IFO Releases
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.
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
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
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
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.
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.
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.
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
COVID-19 Impact on Pennsylvania Deaths
September 30, 2021 | News Stand & Other
This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021.
Labor Market Update - September 2021
September 20, 2021 | News Stand & Other
The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits.