Employment OpportunityThe IFO is accepting applications for employment from qualified candidates. See the job posting for further details. Tags: job, posting |
Film, Historic Preservation and New Jobs Tax Credit ReviewsIFO presentation of the Film Production, Historic Preservation and New Jobs Tax Credit Reviews. Tags: credit, film, historic, jobs, preservation, review, tax |
New Jobs Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New Jobs Tax Credits. Click on the link to access the New Jobs Tax Credit Report. Tags: credit, jobs, tax |
Stadium Economic Impact Report: Philadelphia PhilliesThe 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 07/10/2024 |
Stadium Economic Impact Report: Pittsburgh PiratesThe 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 07/10/2024 |
Healthcare and Government Drive PA job GainsThe latest jobs data from the U.S. Bureau of Labor Statistics show that all Pennsylvania job gains for 2024 occurred in the government, healthcare or accommodation-food service sectors. The data reflect the aging demographics of the state and on-going demand for dining out and social assistance services. 04/10/2024 |
Sports, Marketing & Tourism Series: 2023 Ironman PA Happy Valley TriathlonThe 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. 04/04/2024 |
2023 PA Payroll jobs Revised Down 53,400This research brief provides detail on the latest benchmark revision made by the U.S. Bureau of Labor Statistics to Pennsylvania payroll jobs. 03/13/2024 |
Negative Revision to PA job Gains ExpectedThis research brief examines the implications of a recent QCEW data release for state payroll jobs data. 02/29/2024 |
Tax Credits and Economic Development IncentivesThis report presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2018-19 through FY 2023-24. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2023-24 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The report also highlights recent changes to incentive program spending or utilization. 01/09/2024 |
2023 Tax Credit ReviewsIFO presentation of the Manufacturing, Pennsylvania Resource Manufacturing, Rural jobs and Investment, and Waterfront Development Tax Credit Reviews. 01/10/2023 |
Resource Manufacturing Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Resource Manufacturing Tax Credit Report. 01/05/2023 |
Manufacturing Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Manufacturing Tax Credit Report. 01/05/2023 |
Rural jobs and Investment Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Rural jobs and Investment Tax Credit Report. The report was amended on February 17, 2023 to include updates to Table 3.1 on page 14. Following publication of the RJITC report, the IFO became aware of a data discrepancy contained within a referenced study. As a result, the RJITC report was updated to exclude references to the “Evaluation of Alabama’s Entertainment Industry Incentive Program and New Markets Development Program” on February 23, 2023. 01/05/2023 |
Waterfront Development Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the fifth year, the IFO reviewed the Manufacturing, Resource Manufacturing, Rural jobs and Investment, and Waterfront Development Tax Credits. Click on the link to access the Waterfront Development Tax Credit Report. 01/05/2023 |
Tax Credits and Economic Development IncentivesThis research brief presents data on Pennsylvania tax credits and economic development incentives for fiscal years (FY) 2017-18 through FY 2022-23. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. Fiscal year 2022-23 amounts are budgeted, authorized or projected and may differ from final amounts expended or awarded for the year. The brief also highlights recent changes to incentive program spending or utilization. This research brief was reposted on December 21 to correct a text error on page 1. 12/15/2022 |
Is the Student Loan Moratorium Impacting Employment?The federal student loan moratorium enters its third year. The IFO posted a research brief that examines the impact of the COVID-19 pandemic (and related federal policies) on payroll employment and employment-to-population ratios by age group. Despite record-level job openings, the latest data for 2021 Q2 show the largest relative reductions for young workers, many of whom have student loans. By contrast, early retirements appear to have played a smaller role in decades-low labor force participation rates. 03/08/2022 |
Employment OpportunityThe IFO is accepting applications for employment from qualified candidates. See the job posting for further details. 01/04/2022 |
Pennsylvania Economic Development IncentivesThis 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. 11/29/2021 |
Labor Market Update - October 2021The 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. 10/26/2021 |
Labor Market Update- August 2021The IFO released its monthly update that tracks the state labor market. The labor market continued to improve in July as pandemic-related job losses declined from the prior month. 08/24/2021 |
Labor Market Update- July 2021The IFO issued a new monthly publication that tracks the state labor market. The labor market improved in June as pandemic-related job losses declined following stagnation in previous months. 07/19/2021 |
Labor Market Update - June 23, 2021The IFO released its second edition of a new monthly publication that tracks conditions in the state labor market. Despite significant federal stimulus and job openings/quit rates at series highs, the May payroll jobs data do not reveal any reduction in pandemic-related job losses. 06/23/2021 |
Labor Market Update- June 2021The IFO issued a new monthly publication that tracks the state labor market. The data show that the pace of payroll jobs creation has stagnated despite significant federal stimulus. 06/03/2021 |
Pennsylvania Economic Development IncentivesThis research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2014-15 through FY 2019-20. 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. 10/15/2020 |
Impact of the TCJA on Pennsylvania TaxpayersThis research brief uses newly released IRS tax data to examine how the Tax Cuts and jobs Act of 2017 impacted Pennsylvania federal income taxpayers. The analysis finds that tax law changes likely reduced federal income taxes by roughly $8.5 to $9.0 billion. This research brief was originally posted on October 2 but was updated and reposted on October 13 so that refundable tax credits and certain miscellaneous taxes (AMT and net investment tax) are reflected in average tax rate and estimated tax cut computations. Previously, those amounts were itemized separately. 10/13/2020 |
Film Production Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New jobs Tax Credits. Click on the link to access the Film Production Tax Credit Report. 01/18/2019 |
Film, Historic Preservation and New jobs Tax Credit ReviewsIFO presentation of the Film Production, Historic Preservation and New jobs Tax Credit Reviews. 01/18/2019 |
New jobs Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New jobs Tax Credits. Click on the link to access the New jobs Tax Credit Report. 01/18/2019 |
Historic Preservation Tax CreditAct 48 of 2017 requires the Independent Fiscal Office (IFO) to review all state tax credits over a five-year period. For the first year, the IFO reviewed the Film Production, Historic Preservation and New jobs Tax Credits. Click on the link to access the Historic Preservation Tax Credit Report. 01/18/2019 |
Tax Cut and jobs Act Update- August 2018In response to a legislative request, the IFO submitted a letter that discusses the impact of the federal Tax Cut and jobs Act (TCJA) of 2017 on Pennsylvania General Fund tax revenues and the economy. 08/24/2018 |
TC_2019_New_Jobs_Tax_Credit_Report.pdfyear period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Creation tax credits. The act requires the IFO to submit tax credit reviews to the Performance- Based Budget Board and the Chairs reports available to the public on the IFO website. This report contains the tax credit review for the Job Creation Tax Credit (JCTC), formally known as the New Jobs Tax Credit. The IFO reviewed numerous studies on state JCTCs, held discussions Hits: 160 |
TC_2023_Manufacturing.pdfcredits over a five- year period. For the fifth year, the IFO reviewed four tax credits: Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- Maryland and Washington) offer a manufacturing tax credit incentive. Some states offer the credit as a fixed dollar amount per job ($500 to $4,000 depending on the state) while others compute the credit as a share of payroll (4.75% Hits: 117 |
TC_2023_Rural_Jobs_Investment.pdfcredits over a five- year period. For the fifth year, the IFO reviewed four tax credits: Manufacturing, Resource Manufacturing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- make reports available to the public on the IFO website. This report contains the tax credit review for the Rural Jobs and Investment Tax Credit (RJITC). The IFO identified similar programs in other states, reviewed available research, held discussions with various Hits: 89 |
Revenue-Proposal-Analysis-2019-03.pdfdrop in the number of non-tipped Pennsylvania workers earning under $10.00 per hour (-65,000, primary jobs only) and a large increase in workers earning $15.00 per hour or more (+150,000). 9 Last year’s analysis accelerate quickly after that level. In previous analyses, the IFO did not attempt to account for secondary jobs that were not included in the U.S. Census Current Population Survey dataset. This analysis imputes those missing second- ary jobs across Hits: 69 |
PBB_2020_DCED_REPORT.pdfboth current and recommended) that policymakers should monitor closely include the following: This report uses data for actual jobs created only, not jobs pledged to be created or jobs re- tained (both pledged and actual). Jobs reported as “retained” as part of grant and loan Hits: 66 |
