitted for review. 
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)
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
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 
19.7%
3 Year Avg.
35.4%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
$5,634,934,127
PYTD
$4,707,132,598
3YRAVG
$4,161,154,836
Peak Year 
(FY2019-20)
N/A
Solid Waste - Residential Customer Growth
Current YTD Compared to:
Prior Year 
1.0%
3 Year Avg.
1.7%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
406,689
PYTD
402,817
3YRAVG
399,700
Peak Year 
(FY2019-20)
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 is projecting an increase in overall construction permit valuation for 2020-21 
versus the prior two years due to the large number of major projects started in 2018-19 and 2019-20. Valuations are 
predicted to remain above the three year average based on state projections of 2% population growth in Maricopa 
County and continued recovery of the residential market.  
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. This is a new measure being tracked.
$0
$1,000,000,000
$2,000,000,000
$3,000,000,000
$4,000,000,000
$5,000,000,000
$6,000,000,000
JUL
AUG
SEP
OCT NOV
DEC
JAN
FEB
MAR APR MAY
JUN
Current YTD
Prior YTD
3YR AVG YTD
390,000
392,000
394,000
396,000
398,000
400,000
402,000
404,000
406,000
408,000
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 
1.4%
3 Year Avg.
8.8%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
$978,123,000
PYTD
$964,832,000
3YRAVG
$898,710,000
Peak Year 
(FY2019-20)
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 
9.7%
3 Year Avg.
15.9%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
$416,153,000
PYTD
$379,510,000
3YRAVG
$358,947,667
Peak Year 
(FY2019-20)
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: City sales tax collections have been negatively impacted by COVID-19 primarily in the hotel/motel, 
restaurants/bars, and amusement sales tax categories. Prior year values have not been adjusted for inflation.    
Current Year: Prior year values have not been adjusted for inflation. 
JUL
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
$0
$200,000,000
$400,000,000
$600,000,000
$800,000,000
$1,000,000,000
$1,200,000,000
Current YTD
Prior YTD
3YR AVG YTD
JUL
AUG
SEP
OCT NOV DEC
JAN
FEB
MAR APR MAY JUN
$0
$50,000,000
$100,000,000
$150,000,000
$200,000,000
$250,000,000
$300,000,000
$350,000,000
$400,000,000
$450,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 4

City Sales Tax - Hotel/Motel
Current YTD Compared to:
Prior Year 
-17.4%
3 Year Avg.
-10.5%
Peak Year 
(FY2018-19)
-17.4%
Totals
CYTD
$42,975,000
PYTD
$52,049,000
3YRAVG
$48,031,667
Peak Year 
(FY2018-19)
$52,049,000
City Sales Tax - Restaurants/Bars
Current YTD Compared to:
Prior Year 
-7.3%
3 Year Avg.
-2.1%
Peak Year 
(FY2018-19)
-7.3%
Totals
CYTD
$83,530,000
PYTD
$90,114,000
3YRAVG
$85,324,000
Peak Year 
(FY2018-19)
$90,114,000 
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 has been negatively impacted by COVID-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 has been negatively impacted by COVID-19. Prior year values 
have not been adjusted for inflation.  
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
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2018-19)
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
$100,000,000
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2018-19)
Page 5

City Sales Tax - Contracting
Current YTD Compared to:
Prior Year 
13.3%
3 Year Avg.
40.5%
Peak Year 
(FY2006-07)
-11.2%
Totals
CYTD
$87,560,000
PYTD
$77,296,000
3YRAVG
$62,319,333
Peak Year 
(FY2006-07)
$98,556,000 
State Sales Tax - Total
Current YTD Compared to:
Prior Year 
4.2%
3 Year Avg.
10.9%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
$171,926,000
PYTD
$165,066,000
3YRAVG
$155,013,000
Peak Year 
(FY2019-20)
N/A
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 sales tax accounts for approximately 37.6% of total state shared revenues based on the FY 2019-20 
actuals. Total state shared revenue is approximately 35.0% of total general fund revenue. 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 current population share is 29.03% as of June 2020. 
Current Year: State sales tax collections ended the fiscal year with positive growth over the prior year, however were 
negatively impacted by COVID-19 primarily in the hotel/motel, restaurants/bars, and amusement sales tax categories. 
Prior year values have not been adjusted for inflation.  
JUL
AUG
SEP
OCT NOV
DEC
JAN
FEB
MAR APR MAY
JUN
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
Current YTD
Prior YTD
3YR AVG YTD
Peak Year (FY2006-07)
JUL
AUG
SEP
OCT NOV
DEC
JAN
FEB
MAR APR MAY
JUN
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
$120,000,000
$140,000,000
$160,000,000
$180,000,000
$200,000,000
Current YTD
Prior YTD
3YR AVG YTD
Page 6

