IFO Releases
More Older Pennsylvanians Working
April 17, 2024 | Economics and Other
This research brief uses the latest data from the U.S. Census Bureau Quarterly Workforce Indicators to track the age composition of Pennsylvania payroll workers. Compared to data prior to COVID-19, there has been a large absolute (number) and relative (growth) increase in older workers.
Healthcare and Government Drive PA Job Gains
April 10, 2024 | Economics and Other
The latest jobs data from the U.S. Bureau of Labor Statistics show that all Pennsylvania job gains for 2024 occurred in the government, healthcare or accommodation-food service sectors. The data reflect the aging demographics of the state and on-going demand for dining out and social assistance services.
Economic and Budget Update Presentation
April 05, 2024 | Economics and Other
The IFO presented on the Commonwealth's economic and budget outlook at a session of the Pennsylvania Education Policy and Leadership Center.
Sports, Marketing & Tourism Series: 2023 Ironman PA Happy Valley Triathlon
April 04, 2024 | Economics and Other
The IFO published an economic impact report for the Ironman 70.3 Pennsylvania Happy Valley Triathlon in Centre County (July 2023). The analysis finds that economic activity related to the event generated over $4.7 million in statewide spending, supported 30 full-time equivalent jobs, and $238,000 in select state and local taxes.
March 2024 Revenue Update
April 01, 2024 | Revenue & Economic Update
The Commonwealth collected $6.28 billion in General Fund revenues for March, an increase $89 million (+1.4%) compared to March 2023.
The IFO transmitted a brief revenue update to the chairs of the Senate and House Appropriations Committees.
Analysis of Revenue Proposals
March 28, 2024 | Revenue Estimates
This report provides estimates for the revenue proposals contained in the 2024-25 Governor's Executive Budget released February 2024. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."
Child Care Stimulus Funds Depleted
March 21, 2024 | Economics and Other
This research brief highlights the depletion of federal child care stimulus funds and the impact on that sector. During the COVID-19 pandemic, Pennsylvania received approximately $1.6 billion in federal child care stimulus funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act; Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA); and American Rescue Plan (ARP).
2023 PA Payroll Jobs Revised Down 53,400
March 13, 2024 | Economics and Other
This research brief provides detail on the latest benchmark revision made by the U.S. Bureau of Labor Statistics to Pennsylvania payroll jobs.
Pennsylvania Electricity Update
March 07, 2024 | Energy
This report utilizes data from the U.S. Energy Information Administration to display recent trends for the Pennsylvania and regional electricity markets. The report examines recent trends in net generation, net exports, CO2 emissions and prices.
Senate Budget Hearing Request
March 06, 2024 | Economics and Other
The Independent Fiscal Office (IFO) responded to requests for additional information raised at the office’s budget hearing before the Senate Appropriations Committee. The requests relate to an adjusted financial statement, public assistance savings resulting from a higher minimum wage, impact of the Ohio rate structure on Pennsylvania tax liability, net migration for Pennsylvania, regional student loan debt comparison and U3 and U6 unemployment rates.