Summary_Tax_Credit_Reviews_Oct_2023.pdfFiscal Analyst I - This page intentionally left blank. - Table of Contents Introduction .............................................................................................................................. 1 Film Production ............................................................................................................................... 3 Historic Preservation ........................................................................................................................ 4 New Jobs ........................................................................................................................................ 5 Keystone Innovation Zone ............................................................................................................... 6 Mobile Broadband Investment .......................................................................................................... 7 Organ and Bone Marrow Donation .................................................................................................... 8 Research and Development .............................................................................................................. 9 Entertainment Brewers’ ....................................................................................................................................... 15 Coal Refuse Energy and Reclamation .............................................................................................. 16 Educational ................................................................................................................................... 17 Mixed-Use Development ................................................................................................................ 18 Manufacturing ............................................................................................................................... 19 Resource Manufacturing ................................................................................................................ 20 Rural Jobs and Investment............................................................................................................. 21 Waterfront Development ................................................................................................................ 22 Summary of Selected Results ................................................................................................. 23 - This page intentionally left blank. - Page 1 Introduction Act Hits: 52 |
Revenue_Proposal_Analysis_2021_04.pdfdifferent pattern of payments based on their analysis of 2018 tax returns after passage of the federal Tax Cuts and Jobs Act (TCJA), as discussed in a memo transmitted to the House Appropriations Committee (February 28, 2020). The DOR observed that analysis implicitly assumes that the income distribution will largely revert back to former patterns. However, to the extent that prior jobs are not recouped, the data tabulations presented in this section could look different for TY 2022. Specifically, if lower-income Hits: 42 |
Revenue-Proposal-Analysis-2020-04.pdfof payments based on their analysis of 2018 tax returns after passage of the federal Tax Cuts and Jobs Act (TCJA). DOR observed that 62 percent of firms antici- pating a higher tax liability due to the TCJA increased their March Final payments include all final payments made March to June. Table 1.6 Impact of Tax Cuts and Jobs Act on CNIT Payments Tax and Revenue Proposals | Page 12 For TY 2015, an addback provision for intangible expenses became effective for Hits: 41 |
RB_2022_08_Worker_Shortage.pdfThis research brief updates an original release in July 2022 to show data for two more recent months (job openings, jobs, unemployment rates and labor force) or one quarter (employment by age group). Otherwise, the text is largely the same. Many Hits: 38 |
TC_2023_PA_Resource_Manufacturing.pdfa five- year period. For the fifth year, the IFO reviewed four tax credits: the Manufacturing, Resource Manufac- turing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- of at least $1.0 billion to construct a facility in Pennsylvania, (2) create at least 2,500 full-time jobs during construction of the facility and (3) purchase ethane for the purpose of manufacturing ethylene. The credit is equal to Hits: 35 |
RB_2022_07_Worker_Shortage.pdfpotential factors that motivate the contraction of the state labor force since the start of the pandemic. Labor Demand and Job Openings The primary metric used to quantify labor demand intensity is the ratio of job openings to the number of unemployed. 2 Job openings data are published monthly by the U.S. Bureau of Labor Hits: 35 |
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdfindustry, the Pennsylvania fossil fuel generation sector has contracted. From 2015 to 2020 (latest data available), full and part-time jobs declined from 3,308 to 2,367 (-28.4%) and total wages paid declined from $402 million to $339 million gas production from the Marcellus Shale expands. The final row displays the ratio of megawatt hours (thousands) generated to sector jobs. Because natural gas generation is much less labor intensive, the ratio has increased every year since 2015. 2015 2016 2017 Hits: 33 |
TC_2021_Keystone_Special_Development_Zones_Update.pdfhiring new employees is technically eligible for the KSDZ Tax Credit based on the newly-hired staff. Awarding credits for jobs that are moved from one Pennsylvania location to another does not incentivize new activity. The final section of this report 35 hours per week and (3) spend at least 90 percent of their time working at the KSDZ site location. Jobs used to claim the KSDZ Tax Credit may not be used to claim KOZ, KOEZ or KOIZ benefits. The annual Hits: 30 |
Revenue_Proposal_Analysis_2023_05.pdfthe meth- odology used to estimate the current distribution of hourly wage rates. ▪ Employment Impact: Estimates the total number of jobs that are projected to be paid a higher hourly wage and the potential employment contraction due to the increase in and partners in unincorporated firms, household workers and unpaid family workers. The OEWS program data include the total number of jobs and hourly wage rates for the 10 th , 25 th , 50 th (median), 75 th and 90 th percentile and Hits: 29 |
RB_2022_10_Worker_Shortage.pdfforce contraction and the impact of near-term demographic trends on the state labor force through 2025. Labor Demand and Job Openings The primary metric used to quantify labor demand intensity is the ratio of job openings to the number of unemployed. 2 Job openings data are published monthly by the U.S. Bureau of Labor Hits: 29 |
Revenue_Proposal_Analysis_2024_03.pdfand partners in unincorporated firms, household workers and unpaid family workers. The OEWS program data include the total number of jobs and hourly wage rates for the 10 th , 25 th , 50 th (median), 75 th and 90 th percentile and wage is $7.25 for Pennsylvania employers, based on the projected wage distribution for 2024, over 99% of non-tipped jobs will earn more than $10 per hour, and roughly 98% will earn more than $11 per hour. 15 Therefore, the Hits: 28 |
Five_Year_Outlook_2020.pdfrate is equal to the ratio of the labor force to all non-institutionalized residents age 16 or older. Overall job growth in the Commonwealth requires that either the working-age population expands or a larger share of the working-age can receive one by mid-summer. Schools, restaurants and other businesses resume normal operations by mid-summer. Many jobs lost to the pandemic do not return. Those jobs are concentrated in the food service, accommodation, travel, retail trade, government Hits: 28 |
TC_2020_Research and Development Tax Credit.pdfthe tax credit incentivizes state R&D expenditures, but evidence of that effect cannot be seen using statewide jobs or R&D expenditure data. Many studies have found that $1.00 of tax credit could incentivize between $1.00 to $1 of the tax credit funds. On an annual basis, the tax credit creates or retains 915 full-time jobs at a typical annual wage of $80,000 to $95,000 for established firms. The recommendations of this report are as follows Hits: 26 |
Revenue-Estimate-2020-05.pdfcontractors. Payroll Employment contracts by 495,300 (2020, annualized basis) and expands by 357,100 (2021) net jobs. These figures exclude self-employed and independent contractors. The Philadelphia CPI-U (consumer price index) increases by 0.5 percent (2020 forecast calls for a much stronger economic contraction due to mandated statewide business closures. For the Great Recession, jobs growth was flat in 2008, followed by a contraction in 2009 and no growth in 2010. By contrast, the COVID-19 forecast Hits: 26 |
Official-Revenue-Estimate-2020-06.pdfcontractors. Payroll Employment contracts by 453,000 (2020, annualized basis) and expands by 309,700 (2021) net jobs. These figures exclude self-employed and independent contractors. The Philadelphia CPI-U (consumer price index) increases by 0.5 percent (2020 forecast calls for a much stronger economic contraction due to mandated statewide business closures. For the Great Recession, jobs growth was flat in 2008, followed by a contraction in 2009 and no growth in 2010. By contrast, the COVID-19 forecast Hits: 26 |
Five_Year_Outlook_2022.pdfLFPR is equal to the ratio of the labor force to all non-institutionalized residents age 16 or older. Future jobs growth in the Commonwealth will require that the working-age population expands and/or a larger share of the working- All else equal, the LFPR will need to increase considerably to facilitate the creation of a “normal” level of payroll jobs. Figure 2.2 estimates the future LFPRs for two age groups that will be necessary to generate a net gain Hits: 26 |
Five_Year_Outlook_2021.pdfrate is equal to the ratio of the labor force to all non-institutionalized residents age 16 or older. Overall job growth in the Commonwealth requires that either the working-age population expands or a larger share of the working-age CY 2024. ▪ A new variant of the coronavirus does not arise that triggers further mitigation efforts. ▪ Approximately 330,000 payroll jobs lost to the pandemic (relative to 2019) do not return. Those jobs are concentrated in the food service, accommodation, retail Hits: 25 |
Revenue-Estimate-2019-05.pdfto (1) the fading impact of the federal income tax cut and (2) a more moderate pace of jobs creation. The Pennsylvania forecast projects that: Real GDP (real gross domestic product, excludes inflation) will increase by 1.9 percent (2019 0 percent and 4.1 percent. Payroll Employment will expand by 57,700 and 54,600 net jobs. The Philadelphia CPI-U (consumer price index) will increase by 1.6 percent and 2.0 percent. Table 1.2 displays Hits: 23 |
Official-Revenue-Estimate-2019-06.pdfto (1) the fading impact of the federal income tax cut and (2) a more moderate pace of jobs creation. The Pennsylvania forecast for calendar years 2019 and 2020 projects that: Real GDP (real gross domestic product, excludes inflation) will increase by 4.1 percent each year. Payroll Employment will expand by 57,700 and 54,600 jobs over the two years. The Philadelphia CPI-U (consumer price index) will increase by 1.7 percent (2019) and 2.0 Hits: 23 |
Economic_and_Revenue_Update_2020_10.pdfof real GDP, a smaller reduction in wages and salaries paid to workers, the same magnitude of average job losses and slightly stronger inflation as measured by the Philadelphia CPI-U for calendar year (CY) 2020. Overall, the economic forecast is 2.3% -5.6% 5.5% Wages-Salaries 4.3% 4.2% -3.2% 5.0% Net Payroll Jobs (000s) 69 56 -453 310 Philadelphia CPI-U 1.3% 2.0% 0.5% 1.5% October 2020 Forecast 2018 2019 2020 Hits: 23 |
