Last week the Downtown Phoenix Partnership received the quarterly tax revenue report from the City of Phoenix Finance Division that shows receipts are up across the board. For the area bounded by Fillmore on the north, Seventh Street on the east, Third Avenue on the west and the Union Pacific railroad tracks on the south, revenues in the first quarter of 2013 for restaurants and bars were up 17.4 percent when compared with the same quarter in 2012. Additionally, spurred by the opening of the Hotel Palomar last summer, hotel and motel revenues were up 40.5 percent when compared with the first quarter of 2012. Occupancy and revenue per room rates have increased for the other existing Downtown hotels.
A recent analysis of tax receipts from 2007 to 2012 highlights the steady growth Downtown has experienced despite the recession. 2012 revenues were 64 percent higher than the totals for 2007 and Downtown businesses increased their sales from under $200 million to over $300 million. Another indicator of Downtown’s business friendly environment is the number of listings in the Downtown Business Directory. There are 35 percent more businesses and services listed in the most recent issue when compared with 2007.
For more information on locating your business in Downtown Phoenix or the continued rise in Downtown revenues please call David Noble at 602-744-6408 or visit the research portion of our website: downtownphoenix.com/business/downtown_research.