State Vehicle License Tax
Current YTD Compared to:
Prior Year 
0.4%
3 Year Avg.
6.5%
Peak Year 
(FY2019-20)
N/A
Totals
CYTD
$70,484,060
PYTD
$70,209,979
3YRAVG
$66,193,560
Peak Year 
(FY2019-20)
N/A
Phoenix Primary Net Assessed Valuation
Calendar Year Compared to:
Prior Year 
6.6%
3 Year Avg.
6.2%
 Peak Year 
(TY2010)
-17.7%
Totals
2019
$13,223,017,361
2018
$12,399,776,105
3YRAVG
$12,448,059,622
 Peak Year 
(TY2010)
$16,063,200,689 
Significance: State vehicle license tax accounts for approximately 15.4% of total state shared revenues based on the FY 
2019-20 actuals. Total state shared revenue is approximately 35.0% of total general fund revenue in Phoenix. 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 
current population share is 40.41%, as of June 2020.  
Current Year: Prior year values have not been adjusted for inflation.  
Current Year: Tax year 2019 (FY 2019-20) PNAV grew by 6.6% over the prior year; 2.6% is attributable to new property 
and 4.1% 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 (PNAV), which beginning in 
FY2015-16, 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 2017
TY 2018
TY 2019
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
Current YTD
Prior YTD
3YR AVG YTD
Page 7

Phoenix Full Cash Value
Calendar Year Compared to:
Prior Year 
9.2%
3 Year Avg.
8.6%
 Peak Year 
(TY2019)
N/A
Totals
2019
$179,418,109,860
2018
$164,275,190,973
3YRAVG
$165,247,149,230
 Peak Year 
(TY2019)
N/A
Phoenix Median Household Income
Calendar Year Compared to:
Prior Year 
5.2%
3 Year Avg.
0.0%
Peak Year 
(CY2008)
-9.4%
Totals
2018
$54,765
2017
$52,080
3YRAVG
$52,058
Peak Year 
(CY2008)
$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 2018 over prior years is an indication of moderate recovery from the 2008 recession. Data 
is from the U.S. Census Bureau and peak year reflects the highest since 2005 (the oldest readily available data set). The 
most recent Census data available is from 2018.
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 2019 (FY 2019-20) full cash value grew by 9.2% over the prior year. Single and multi-family 
residential property values grew by 10.2%, commercial property values by 8.3%, and other property values by 7.0.7%. 
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 2016
CY 2017
CY 2018
Peak Year
(CY 2008)
CY = Calendar year
 $120,000,000,000
 $160,000,000,000
 $200,000,000,000
3YR AVG
TY 2017
TY 2018
TY 2019
Series1
TY = Tax Year
Page 8

Phoenix Unemployment Rate
Calendar Year Compared to:
Prior Year 
131.0%
3 Year Avg.
60.8%
 Peak Year 
(CY2009)
-9.3%
Totals
2020
9.7%
2019
4.2%
3YRAVG
6.0%
 Peak Year 
(CY2009)
10.7%
Phoenix Labor Force Participation
Calendar Year Compared to:
Prior Year 
0.9%
3 Year Avg.
0.8%
 Peak Year 
(CY2005)
-5.4%
Totals
2018
66.7%
2017
66.1%
3YRAVG
66.2%
 Peak Year 
(CY2005)
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 2017 to 2018 indicating an increase in the 
percentage of the population that is either employed or unemployed and actively looking for work. Data is from the 
American Community Survey (U.S. Census Bureau) and peak year reflects the highest since 2005 (the oldest readily 
available data set). The most recent Census data available is from 2018.
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 2016
CY 2017
CY 2018
Peak Year
(CY 2005)
CY = Calendar year
Page 9