SUT Exemption for Aircraft - January 2013.pdfthe analysis derives the static revenue impact from an SUT exemption for aircraft and examines the number of job gains necessary to offset the static revenue loss due to the exemption. A technical appendix provides data definitions and historical data on enacted an SUT exemption to those that have not altered their policy. Part Six examines the number of job gains necessary to offset the static revenue loss due to exemption. A technical appendix provides data definitions and historical data on active Hits: 22 |
2013-09 Monthly Economic Summary-FINAL.pdfr 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 22 |
Five_Year_Outlook_2024.pdfthere is no change to federal tax or spending policies. However, due to the expiration of the Tax Cuts and Jobs Act at the end of 2025 and unsustainable federal deficits, some combination of federal spending cuts and/or tax increases factors outside the control of state officials (e.g., pandemic stimulus, interest rates, expiration of the federal Tax Cuts and Jobs Act). This report designates FY 2024-25 as the base year. All revenue and expenditure projections use that year as Hits: 21 |
index.cfmactivity 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 ... (Full Report) Stadium Economic Impact Report: Pittsburgh Pirates Economics and Other July 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 ... (Full Report) Revenue Estimate Performance Revenue Estimates July 09, 2024 This report Hits: 21 |
Revenue_Estimate_2021_05.pdfcase of coronavirus and first death due to COVID-19. Since that time, the state economy shed 1.1 million jobs and then recouped roughly three-fifths of the loss. The federal government enacted multiple substantial relief packages that will inject employed and independent contractors). ▪ Payroll Employment expands by 100,000 (2021, average for full year) and 80,000 (2022) net jobs (excludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index) increases by 3.5% (2021) and 2 Hits: 20 |
Revenue-Estimate-2023-05.pdfProfits Table 1.1 U.S. Macroeconomic Forecasts Economic Outlook | Page 2 The three U.S. forecasts project a modest jobs contraction in CY 2024 (not shown), but only one projects a contraction in real GDP. In the latest Wall Street for CY 2023. Payroll Employment expands by 80,000 (CY 2023, annual average) and 24,000 (CY 2024) net jobs. The IHS Markit forecast projects higher job gains for the current year, but a modest contraction next year. Table 1 Hits: 20 |
Monthly_Economic_Update_April_4_2023.pdfFebruary Payroll Jobs Gains Revert to Pre-COVID Average This economic update uses recent state labor market data to assess whether the Pennsylvania labor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: Change in Payroll Jobs (Establishment Survey) The month-to-month change in payroll employment (excludes self-employed) based on total number of jobs. Preliminary Hits: 20 |
June_Revenue_Estimate_2021.pdfcase of coronavirus and first death due to COVID-19. Since that time, the state economy shed 1.1 million jobs and then recouped roughly three-fifths of the loss. The federal government enacted multiple substantial relief packages that will inject employed and independent contractors). ▪ Payroll Employment expands by 100,000 (2021, average for full year) and 80,000 (2022) net jobs (excludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index) increases by 3.7% (2021) and 2 Hits: 20 |
Economic_and_Revenue_Update_2020.pdfTrends ................................................................................................................. 5 PA Employment Gains and Losses by Sector ....................................................................................... 6 State Metric Comparison ............................................................................................................................ 7 Pennsylvania Demographic Snapshot .................................................................................................... 8 Most PA Job Gains to Age 55+ ................................................................................................................. 9 Net Domestic Migration Trends ............................................................................................................ 10 PA Demographic Trends Cause Tight Labor Market ...................................................................... 11 General Fund Judges’ Commission (January 2019) Tax Credit Reviews Film Production Tax Credit (January 2019) Historic Preservation Tax Credit (January 2019) New Jobs Tax Credit (January 2019) Wage Contracts UFCW Wage Contract Analysis (August 2019) ISSU Wage Contract Analysis (September 2019) Management and Hits: 20 |
PBB_2021_PennDOT_REPORT_ADDENDUM.pdfand capital expenditures, the state supports fixed-route and demand-re- sponse transit which provides economic and equity benefits including job creation, improved sustainability, reduced congestion and improved air quality. PennDOT also provides safety oversight through the State Safety Oversight and e., Lyft, Uber) likely also contribute to this downward trend. From 2014 to 2019, the total rid- ership fell as jobs steadily increased in the Philadelphia Metropolitan Area, including rail trips. In 2019, there were 125.5 million trips on these Hits: 19 |
Five_Year_Outlook_2019.pdfthe regional consumer price index (CPI-U) and (5) the annual change in payroll employment (i.e., net job gains). These variables motivate most General Fund revenue projections contained in the next section of this report. Table 3.1 displays historical and Salaries 3.5% 3.5% 3.9% Philadelphia CPI-U 1.4% 1.3% 2.0% Payroll Job Gains (000s) 42.5 54.1 44.0 Table 3.1 Average Annual Growth Rates for Pennsylvania Economic Variables Source: U.S Hits: 19 |
Revenue_Estimate_2023_06.pdffor both years. Payroll Employment expands by 90,000 (CY 2023, annual average) and 5,000 (CY 2024) net jobs. The IHS Markit forecast projects higher job gains for the current year, and modest gains for next year. Table 1.3 displays the latest quarterly data for Hits: 18 |
RB_2024_04_Job_Change.pdf2024 reveal that the healthcare-social assistance, accommodation-food service and government sectors generated all year- over-year Pennsylvania payroll job gains for 2024. (The preliminary data are based on a monthly survey of establishments and exclude the self-employed. If an individual holds two jobs, they are counted twice.) This outcome reflects the impact of an aging population and on-going demand for dining out Hits: 18 |
RB_2024_03_Jobs_Revised.pdfand Wages (QCEW) database. The data include all employers that are part of the state unemployment insurance system and reflect jobs and wage data reported in monthly and quarterly administrative filings. These data are used to “benchmark” more timely jobs data published monthly by the BLS in their Current Employment Survey (CES) data series, which are based on surveys and Hits: 18 |
Presentation-2019-5-1-PAEL.pdfThe Pennsylvania Labor Market May 1, 2019 1 Annual Growth Rate, Change or Level 2015 2016 2017 2018 2019 Net Jobs Created (000s) 46.2 48.8 58.8 65.6 55.0 Unemployment Rate 5.3% 5.4% 4.9% 3% -0.2% -0.3% Age 65-74 3.7% 3.5% 3.3% 2.7% 3.5% Note: Payroll jobs only. Data include full- and part-time jobs. Excludes self-employed and independent contractors. Where is the Jobs Growth? May Hits: 18 |
NFIB_Feb_2024.pdf3 2023.4 Wages-Salaries Paid 7.3% 7.7% 6.4% 5.2% 4.3% 4.2% Change Payroll Jobs (000s) 155 227 142 115 108 85 Philadelphia CPI-U 4.0% 7.9% 6.9% 3.9% 3.9% 6.37 6.51 7.04 7.30 Notes: All growth rates or change are year-over-year. Change Payroll Jobs for 2023 assumes a -30k revision to preliminary figures based on research published by Federal Reserve Bank of Philadelphia. Payroll Hits: 18 |
EPLC_April_2024.pdfGDP (adjusts for inflation) expected to decelerate, but still positive • PIT Withholding slowing returning to non-inflation era growth • Payroll jobs for 2023 recently adjusted downward as more complete administrative data became available • Inflation decelerating, but still above the Fed target 0.9% 1.3% Wages-Salaries -1.0% 7.3% 7.7% 4.9% 3.6% 3.8% Change Payroll Jobs (000s) -461 155 227 110 25 31 Philadelphia CPI-U 0.9% 4.0% 7.9% 4.4% 3.1% Hits: 18 |
Roundtable_Jan_2024_Final.pdf0.9% 1.3% Wages-Salaries -1.0% 7.3% 7.7% 4.9% 3.6% 3.8% Change Payroll Jobs (000s) -461 155 227 110 25 31 Philadelphia CPI-U 0.9% 4.0% 7.9% 4.4% 3.1% 2.4% Notes: Change Payroll Jobs for 2023 assumes a -40k revision to preliminary figures based on research published by Federal Reserve Bank of Philadelphia. Blue Hits: 16 |
RB-2016-02.pdfprograms that encourage or subsidize activities that may result in economic development. A program is included in this report if job creation, business growth or industry promotion is a primary objective. Some programs may eventually lead to economic development as a businesses to engage in activity that they may not otherwise have done. For example, incentives may encourage businesses to create jobs, locate in the state, invest in machinery or other equipment and build more than they would have otherwise. Incentive programs Hits: 16 |
Monthly_Economic_Update_September_2022.pdfreal-time lags. The four labor market metrics that are tracked for this update are as follows: • Change in Payroll Jobs. The (seasonally adjusted) month-to-month change in total payroll employment (excludes self-employed). Payroll employment increased by 7,000 jobs in August from the prior month and is now similar to the pre-COVID average monthly gain. • Job Openings. A Hits: 16 |
Monthly_Economic_Update_November_2022.pdfJob Openings Increase in September as State Labor Market Remains Tight The latest poll of economic forecasters projects a 60% probability with short real-time lags. The four labor market metrics tracked for this update are as follows: • Change in Payroll Jobs. The (seasonally adjusted) month-to-month change in total payroll employment (excludes self-employed). Payroll employment increased by 10,400 Hits: 16 |
Monthly_Economic_Update_June_2021.pdfby 8.0% on a year-over-year basis. While strong, this implied growth rate is more remarkable because many jobs gained in March and April were likely at the lower end of the pay scale. Data for May will be 25 and the IFO expects further wage gains due to tight labor market conditions in many sectors. PA COVID-19 Job Loss Disproportionately Impacted Young and Female Workers The U.S. Census Bureau recently released the Quarterly Workforce Indicators dataset for Hits: 16 |
Monthly_Economic_Update_December_2022.pdfLabor Force Participation Contracts as Job Openings Remain Plentiful The latest Wall Street Journal poll of economic forecasters projects a 63% probability for a U.S with short real-time lags. The four labor market metrics tracked for this update are as follows: • Change in Payroll Jobs. The (seasonally adjusted) month-to-month change in total payroll employment (excludes self-employed). Payroll employment increased by 10,400 Hits: 16 |
