Releases

Economics and Other

IFO Releases

Treasury Collections Begin to Contract

November 25, 2024 | Economics and Other

After peaking in FY2023-24 at $720 million, Treasury collections are projected to drop by $321 million (-45%) for FY2025-26 due to General Fund deficit spending and declining interest rates. 

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2024 Demographic Outlook

October 24, 2024 | 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 of this statute. The IFO will release the Economic and Budget Outlook for Fiscal Years 2024-25 to 2029-30 in November 2024.

 

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How Did School Districts Use COVID Funds?

October 22, 2024 | Economics and Other

This research brief uses data from the Pennsylvania Department of Education to examine how school districts used $6.0 billion of temporary COVID-19 funds.

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Who Pays Pennsylvania Gaming Taxes?

September 25, 2024 | Economics and Other

This research brief is the second in a series that uses a new distribution model to examine the progressivity/regressivity of state-local taxes. This release examines state and local gaming taxes and funds retained by the Lottery after prize payouts.

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iGaming Revenues Surge, Others Stagnate

September 23, 2024 | Economics and Other

This research brief uses data from the Pennsylvania Gaming Control Board to examine trends for Pennsylvania gaming revenues from fiscal year (FY) 2018-19 through FY 2023-24 and the first two months of FY 2024-25.

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County Income Patterns 2019 to 2022

September 09, 2024 | Economics and Other

This annual research brief uses the latest published data to generate maps and rankings of county demographic and income trends. The release highlights population change, personal income growth, shares of transfer income and per capita amounts for all counties in the Commonwealth.

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General Fund Surplus Likely Depleted Next Year

July 18, 2024 | Economics and Other

This research brief uses the recently passed state budget for FY 24-25 to update deficit estimates for the current and subsequent fiscal year.

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Corporate Rate Reduction and Higher NOL Cap

July 17, 2024 | Economics and Other

This research brief examines two recent provisions that reduce corporate net income tax liability: a lower tax rate and a higher net operating loss (NOL) deduction threshold. The provisions significantly reduce corporate tax liability and will be phased-in through tax year 2031.

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Stadium Economic Impact Report: Philadelphia Phillies

July 10, 2024 | Economics and Other

The IFO performed an analysis that measured the 2023 economic footprint attributable to the Philadelphia Phillies’ Major League Baseball (MLB) operations at Citizens Bank Park. The analysis finds that economic activity related to team operations and fan spending generated $970 million in statewide spending, supported 5,400 full-time equivalent jobs, and $45 million in state taxes.

Press Release

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Stadium Economic Impact Report: Pittsburgh Pirates

July 10, 2024 | Economics and Other

The IFO performed an analysis that measured the 2023 economic footprint attributable to the Pittsburgh Pirates’ Major League Baseball (MLB) operations at PNC Park. The analysis finds that economic activity related to team operations and fan spending generated $546 million in statewide spending, supported 3,000 full-time equivalent jobs, and $22 million in state taxes.

Press Release

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