IFO Releases
Pennsylvania Economic Development Incentives
November 29, 2021 | Economics and Other
This research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2015-16 through FY 2020-21. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization.
Tags: brief, credits, development, economic, incentives, research, tax
Natural Gas Production Report, 2021Q3
November 22, 2021 | Energy
This report for the third quarter of 2021 uses data collected by the PA Department of Environmental Protection to develop statewide and county-level tabulations of production volume and well counts.
Tags: gas, production
Economic Outlook and Property Tax Update
November 16, 2021 | Economics and Other
Analyst Jesse Bushman made a presentation to PASBO regarding the IFO’s recent Five-Year Economic and Budget Outlook and School District Property Tax Forecast.
Tags: demographic, outlook, property, revenue
Five-Year Economic and Budget Outlook
November 15, 2021 | Revenue Estimates
The Independent Fiscal Office (IFO) released its five-year Economic and Budget Outlook. Click the hyperlink above to view the report and presentations.
2021 Demographic Outlook
November 15, 2021 | Economics and Other
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2021-22 to 2026-27.
Tags: demographic, demographics, outlook
November 2021 Economic Update
November 10, 2021 | Revenue & Economic Update
The November edition of our Monthly Economic Update includes links to recent articles and reports that provide insight into state or national economic, demographic and fiscal trends.
School District Property Tax Forecast
November 08, 2021 | Property Tax
This report contains the IFO's updated forecast of school district property tax collections from FY 2020-21 to FY 2025-26. This report updates the forecast that the IFO published in February 2021 and includes (1) actual FY 2019-20 current-year property tax collections, (2) the impact from FY 2021-22 millage rates and (3) new wage projections that increase the statewide average weekly wage (SAWW) portion of the Act 1 Index projection.
Economic and Budget Outlook
November 04, 2021 | Revenue Estimates
The Independent Fiscal Office will release an updated revenue estimate and discuss economic trends for FY 2021-22 to 2026-27. The briefing is open to the public and submitted questions will be addressed at the end of the presentation. The report will also be posted to the IFO website when the presentation concludes. Click on the link for details on how to register.
PA and U.S. Record Historic Wage Growth
November 03, 2021 | Economics and Other
Using the latest data, the Independent Fiscal Office published a research brief that finds historic wage gains for the U.S. and Pennsylvania. The brief notes that employee compensation comprises 56% of final sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation.
October 2021 Revenue Update
November 01, 2021 | Revenue & Economic Update
The Commonwealth collected $2.81 billion in General Fund revenues for October, an increase of $221.7 million (8.6%) compared to October 2020.