IFO_Hearing_Materials_Feb_22_2022.pdfblank. - List of Materials Included Independent Fiscal Office – Overview ........................................................................ 1 Independent Fiscal Office – Expenditures ................................................................... 2 Economics – COVID Impact on PA Jobs ...................................................................... 3 Economics – Jobs and Labor Force Participation ......................................................... 4 Economics – Inflation and General Economics ............................................................ 5 Economics – Pandemic Relief Programs ...................................................................... 6 Demographics – Pennsylvania Snapshot ..................................................................... 7 Hits: 16 |
Five_Year_Outlook_2023.pdf9%) have a relatively high share of workers age 65 to 79. (See third column of data.) Many of those jobs are part-time or have limited physical demands. ▪ For those working, residents age 65 to 79 were much more likely prior to the pandemic. Due to a contraction of the working age cohort, that outcome must occur to generate moderate jobs growth. Currently, those rates are lower than pre-pandemic rates. ▪ Annual jobs growth slows compared to historical averages. That outcome Hits: 16 |
2024_Mid_Year_Update_Final.pdf5.1% 3.8% 3.9% Jan 2024 7.3% 7.7% 4.9% 3.6% 3.8% Change Payroll Jobs (000s) Jun 2023 155 227 90 5 30 Jan 2024 155 227 110 25 31 Philadelphia CPI-U Jun 2023 4% 3.2% 2.5% Jan 2024 4.0% 7.9% 4.4% 3.1% 2.4% Notes: Change Payroll Jobs for 2023 assumes a -40k revision to preliminary figures based on research published by Federal Reserve Bank of Philadelphia. Blue Hits: 16 |
2023_Mid_Year_Update.pdf4.3% 1.7% Avg Monthly IHS Markit 330 495 86 -27 Change Payroll Wells Fargo 330 495 5 -38 Jobs (000s) PNC Bank 330 492 42 -100 Note: IHS Markit and Wells Fargo forecasts released January 2023. PNC released December 4.7% -- 7.4% 3.4% -- Jan 2023 7.9% 4.5% 2.8% 7.9% 4.0% 2.1% Job Gains (000) June 2022 135 30 -- 199 74 -- Jan 2023 190 25 30 205 48 -17 Note: Job Gains for Hits: 16 |
RB_2024_02_Jobs_Revised.pdfdatabase. These data include the full population of firms that are part of the state unemployment insurance system and reflect jobs and wage data reported in monthly and quarterly administrative filings. These administrative data are used to “benchmark” more timely jobs data published monthly by the BLS in their Current Employment Survey (CES) data series, which are based on surveys and Hits: 15 |
Monthly_Economic_Update_October_2022.pdfshort real-time lags. The four labor market metrics tracked for this update are as follows: Change in Payroll Jobs. The (seasonally adjusted) month-to-month change in total payroll employment (excludes self-employed). September payroll employment increased by 12,000 jobs over the prior month and continues to surpass the pre-COVID average monthly gain. Job Openings. A measure of Hits: 15 |
Monthly_Economic_Update_August_2022.pdfPA Employment Gains Remain Strong, But Job Openings Decline Since the release of June CPI-U data, many analysts believe there is a one-third to two- real-time lags. The four labor market metrics that are tracked for this update are as follows: • Change in Payroll Jobs. The (seasonally adjusted) month-to-month change in total payroll employment (excludes self-employed). July payroll employment increased over the Hits: 15 |
Labor_Market_Update_Aug_2021.pdfPA Payroll Jobs Continue to Recover, but Significant Shortfall Remains This document provides a monthly update on the status of the state labor potential workers who may re-enter the workforce this fall. Based on the latest data for July 2021, Pennsylvania payroll jobs continue to recover from the impact of the pandemic. For July, the computed year-over-year (YOY) change in payroll Hits: 15 |
TC_Board_Hearing_Jan_10_2023.pdfAnnual Tax Credit Reviews Manufacturing PA Resource Manufacturing Rural Jobs and Investment Waterfront Development Presentation to the Performance-Based Budget Board January 10, 2023 Tax Credit Reviews for Year 5 Tax credits offered to approved firms engaged in manufacturing ▪ Increase payroll by >$1 million through creation of new full-time jobs ▪ New jobs/increased payroll must be maintained for 5 years ▪ Jobs must meet or exceed minimum wage requirements and include Hits: 14 |
Senate Appropriations Response Letter 3-6-2020.pdfon the implementation and performance of Qualified Opportunity Zones. The Qualified Opportunity Zones created by the federal Tax Cuts and Jobs Act provide tax benefits for eligible capital invested into designated economically distressed communities (zones). The first zones were designated in program offers debt forgiveness to students with degrees in eligible bachelor programs. Applicants must begin work in a Utah qualified job within one year of graduation and work for the same number of years as the loan was received. A focus Hits: 14 |
Revenue-Estimate-2020-05-Presentation.pdf2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51.4 FHFA Home Price Index 4.9% 4.8% 5.3% n 3.8% Revenues Through March (exclude COVID-19) +$165 million over estimate Note: Figures for 2020.1 for Net New Jobs and Home Sales are for January and February only. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Hits: 14 |
PASBO_March_17_2021.pdfIndex SAWW ECI Average 16-17 to 21-22 SAWW: 2.5% ECI: 2.6% first year impact from 2020 job losses SAWW declines as jobs recover Sources: Index and components through 21-22 published by PDE. For later years, SAWW is projected by the Department Hits: 14 |
Official-Revenue-Estimate-2020-06-Presentation.pdf2.1% 1.9% 2.3% n.a. Wages-Salaries 4.7% 3.5% 4.3% 3.7% Net New Jobs (000s) 53.1 54.7 48.2 51.4 FHFA Home Price Index 4.9% 4.8% 5.3% n 3.8% Revenues Through March (exclude COVID-19) +$165 million over estimate Note: Figures for 2020.1 for Net New Jobs and Home Sales are for January and February only. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Hits: 14 |
Monthly_Economic_Update_March_2023.pdffive labor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: • Change in Payroll Jobs (Establishment Survey) The month-to-month change in payroll employment (excludes self-employed) based on total number of jobs. Payroll employment increased by 14,800 jobs in January from the prior month and continues to surpass the pre-COVID Hits: 14 |
Monthly_Economic_Update_January_2023.pdflabor market metrics (seasonally adjusted except new UI claims) tracked for this update are as follows: Change in Payroll Jobs (Establishment Survey) The month-to-month change in payroll employment (excludes self-employed) based on total number of jobs. Payroll employment increased by 17,000 jobs in December from the prior month and continues to surpass the pre-COVID Hits: 14 |
HTAE_2019_05_15.pdf1.7% 2.1% 1.9% Wages-Salaries 4.0% 1.3% 4.0% 4.0% 3.9% Net New Jobs (000s) 46.2 48.8 58.8 65.6 57.7 Philadelphia CPI-U -0.1% 0.6% 1.3% 1.3% 1.6% Note: Corporate profits are domestic profits only. Includes S corporations. Net new jobs excludes self-employed and independent contractors. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. U Hits: 14 |
Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdfSlide 1 March 2020, economy shuts down. What changed? Some data that track same metric tell different stories (e.g., jobs) Rapid PA labor market slowdown A pause in Corporate Profits What do you expect this year? Inflation sticks around (Philly 2019 4.8% 2020 23.2% 2021 11.7% 2022 -2.6% 2023 -2.0% March 13, 2020: Pandemic Starts… Jobs and Workers 1.1 million worker contraction April 2020; UE Rate goes to 16.2% Inflation Inflated assets: homes and Hits: 14 |
Economic_and_Revenue_Update_2021.pdf17.7% -13.9% -7.3% -4.7% -7.1% -5.6% -6.4% -7.2% Share of 2019 Q2 Jobs 2.4% 9.4% 21.5% 20.0% 20.8% 19.0% 6.9% 100.0% Share of 2020 Q2 Job Loss 5.8% 18.1% 21.9% 13.1% 20.3% 14.8% 6.1% 100.0% Important Notes for Hits: 14 |
2007_divestment_complete_report.pdfalready working to help companies not only stay in the commonwealth, but also to expand, encourage capital investment, and promote job creation and retention. “Westinghouse’s commitment to create at least 931 new jobs over the next five years proves the Each SDA must have the full support and endorsement of the affected municipalities. Companies operating in SDAs must own or lease the property in question and create or maintain 500 jobs within three years or make a capital investment of at Hits: 14 |
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdfcapital, mentorship and support for young high-tech companies. Encourage the creation of high-paying, high-tech jobs that appeal to recent college graduates. Foster innovation and facilitate commercialization of newly developed technology. Purpose Increase entrepreneurial activity to generate the geographic area to be designated as a RISE zone, promote economic development within the zone and create jobs. The qualified institution submits a joint application with a county, municipal corporation or an economic development agency of the area to be Hits: 13 |
Single-Use Plastics Report-2020_06.pdfare imported, only a portion of the higher consumer spending flows to Pennsylvania manufacturers. Employment falls by 507 jobs and labor earnings decline by $22 million. A fee (10 cents) increases consumer spending on other goods and services as spending option. Roughly one-half of the lower consumer costs flow back to Pennsylvania manufacturers. Employment increases by 260 jobs and labor earnings increase by $10 million. This positive result occurs because a larger portion of the redirected consumer spend- ing remains Hits: 13 |
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdfcap. The provisions 2 Self-reported income by PUA claimants may not reflect total income for individuals employed at multiple jobs, or who held multiple gig economy or self-employment positions. For example, roughly 60% of all PUA claimants reported annual federal aid to Pennsylvania residents between April 2020 and April 2022. The aid provides income replacement for households affected by job loss and business closures, but a significant portion represents new income (1) for unaffected households or (2) that more than Hits: 13 |
MTR-2016-01.pdf7% FYTD $15,900 $15,689 $210 Growth 1.3% 3.1% -56.0% Dollar amounts are in millions. 2015 JOBS SURPASS 2007 LEVELS Calendar year 2015 marks the first year that Pennsylvania payroll employment surpassed its pre-recession level. Preliminary data for 2015 reveal average employment of 5.84 million payroll jobs, 43,000 higher than 2007. The underlying detail reveals very different trends across sectors. In percentage terms, the mining sector Hits: 13 |
Monthly_Economic_Update_July_2022.pdfreal-time lags. The specific data that will be tracked and recent trends are as follows: Change in Payroll Jobs. The change from month-to-month in total payroll employment (excludes self- employed). Prior to COVID, the state economy averaged a net gain of roughly 5,000 payroll jobs per month. That monthly average was easily surpassed in recent months. Job Openings. A measure of the unmet demand Hits: 13 |
