Releases

IFO Releases

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. 

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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.

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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.

 

 

 

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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."

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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).   

Tags: brief, care, child, research

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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.

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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.

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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.

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February 2024 Revenue Update

March 01, 2024 | Revenue & Economic Update

The Commonwealth collected $2.77 billion in General Fund revenues for February, an increase of $31.1 million (1.1%) compared to February 2023 (adjusted).

Tags: estimates, monthly, revenue

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Tax Modernization and Reform Presentation

March 01, 2024 | Economics and Other

Director Knittel made a presentation to the House Finance Subcommittee on Tax Modernization and Reform.  

Based on a request from Chair Rabb, the presentation was updated to add an additional slide that displays the income distribution for self-employment and S corporation/partnership income.

 

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