Releases

News Stand & Other

IFO Releases

STATE AND LOCAL TAX REVENUES: A 50 STATE COMPARISON

January 19, 2022 | News Stand & Other

This report uses data from the U.S. Census Bureau, the Internal Revenue Service (IRS), the U.S. Bureau of Economic Analysis and the Federation of Tax Administrators to facilitate a comparison of state and local tax systems across the 50 states. The report examines (1) the relative level of state and local taxes across states, (2) the distribution of state and local taxes across revenue sources (e.g., income, sales and property) and (3) state debt levels.

Tags: comparison, local, state, tax

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IFO Background and Recent Releases

January 19, 2022 | News Stand & Other

Director Matt Knittel made a presentation of recent IFO releases to the PA School Boards Association.

Tags: pension, property

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Employment Opportunity

January 04, 2022 | News Stand & Other

The IFO is accepting applications for employment from qualified candidates. See the job posting for further details.

Tags: job, posting

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Pennsylvania Economic Development Incentives

November 29, 2021 | News Stand & 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

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Economic Outlook and Property Tax Update

November 16, 2021 | News Stand & 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

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2021 Demographic Outlook

November 15, 2021 | News Stand & 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

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PA and U.S. Record Historic Wage Growth

November 03, 2021 | News Stand & 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.

 

Tags: growth, wage

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Labor Market Update - October 2021

October 26, 2021 | News Stand & Other

The IFO released its monthly update that tracks the state labor market. The jobs shortfall expanded in September on a year-over-year (YOY) basis relative to a no-pandemic scenario. For September, the computed YOY change in payroll jobs is -384,800, compared to -365,500 for August.

Tags: labor, market, update

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Inflation Eroding Real Wages and Pension Benefits

October 19, 2021 | News Stand & Other

The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.

Tags: inflation, pension, wages

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Demographic and Labor Market Update

October 06, 2021 | News Stand & Other

Director Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce.

Tags: demographic, labor, market, presentation

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