IFO_Testimony_Min_Wage_Feb_16_2021.pdfpacket transmitted by the IFO to the House Appropriations Committee. The tables are as follows: The first table shows job losses in the Commonwealth for three months: April, August and December 2020. The latest data for December show a year-over-year contraction of 472,000 jobs (-7.7 percent). (Excludes self-employed.) Job losses are concentrated in the retail-wholesale trade, education and food service-accommodation Hits: 13 |
Five_Year_Outlook_Presentation_2024_Final.pdf1.9% 2.0% Wages and Salaries 4.5% 4.3% 3.8% 4.1% 4.1% 4.1% Payroll Jobs (000s) 102 70 37 46 47 47 Philadelphia CPI-U 4.4% 3.4% 2.6% 2.2% 2.2% 2.2% Note: Payroll Jobs exclude self-employed and independent contractors. Source: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics Hits: 13 |
Five_Year_Outlook_2020_Presentation_Final.pdfMatthew Knittel, IFO Director January 21, 2021 Today’s Presentation Four Parts Demographics a contracting labor force Economics job recovery slows, some permanent job loss Revenues solid, income surge due to federal stimulus Expenditures significant growth due to one-time measures Analysis Hits: 13 |
TC_2019_Historic_Preservation_Tax_Credit_Report.pdfyear period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Creation Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- Based Budget Board and the Chairs to quantify. These attributes complicate comparisons of the HPTC to other credits used to promote economic development and job creation. The IFO welcomes all questions and comments on the contents of this report. Questions and comments can be sent to contact Hits: 12 |
TC_2019_Film_Production_Tax_Credit_Report.pdfyear period. For the first year, the IFO reviewed three tax credits: the Historic Preservation, Film Production and Jobs Creation tax credits. The act requires the IFO to submit tax credit reviews to the Performance- Based Budget Board and the Chairs productions, it is difficult to see the impact in recent govern- ment data. The current tax credit retains jobs, but it is likely insufficient to expand the industry due to competition from other states and the transient nature of annual production Hits: 12 |
Tax_Credit_and_PBB_Overview_2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax credit decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. Request data from Hits: 12 |
TaxCredit and PBB Overview- 2019-01-24.pptxTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 1/24/2019 0 Act 48 of 2017 – Tax Credit and (3) key decision points. Year 1 review schedule: ▪ Historic Preservation Tax Credit (HPTC). ▪ Film Production Tax Credit (FPTC). ▪ New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. ▪ Request data from agencies Hits: 12 |
TaxCredit and PBB Overview- 2019-01-24.pdfTax Credit Reviews Historic Preservation Film Production New Jobs Presentation to the Performance-Based Budget Board January 24, 2019 Act 48 of 2017 – Tax Credit Duties The tax credit decision points. Year 1 review schedule: Historic Preservation Tax Credit (HPTC). Film Production Tax Credit (FPTC). New Jobs Tax Credit (JCTC). January 24, 2019 1 Tax Credit Methodology Meet with stakeholders and agency staff. Request data from Hits: 12 |
Revenue_Estimate_2022_06.pdfby self-employed and independent contractors). ▪ Payroll Employment expands by 135,000 (2022, annual average) and 30,000 (2023) net jobs (ex- cludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index, annual average) increases by 7.6% 0.5% 1.3% Wages-Salaries 4.4% -0.3% 7.7% 7.7% 5.5% 4.1% Net Payroll Jobs (000s) 56.1 -461.1 145.5 135.0 30.0 35.5 Philadelphia CPI-U 2.0% 0.9% Hits: 12 |
Revenue_Estimate_2022_05.pdfby self-employed and independent contractors). ▪ Payroll Employment expands by 130,000 (2022, annual average) and 40,000 (2023) net jobs (ex- cludes self-employed and independent contractors). ▪ The Philadelphia CPI-U (consumer price index, annual average) increases by 7.0% 0.9% 1.4% Wages-Salaries 4.4% -0.3% 7.7% 7.8% 5.5% 4.3% Net Payroll Jobs (000s) 56.1 -461.1 145.5 130.0 40.0 41.4 Philadelphia CPI-U 2.0% 0.9% Hits: 12 |
RB_2020_12_PPP_Loans_to_PA_Businesses.pdfinclude S corporations, partnerships, sole proprietors and LLCs. Source: Small Business Administration. Independent Fiscal Office Page 3 PPP Employment Impact: Jobs Saved or Retained Although the program was enacted quickly in order to minimize job loss, new research finds that the program had a modest employment impact. The research also finds that the average cost Hits: 12 |
PBB-Board Hearing Jan 23 2020.pptxother states ▪ Specific recommendations to improve operation and efficiency January 23, 2020 1 Tax Credit Reviews for Year 2 Theme: jobs creation for high-tech sectors ▪ MTBI – increase and upgrade wireless broadband infrastructure ▪ R&D – incentivize high tech and R&D Determine the amount/share of spending incentivized ▪ Determine type of spending and industries affected ▪ Use IMPLAN to estimate multiplier effects, jobs, tax revenues Economic metrics for MTBI, RDTC and KIZ ▪ Gross ROI and net ROI (deducts alternative use of monies) ▪ GDP Hits: 12 |
Monthly_Economic_Update_May_2021.pdfbetter comparison is to CY 2019, with total wage growth of 7.1%, despite 397,000 (-6.6%) fewer payroll jobs in 2021 Q1 than 2019 Q1. Data are not yet available to determine the workers who benefited from the strong whether these early trends are transitory or suggest higher inflation for a sustained period of time. March Increase in Northeast Job Openings Rate Largest on Record On May 11, the U.S. Bureau of Labor Statistics (BLS) released data from the Hits: 12 |
Initial_Revenue_Update_May_2023_Final.pdf6.8% 4.2% Philadelphia CPI-U 7.9% 4.7% 3.2% 7.9% 4.5% 2.5% Payroll Job Gains (000) 227 80 24 231 126 -7 Note: Job Gains for payroll employment only. Excludes self-employed. IHS Markit forecast from May 2023. Source: Historical data from U.S Hits: 12 |
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdf6.8% 4.2% Philadelphia CPI-U 7.9% 4.7% 3.2% 7.9% 4.5% 2.5% Payroll Job Gains (000) 227 80 24 231 126 -7 Note: Job Gains for payroll employment only. Excludes self-employed. IHS Markit forecast from May 2023. Source: Historical data from U.S Hits: 12 |
IFO_Hearing_Materials_02_2024.pdf15 ........................................................................... 9 Marijuana Taxes .................................................................................................. 10 Lottery and Gaming Trends .................................................................................. 12 Revenues, Economics and Demographics Revenue Trends .................................................................................................. 13 Economic Trends ................................................................................................. 14 Jobs and Real Earnings ........................................................................................ 15 Philadelphia CPI-U ............................................................................................... 16 Consumer Wealth and Debt .................................................................................. 17 Demographic Projections ...................................................................................... 18 Demographics – Components of Population 9 February 2024 Increasing Minimum Wage to $15 Increasing Minimum Wage to $15 Total Notes and Definitions Total Number of Jobs (000s) 938 805 Analysis counts jobs, not people Receive Wage Increase (000s) 918 805 1,723 Directly Affected workers earn Hits: 12 |
Five_Year_Outlook_2017_Presentation.pdfnext year. Odds imply recession more likely than not (54%) next 5 years. November 16, 2017 7 Assumes Solid Job Creation -200 -150 -100 -50 0 50 100 150 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 November 16, 2017 8 +52,600 jobs per annum number of jobs created (000s) +52,000 jobs per annum -7,200 jobs per annum +46,200 jobs Hits: 12 |
Labor_Market_Update_Sept_2021.pdfNo Job Gains in August as Federal UC Benefits Neared Expiration This document provides a monthly update on the status of the potential workers who may re-enter the workforce this fall. Based on the latest data for August 2021, Pennsylvania payroll jobs contracted modestly in August relative to a no-pandemic scenario, as the computed year-over-year (YOY) change in payroll Hits: 11 |
Labor_Market_Update_October_2021.pdfJobs Shortfall Expands in September due to Weak Seasonal Hiring Based on the latest data for September 2021, Pennsylvania payroll jobs contracted relative to a no-pandemic scenario, as the computed year-over-year (YOY) change in payroll jobs was -384 Hits: 11 |
EPLC-2-19-21.pdfFebruary 19, 2021 2 Today’s Presentation: Three Parts State demographics, economy and COVID impacts ▪ A contracting labor force ▪ COVID job losses and partial recovery | some permanent job loss ▪ Federal COVID relief spurs income growth, revenues, expenditure offsets State budget ▪ What are the revenue trends? ▪ What is the Hits: 11 |
Tax_Credit_and_Other_Incentives_2022.pdfFY) 2017-18 through FY 2022-23. The brief separates incentives into four categories: tax credits, state spending or grants, job training programs and state loan programs. The amount reported for each incentive is an estimate of the dollars claimed or Development Zone Program and offers participating businesses an annual tax credit of $2,100 over ten years for each new job created. • As part of the tax credit reviews required by Act 48 of 2017, the IFO is reviewing the Manufacturing Hits: 10 |
Revenue_Proposal_Analysis_2022_04.pdfeffects (i.e., allowing the economy to expand or contract in response to the policy). For the Tax Cuts and Jobs Act of 2017, most studies using dynamic models found that dynamic effects reduced the static revenue loss by 10% to 20%. See https://www.brookings.edu/blog/up-front/2019/03/15/did-the-tax-cuts-and-jobs-act-pay-for-itself-in-2018/. 2022-23 2023-24 2024-25 2025-26 2026-27 Broaden Addback Provision $136 Hits: 10 |
Revenue_and_Economic_Update_Presentation_2020_10.pdf2.6% 2.3% -5.6% 5.5% Wages-Salaries Paid 4.3% 4.2% -3.2% 5.0% Net Job Gains (000s) 69 56 -453 310 Philadelphia CPI-U 1.3% 2.0% 0.5% 1.5% October 2020 Forecast 1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Source: U.S Hits: 10 |
PMTA_Presentation_April_2023.pdfrequired Presentation has 3 parts ▪ I. Statewide economic trends: labor market, inflation and demographics ▪ II. Industry trends and state comparisons: jobs, wages and taxes ▪ III. State budget: revenue proposals and key issues April 19, 2023 1 “Why the Recession is Always Information Administration. PA Labor Market: 2020 Q1 vs 2023 Q1 April 19, 2023 4 2020 Q1 2023 Q1 Change Number Jobs (000s) Establishment Survey (# jobs) 6,010 6,010 0 Household Survey (# people) 6,244 6,183 -61 Labor Force (age Hits: 10 |
PICA_Presentation_2020_11.pdf1.9% 2.4% -4.6% 3.0% Wages-Salaries Paid 4.3% 4.3% -2.0% 3.7% Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Latest Quarterly Data 2020.4 Real GDP -5.8% -34.0% -- -- Wages-Salaries Paid 3.7% -6.5% -2.6% -1.0% Net Job Gains (000s) 28 -849 -506 -440 Philadelphia CPI-U 2.6% 0.0% 0.4% -- Source: U.S. Bureau of Hits: 10 |
PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdf1.9% 2.4% -4.5% 3.2% Wages-Salaries Paid 4.3% 4.3% -1.5% 4.2% Net Job Gains (000s) 68 54 -450 120 Philadelphia CPI-U 1.3% 2.0% 0.8% 1.5% Latest Quarterly Data Real GDP -5.8% -34.0% Dec 23 -- Wages-Salaries Paid 3.7% -6.5% -2.6% -0.5% Net Job Gains (000s) 28 -849 -505 -435 Philadelphia CPI-U 2.6% 0.0% 0.4% -- Source: U.S. Bureau of Hits: 10 |
PASBO_Presentation_March_16_2023.pdfCommonwealth of Pennsylvania March 16, 2023 Good Morning and a Quick Overview I PA Economy: Where are we? ▪ Latest data: jobs, inflation, labor market ▪ Focus: labor market and demographics ▪ Focus: inflation and wages II Statewide Public School Employment, Payroll and Wages ▪ COVID jobs contraction ▪ Real Average Weekly Wage contracts III Act I Index Outlook ▪ Statewide Average Weekly Wage (SAWW) remains elevated ▪ Significant and Hits: 10 |
MER-2015-02.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 0.6% 0.6% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 10 |
MER-2014-09.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.8% 1.3% 1.3% Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 10 |
Labor_Market_Update_June_23_2021.pdfPennsylvania Job Gains Remain in Holding Pattern This document provides a monthly update on the status of the state labor market and IFO estimates an additional $10.8 billion has been received. Based on the latest data for May 2021, Pennsylvania payroll job creation continues to stagnate, despite the transfer of federal funds. The year-over-year change in payroll jobs is similar Hits: 10 |
Labor_Market_Update_July_2021.pdfPennsylvania Payroll Jobs Record Strong Gains in June This document provides a monthly update on the status of the state labor market and who may re-enter the workforce this summer and fall. Based on the latest data for June 2021, Pennsylvania payroll job creation improved notably relative to prior months. For June, the computed year-over-year change in payroll jobs is -394 Hits: 10 |
EPLC_3_4_2022_update.pdfMarch 4, 2022 2 Today’s Presentation: Three Parts State demographics, economy and COVID impacts ▪ A contracting labor force ▪ COVID job losses and partial recovery | some permanent job loss ▪ Federal COVID relief spurs income growth, revenues, expenditure offsets State budget ▪ What are the revenue trends? ▪ What is the Hits: 10 |
Economic_and_Revenue_Update_Presentation_August_2020.pdfFiscal Office August 19, 2020 Four Things to Note Wage and Salary data are stronger than expected Despite large job losses, only a moderate decline in total wages paid Housing market fares decently | but renters struggle Steady employment gains since April low | can it continue? 45% of job losses in retail-wholesale and food service-accommodations Concerns about long-term unemployed | many jobs will not return in Hits: 10 |
ACN_SB1071_A10803_text.pdfthis part as if he was an active member who performed creditable school service during the USERRA leave in the job position that he would have held had he not been on USERRA leave and received the compensation on which the this part as if the employee was an active participant who performed school service during the USERRA leave in the job position that the employee would have held had the employee not been on USERRA leave and received the compensation on Hits: 10 |
Revenue-Estimate-2024-05.pdfdeficit and impact on interest rates, (2) expiration (end of 2025) of federal tax cuts under the Tax Cuts and Jobs Act (TCJA), (3) uncertainty related to the federal election in November 2024 and on-going international conflicts and (4) consumer by 4.1% and 3.9%. Payroll Employment expands by 40,000 (annual average) and 37,000 net payroll jobs. Latest Data 2021 2022 2023 2024 2025 Real GDP 2023 Q4 3.8% 1.0% 2.2% 1.3% 1 Hits: 9 |
RB-10-2020-Economic_Development_Incentives.pdf2014-15 through FY 2019-20. The brief divides economic development into four categories: tax credits, state spending or grants, job training programs and state loan programs. The dollar amounts reported in the table for each category are estimates of the 2019 increased the annual program cap to $70.0 million. The amount claimed for the Tax Credit for New Jobs decreased considerably to $3.0 million in FY 2019-20 after three years of full utilization ($10.1 million). Act Hits: 9 |
MSC_March_31_2022.pdfCovid ▪ Fewer workers impacted compared to prior analyses ▪ ~640,000 non-tipped workers make < $12/hr ▪ Smaller potential loss in jobs (mostly not filling vacant positions) ▪ Moderate gains to General Fund revenues CNIT Proposal: Broaden Base and Phase in Reduced Rate Rate 8.0% 7.3% 6.7% 6.1% 5.5% 5.3% Change From Two Years Prior (Pre-COVID) Job Loss (000s) -- -378 -337 -285 -262 -222 Labor Force (000s) -- -123 -115 -168 -212 -168 Note: All growth rates relative Hits: 9 |
Monthly_Economic_Update_February_2021.pdfThe U.S. Bureau of Labor Statistics released the Business Employment Dynamics for 2020 Q2. This reports gross private sector job gains and losses due to business expansion or contraction between March and June 2020, the peak of pandemic-related closures. Nationally, gross job losses (-20.4 million) outweighed gross job gains (+5.7 million) for a net employment loss of 14.6 million Hits: 9 |
jackson ppt.pdfpeak employment earlier than US average • PA – 2013Q2 vs. US – 2014Q3 • Marcellus Shale natural gas production has been a big jobs booster. • Natural resources/mining and manufacturing the most obvious sectors. • Many related sectors, especially professional services, also involved. • Hotels, restaurants local budget crunch (reduced revenues, more need for many services, can’t put it on a credit card) adding to job losses, among other things. PA Faring Better than US During and Post-Recession 7 © 2012, IHS Inc. No portion of Hits: 9 |
2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdfto encourage long-term employment. They are not attractive to, or beneficial for, a transient workforce. Since many public sector job skills are not readily transferable to the private sector, the pension benefit served as an incentive to making the necessary assumed (based on the actual characteristics of SERS employees) that a “typical” SERS worker has 15 years in a SERS job, 15 years in another job, and then retires at 62. He assumed that a “typical” PSERS employee has 30 years Hits: 9 |
2002_dbdc_report.pdf763 employees eligible for a lump-sum distribution from their employer’s retirement plan. Of those, 1,079 had changed jobs or left the work force within the previous three years, while 684 individuals had retired during the same period.” The roll the distribution into another qualified plan rather than taking a cash payment. Only 3% of those individuals who changed jobs elected to take retirement plan distributions in cash when accumulated assets were more than $100,000, while 45% of employees Hits: 9 |
TC_2021_Neighborhood_Assistance_Program.pdfin Pennsylvania. Eligible projects include: affordable housing, community economic development, commu- nity services, education, neighborhood assistance, neighborhood conservation, crime prevention, job train- ing or charitable food assistance. The annual program cap is currently $36.0 million and eligible firms can apply ulations. 2 Eligible projects include: affordable housing, community economic development, community ser- vices, education, neighborhood assistance, neighborhood conservation, crime prevention, job training and charitable food assistance. 3 The NAP Tax Credit includes five components, each with specific eligibility requirements and credit Hits: 8 |
Tax_Credits_and_Other_Incentives_2024.pdffiscal years (FY) 2018-19 through FY 2023-24. It is separated into four categories: tax credits, spending or grants, job training programs and loan programs. The amount reported is an estimate of the dollars claimed or awarded each fiscal year 0 City Revitalization and Improve. Zone (CRIZ) 7.2 7.8 9.5 8.7 12.2 17.0 New Jobs 10.1 3.0 3.3 13.8 9.2 10.9 Beginning Farmers' -- -- -- -- 6.0 6.0 Historic Preservation Hits: 8 |
Revenue_Estimate_2024_06.pdfdeficit and impact on interest rates, (2) expiration (end of 2025) of federal tax cuts under the Tax Cuts and Jobs Act (TCJA), (3) uncertainty related to the federal election in November 2024 and on-going international conflicts and (4) consumer by 4.1% and 3.9%. Payroll Employment expands by 40,000 (annual average) and 37,000 net payroll jobs. Latest Data 2021 2022 2023 2024 2025 Real GDP 2023 Q4 3.8% 1.0% 2.2% 1.3% 1 Hits: 8 |
RB_2022_03_Student_Loan.pdfdata show a reduction in the employment-population ratio of 4.7 percentage points and 341,800 (-6.1%) payroll jobs from 2019 Q2 (pre-COVID) to 2021 Q2. (See table below.) For the 55-64 age cohort (potential early retirements dependent children, and so were not impacted by issues related to securing childcare or remote learning. Moreover, data from the job openings and labor turnover survey (JOLTS) show state job openings in 2021 Q2 and Q3 at the highest levels recorded Hits: 8 |
RB_2021_11_Economic_Development_Incentives.pdf16 through FY 2020-21. The brief divides economic development incentives into four categories: tax credits, state spending or grants, job training programs and state loan programs. The dollar amounts reported in the table for each category are estimates of the marketing campaign dropped 53% from $5.5 million in FY 2019-20 to $2.6 million in FY 2020-21. Job Training Programs In FY 2020-21, the Commonwealth spent $37.5 million on programs dedicated to job training and workforce Hits: 8 |
RB 2019 RACP.pdfbe used to estimate potential short-term employment impacts attributable to the new investment. The employment figures include new direct jobs generated from the grant (e.g., construction jobs) and indirect/induced jobs (e.g., a firm that supplies materials). The employment figures reflect both part- and full-time Hits: 8 |
PBB_2022_DLI_REPORT.pdfencourages labor-management cooperation; ensures safety, accessibility, independence, and financial sta- bility; and prepares the Commonwealth's workforce for the jobs of today and tomorrow. Our diverse team of compassionate, respectful, and hardworking public servants partners with labor and industry to Tax Services.............. Collect unemployment compensation taxes 3 Unemployment Comp. Appeals..................... Review appeals related to unemployment comp. 4 Workforce Development............................... Provide job training and employment services 5 Apprenticeship and Training Office............... Support the expansion of apprenticeship programs 6 Vocational Rehabilitation.............................. Assist disabled Hits: 8 |
PACB_Presentation_2021_8.pdf3.7% 6.0% October -- Wages-Salaries Paid -1.0% 1.5% 3.3% 12.0% 8.0% Change Payroll Jobs (000s) -517 -468 -444 -423 -362 Federal Stimulus ($ billions) $12.6 $3.6 $32.3 $10.8 $5.4 Philadelphia 4.2% Sept All Items Less Shelter -0.4% 0.8% 1.4% 5.8% Sept Notes: Change in Payroll Jobs is year-over-year change and compares to a no-pandemic scenario. Payroll jobs figure for 2021.3 reflects July Hits: 8 |
Official-Revenue-Estimate-2018-06.pdffrom 2017 into 2018 partly due to the federal income tax reduction enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. (See Table 1.1.) The forecast projects that: Real GDP (real gross domestic product, excludes inflation) will 4.2 percent (2019). Payroll Employment will expand by 62,500 (2018) and 57,000 (2019) net jobs. Table 1.2 (next page) compares the economic forecast used for the Independent Fiscal Office (IFO) official revenue estimate in June 2017 Hits: 8 |
Municipal_Analysts_Presentation.pdfPennsylvania State Data Center and IFO. October 19, 2017 11 Long-term downshift in economic growth. More service sector jobs; labor intensive. Jobs growth appears strong for 2017; same trends. Continued low inflation has mixed effects. Margins get squeezed. Hard to pass Hits: 8 |
MTR-2017-06.pdf31,670 $30,753 $917 Growth 2.5% 1.6% 42.4% Dollar amounts are in millions. SERVICE SECTOR DRIVES JOB GAINS The Quarterly Census of Employment and Wages (QCEW), issued by the U.S. Bureau of Labor Statistics, publishes quarterly data were released for the fourth quarter of 2016. For calendar year 2016, the data show that the number of jobs in Pennsylvania increased by 46,435, compared to 54,494 in the prior year. 1 The table below shows the Hits: 8 |
MSC_March_31_2021.pdf2.5 billion | consensus it is significant Labor market down, but nearly all other economic indicators strong Down 441k jobs in February from prior year Positives: housing market, sales tax revenues show strong growth Minimum wage, PIT changes and 0.2% 2.3% Sales-Use Tax Revenues 5.7% -14.5% 5.7% 5.4% 6.0% Change Payroll Jobs (000s) 29 -896 -517 -468 -450 Change Labor Force (000s) 51 -96 -160 -231 -229 Home Values 5.1% 4 Hits: 8 |
Lancaster_Chamber_Presentation_ Oct_6_2021.pdf0.3% 7.2% 4.8% Philadelphia CPI-U 1.3% 2.0% 0.9% 4.0% 3.4% Payroll Job Gains (000s) 69 56 -462 115 85 Note: Payroll Job Gains exclude self-employed. Source: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecast by Hits: 8 |
Labor_Market_Update_June_2021.pdfImpact of Federal Stimulus on Pennsylvania Job Creation Stalls This document provides a monthly update on the status of the state labor market and the pool of Initial Revenue Estimate released May 26, 2021.) Despite purchases motivated by the substantial transfer of federal funds, the latest payroll jobs data show that Pennsylvania employment gains have stagnated. The year-over-year change in payroll jobs is nearly identical for Hits: 8 |
Initial-Revenue-Estimate-2018-05.pdffrom 2017 into 2018 partly due to the federal income tax reductions enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. (See Table 1.1.) The forecast projects that: Real GDP (real gross domestic product, excludes inflation) will 4.2 percent (2019). Payroll Employment will expand by 62,500 (2018) and 57,000 (2019) net jobs. Table 1.2 (next page) compares the economic forecast used for the Independent Fiscal Office (IFO) official estimate in June 2017 to Hits: 8 |
IFO_PASBO_Oct_2024.pdf2% 2.2% 1.4% Wages and Salaries 2024 Q1 7.3% 7.7% 5.3% 4.3% 3.9% Job Gains (000s) Aug 2024 155 224 102 70 37 Philadelphia CPI-U Aug 2024 4.0% 7.9% 4.4% 3.4% 2.4% Note: Job Gains are payroll jobs only, excludes self-employed. Data in blue shade are estimates or forecasts. Source: U.S. Bureau Hits: 8 |
HAC testimony Feb 2019.pdfstate economy appears to be operating at full capacity, with the unemployment rate at 4.2% (December 2018), strong net jobs growth (roughly 73,000 net new payroll jobs in 2018) and wages increasing at a solid pace (4.3% for 2018 Q4). Moreover, median existing home values increased Hits: 8 |
2024_Initial_Revenue_Estimate_Presentation_Final.pdf2% 1.3% 1.4% Wages and Salaries 2023 Q4 7.3% 7.7% 5.5% 4.1% 3.9% Job Gains (000s) Apr 2024 155 224 102 40 37 Philadelphia CPI-U Apr 2024 4.0% 7.9% 4.4% 3.3% 2.4% Note: Job Gains are payroll jobs only, excludes self-employed. Data in blue shade are estimates or forecasts. Latest PA Economic Trends Hits: 8 |
TC_2022_Brewers.pdfthree years. The program is capped at $5.0 million annually. The credit seeks to generate economic activity and create jobs related to malt and brewed beverage manufacturing. The general findings of this report are as follows: ▪ Twelve states offer a in the state. ▪ Incentivize brewers to expand or upgrade in-state beverage manufacturing operations. Purpose ▪ Generate economic activity and create jobs related to malt and brewed beverage manufacturing. 2 An earlier version of the tax credit was available for malt or Hits: 7 |
Revenue-Proposal-Analysis-2018-04.pdfreduction to the IFO’s most recent CNIT baseline projection (includes impact of the federal Tax Cuts and Jobs Act of 2017). The estimate includes a behavioral impact that partially offsets the revenue loss due to the lower rate because corporations proposal. It should be noted that the data used for this analysis only reflect an individual’s primary job, and not secondary jobs. Hence, the actual number of Pennsylvania residents who receive less than $7.25 per hour be- cause they Hits: 7 |
RB_2022_12_Worker_Reduction_By_Age.pdfThe database includes approximately 90% of payroll employment, but excludes self-employed. The latest QWI data show that Pennsylvania payroll jobs declined by 151,000 (-3.0%, see table) from 2020 Q1 (pre-COVID, data from beginning of quarter) to 2022 Q1. Only two age cohorts recorded modest job gains during that time. 1 The second set of figures in the table shows the estimated change in population by Hits: 7 |
RB-2020-COVID-19 Local Revenue Impact.pdfbase. The analysis used two methods to project 2020 Q2 wage growth for each county based on (1) May statewide job loss data by sector, (2) county specific employment and wages paid by sector (CY 2019), (3) total unemployment compensation (UC compensation and net profits reported on the state tax return. 2 For 2020 Q3 to 2021 Q1, projected statewide job loss patterns were applied to each county based on the industry composition of its wage base for CY 2019. Overall Hits: 7 |
Presentation_PBC_6-12-14.pdfDemographic Waves: Baby Boomers and Others. o Very long term: trends through 2040. Economic Implications o Labor Force, Income and Jobs Composition, Growth. Budget Implications o Persistent tax base erosion due to demographics. 12.June.2014 2 Today’s Presentation 12 income. Source: Internal Revenue Service. Share of Total Income on Federal Tax Return By Income Type and Age Cohort Large Job Shift to Service Sector Since Recession o Healthcare, Professional and Food-Accommodation. o Reduction in Manufacturing, Government and Construction. For Hits: 7 |
Presentation-2018-11-19-CCAP.pdfCounty Commissioners Association of Pennsylvania November 19, 2018 1 Three Quick Updates Demographic projections and outlook (3 slides) Job creation and the PA labor force (3) FY 2019-20: a difficult budget year ahead (5) All material from Other -23,983 Total -5,540 Total -5,540 Source: U.S. Census Bureau. American Community Survey. PA Net Payroll Job Gains (000s) November 19, 2018 6 2016 2017 2018 Wholesale-Retail -3.8 -8.6 -6.9 All Government -1 Hits: 7 |
PBB_Board_Hearing_Sept_28_2021.pdfcredits (2020) ▪ 2 designated KSDZs | Aliquippa and Bethlehem (2 firms participate, 6 in zone) ▪ Program data (2020): 2,049 direct jobs, $102 million wages, avg wage $50k 11 states offer some form of Brownfield Redevelopment Credit ▪ Roughly half offer credits that offset a share of direct remediation costs ▪ PA and DE offer job tax credits to increase attractiveness of site ▪ PA only state to base tax credit on job creation only September 28 Hits: 7 |
MTR-2016-11.pdf10,836 $10,727 $110 Growth 1.5% 1.6% -4.5% Dollar amounts are in millions. NATURAL GAS DRILLING JOBS DECLINE AS PRODUCTION INCREASES Employment in the natural gas industry has been declining in Pennsylvania in recent years. Data from the Quarterly Census of Employment and Wages 1 show a significant reduction in natural gas drilling jobs through the first quarter of 2016. Conversely, data from the Pennsylvania Department of Environmental Protection reveal a significant increase in Hits: 7 |
Monthly_Economic_Update_March_2021.pdfthe inflation metric, but it is not the only measure of price changes in the economy. PA Adds 35,700 Jobs in January, Employment Down 455,000 from Prior Year On March 15, the U.S. Bureau of Labor Statistics released the January state employment report. On a seasonally adjusted basis, the largest job gains occurred in the education sector (excludes elementary and secondary school employment), which added 14,000 jobs (+6.9%) in Hits: 7 |
Monthly_Economic_Update_January_2021.pdfthe same rebound. For the fourth quarter of 2020, passenger vehicle trips declined 28.1% from 2019 levels. Pennsylvania Education Jobs Not Recovered as Pandemic Persists A recent article from the Wall Street Journal finds that the pandemic is exacerbating an ongoing teacher shortage, as nationwide public school employment fell to its lowest level since 2000. In Pennsylvania, education jobs at all levels and across both the public and private sector declined relative to the prior year. For November 2020 Hits: 7 |
Monthly_Economic_Update_August_2020.pdfPA Recovers Half of Jobs Lost From April Low, but Employment Growth Decelerates On August 21, the U.S. Bureau of Labor Statistics released the The data reveal that by July, nearly one-half (529,100, not seasonally adjusted) of the year-over-year (YOY) job losses since April (-1.1 million) have been recovered. However, the pace of the recovery is slowing. In July, Pennsylvania Hits: 7 |
IFO_Hearing_Packet_Feb2018.pdfDomestic Profits 6.4% -0.5% -2.8% 5.6% 11.7% 14.4% 1.9% 3.6% Labor Market Jobs Created (millions) 2.56 2.88 2.53 2.27 2.33 0.74 -0.38 2.46 Jobs Growth 1.9% 2.1% 1.8% 1.6% 1.6% 0.6% -0.3% 1.8% Average Wage 3 Hits: 7 |
Econ Summit Presentation Feb 28 2017.pdf2012 2013 2014 2015 2016 Real GDP 1.3% 1.6% 1.9% 1.8% 2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9% 3 2012 2013 2014 2015 2016 Real GDP 1.3% 1.6% 1.9% 1.8% 2.8% 0.7% Net Job Gains (000s) 64.7 39.9 14.7 47.6 48.6 43.5 Wages and Salaries 3.9% 3 Hits: 7 |
Budget_Hearing_Background-Feb2014.pdfIndependent Fiscal Office Overview 1 IFO Reports and Analyses 2 Published Revenue Estimates 3 The Pennsylvania Economy Employment 4 Employment – Job Gains / Losses 5 Inflation and Gasoline Prices 6 Consumer Debt 7 General Fund Revenues Sales and Use Tax – Nonmotor 8 be reached in late 2014 or 2015. PA Employment – Comparison to Pre-Recession Peak April 2008 peak = 5,824,600 jobs. February 2010 trough = 5,566,400 jobs. December 2013 = 5,761,600 jobs. Current Employment Statistics, seasonally adjusted. Source: U Hits: 7 |
2022_Mid_Year_Update.pdf2.0% 0.9% 3.7% 2.7% -- Jan 2022 2.0% 0.9% 4.0% 3.9% 2.4% Job Gains (000s) June 2021 56 -438 100 80 -- Jan 2022 56 -463 116 80 65 Note: Job Gains for payroll employment only. Excludes self-employed. Source: Historical data from U.S. Bureau of Economic Analysis and U Hits: 7 |
TC_2023_Waterfront_Development.pdfa five- year period. For the fifth year, the IFO reviewed four tax credits: the Manufacturing, Resource Manufac- turing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- five- year period. 2 For the fifth year, the IFO reviewed four tax credits: the Manufacturing, Resource Manufac- turing, Rural Jobs and Investment, and Waterfront Development Tax Credits. The act requires the IFO to submit tax credit reviews to the Performance- Hits: 6 |
Revenue_Estimate_Presentation_2022_05.pdfframe ▪ Inflation decelerates quickly towards Fed target | no recession Recession (~30%) ▪ Real GDP contracts | major stock market and housing correction ▪ Jobs stagnate or contract Stagnation or Growth Recession (~60%) ▪ Minimal real growth | continued strong inflation ▪ Real wages eroded in near term 4% 0.9% 1.4% Wages-Salaries 4.4% -0.3% 7.7% 7.8% 5.5% 4.3% Net Job Gains (000s) 56.1 -461.1 145.5 130.0 40.0 41.4 Philadelphia CPI-U 2.0% 0 Hits: 6 |
Revenue_Estimate_2021_05_Presentation.pdf2.4% -4.4% 3.6% 2.4% Philadelphia CPI-U 2.0% 0.9% 3.5% 2.7% Net Job Gains (000s) 56.0 -438.0 100.0 80.0 Wages-Salaries 4.3% -0.1% 6.7% 4.3% Home Price Index 5.1% 7.4% 11.9% -- Note: Net Job Gains for payroll employment only. Excludes self-employed and independent contractors. Home Price Index for 2021 is year-over-year Hits: 6 |
Presentation-Initial-Revenue-Estimate-2018-05.pdfOutlook May.01.2018 5 PA wage growth accelerates. Statewide annual wage growth ~+4.3%. Split: +1.0% job gains | +3.3% average wage. Non-motor sales tax recovers. Base growth rate: ~+5% last six months. Motor 6% 1.9% 2.3% 2.2% Wages-Salaries 4.1% 1.3% 3.3% 4.3% 4.2% Net Job Gains (000s) 47.3 50.0 62.9 62.5 57.0 Philadelphia CPI-U -0.1% 0.6% 1 Hits: 6 |
Presentation-2019-3-1-EPLC.pdf9% 3.9% Philadelphia CPI-U 0.6% 1.3% 1.8% 2.0% 2.1% 2.1% Net Payroll Jobs (000s) 50.0 62.9 66.9 60.1 54.7 52.1 Source: Historical data from the U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecast by IFO. Net PA Payroll Job Gains (000s) March 1, 2019 9 2016 2017 2018 Wholesale-Retail -3.8 -8.6 -6.9 All Government -1 Hits: 6 |
Presentation-2018-08-PA-State-Association-Boroughs.pdf Disclaimer: trends may not translate to all local units. Aging’s impact on the state economy. Economic growth. Job Creation. Spending patterns. Service sector jobs. Slower growth. Housing pressures. Transition to local unit trends. Earned income tax and property tax. Focus on wage Hits: 6 |
PBB_2021_DHS_REPORT_ADDENDUM.pdfrequesting a child abuse clear- ance. The CPSL was expanded in 2015 to include clearance requirements for volunteers and other jobs involving direct contact with children. The clearances and verification are valid for five years in accordance with the CPSL. Approximately Percent Above PA's Minimum Wage on Average 1 Source: National Core Indicators, In-Person Survey (2018-19). 1 Community jobs without publicly-funded supports only. PA Has an Average Level of Employment for Persons With ID/Autism 0.27 0 Hits: 6 |
Newsstand_March_2020.pdfupdated payroll employment data for states and met- ropolitan areas. The revision increased average Pennsylvania payroll employment by 15,900 jobs for calendar year 2019. The following sectors recorded notable increases due to the revision: manufacturing (10,300 jobs), administrative-waste management (7,300 jobs) and healthcare-social assistance (1,600 jobs). The seasonally adjusted year-over-year increase Hits: 6 |
MER-2014-01.pdfPennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 9% 15.6% n.a. Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales‐Use Taxes Year‐ Hits: 6 |
Ironman_Triathlon_Impact_Analysis_2024_04.pdfspending data were input into the IMPLAN input- output model. The model converts new spending into economic impacts such as jobs supported, compensation paid and final sales or output. The economic impacts include (1) the direct effect of new spending (e that $1.5 million in employee wages and self-employment income were generated for Pennsylvania workers related to the event. • Jobs: The number of full-time equivalent jobs supported by event spending. Although the event took place within a single week Hits: 6 |
IFO - Economic and Budget Outlook - January 2012.pdftheir pre-recession peaks to recession trough, data reveal steep declines in payroll employment (-5.9 percent, 8.2 million jobs) and real non-residential investment (-18.5 percent, $287 billion). Although recent data show that real investment spending has partially US unemployment rate fell to 8.5 percent, the lowest level since February 2009, as the economy added 200,000 jobs. Consumers reflect the improving labor market in their outlook. The University of Michigan’s Index of Consumer Sentiment increased for Hits: 6 |
Demographics_Outlook_2022.pdf800 5,900 6,000 6,100 6,200 6,300 2018 2020 2022 2024 2026 2028 2030 Thousands of jobs LFPRsby age group return to 2018‐2019 levels, 5% unemployment rate LFPRsby age group stay at 2021 levels, 5% unemployment likely require a higher LFPR. Figure 4.2 estimates the LFPRs necessary to reach a net gain of 50,000 jobs per year for two age categories: (1) individuals 16 years of age or older and (2) individuals age 16 to Hits: 6 |
2020_Mid_Year_Update.pdf3% 0.6% 2.6% 2.1% Wages-Salaries 4.1% 1.3% 4.0% 4.3% 4.4% Net Jobs Creation (000s) 46.2 48.8 58.8 65.6 45.6 U.S. Financials Corporate Domestic Profits -1.5% 4% 3.3% 1.7% 2.1% -- Wages-Salaries 3.2% 4.6% 4.6% 4.3% 4.1% Net Jobs Creation (000s) 60.4 50.8 49.4 37.3 41.1 U.S. Financial Corporate Domestic Profits 7.3% Hits: 6 |
TC_2021_Video_Game_Production.pdfrebates also get funds to firms more quickly. To increase the impact of the tax credit on business formation/job creation, consideration should be given to limiting the tax credit (or grant) to young firms that may not be viable expenses, general employment, production employment and proof of marketing requirements. 9 A Final Employees form lists the identifying information (including job description) of any employee, both resident and non-resident, who worked on the video game production. Section 2: VGP Tax Hits: 5 |
Senate_Appropriations_Committee_Response_Letter_2021.pdfrequests for additional information raised at the recent budget hearing for the Independent Fiscal Office (IFO). Senator Schwank asked about job loss due to the COVID-19 pandemic by gender and the permanency of job loss. The COVID-19 pandemic had a disparate impact on men and women in the workforce. The U.S. Bureau Hits: 5 |
Revenue-Estimate-2019-05-Presentation.pdf20 Independent Fiscal Office May 20, 2019 Main Themes PA economy performs as expected in 2018 GDP, wage and jobs growth close to forecast Other factors drive large revenue gains for FY 2018-19 Taxation of internet sales (permanent 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4.0% New Jobs (000s) June 2018 50.0 62.9 62.5 57.1 May 2019 48.8 58.8 65.6 57 Hits: 5 |
Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdfNext Two. • Demographic Waves: Baby Boomers and Others. Economic Implications. • Size of Labor Force and Participation Rates Important. • Income and Jobs Composition Changes. Expenditure and Revenue Implications. • Expenditures Affected by Population Growth in Groups. • Aging Populace Contributes to Tax Base Erosion 12 12.May.2016 Labor Force May Contract Aging of Workforce Labor Participation Rates Must Increase Composition of Income Changes Jobs Shift to Service Sectors thousands of residents PA Labor Force May Contract 80 100 120 140 160 180 200 2005 Hits: 5 |
Presentation-2018-06-PICPA.pdfstatewide growth is strong. Withholding growth +4.4% since start of FY 17-18. Rough split: +1.1% job gains | +3.3% average wage. Non-wage income - solid gains too. Capital gains, interest, dividends, net profits. No GDP 2.6% 0.9% 1.9% 2.3% Wages-Salaries 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 47.3 50.0 62.9 62.5 Philadelphia CPI-U -0.1% 0.6% 1.3% 1 Hits: 5 |
PA_Chamber_June_17_2021.pdfof federal monies injected into state ▪ What happens to income levels when support is removed? When do workers return? Will jobs be available? ▪ IFO forecast: 2022 output exceeds 2019 w/ ~250,000 less workers What are implications for General Fund revenues bubble federal transfers removed Cash Income – all personal income received or realized that can be spent or saved PA Payroll Jobs Creation Stagnates June 17, 2021 5 -1,200 -900 -600 -300 0 300 month-to- month change year-over- year Hits: 5 |
NewsStand_2019_August.pdfAugust 2019 | | www.ifo.state.pa.us Pennsylvania News National News IFO NEWS STAND Women Drive 80% of Job Growth in Health Care since 2000 On August 14, the U.S. Census Bureau reported that the number of full- health care workers grew from 5 million to 9 million since 2000. In 2017, three-quarters of these health care jobs were filled by women. Registered nurses were the most common job in health care in 2017, and more than 85% Hits: 5 |
Newsstand_2018_June.pdfwill be based. The data show a clear strengthening of the Pennsylvania labor market through 2017 in terms of net job gains. The average level of annualized net job gains during the year was as follows: Q1=56,400, Q2=60,150, Q3=61,760 and Q4=65,380 Hits: 5 |
NAP-2018-03.pdfProvides a tax credit of up to 55 percent of eligible contributions to affordable housing, community service, crime prevention, education, job training or neighborhood assistance projects. (See Eligible Project Categories in the next section.) Special Program Priorities (SPP) – Provides a tax Economic Development – The construction or rehabilitation of commercial or industrial buildings, the removal of blight, increased access to employment and job training, education and community service opportunities, and/or crime prevention. Community Services – The provision of counseling or advice, emergency assistance Hits: 5 |
MTR-2019-09.pdfUnemployment Rate 1 3.7% 3.7% 3.7% n.a. 3.8% 3.9% 3.9% n.a. Net Job Gains (000s) 2 178.0 159.0 130.0 n.a. 45.4 36.5 32.9 n.a. Average Domestic Product 7 2.9% 1.1% 3.1% 2.0% 3.2% 2.5% 2.9% n.a. Net Job Gains (000s) 2 189.3 233.3 173.7 152.0 64.1 60.5 50.8 45.4 Personal Hits: 5 |
MTR-2019-08.pdfUnemployment Rate 1 3.6% 3.7% 3.7% n.a. 3.8% 3.8% 3.9% n.a. Net Job Gains (000s) 2 62.0 193.0 164.0 n.a. 51.9 45.4 37.7 n.a. Average Domestic Product 7 2.9% 1.1% 3.1% 2.0% 3.2% 2.5% 2.9% n.a. Net Job Gains (000s) 2 189.3 233.3 173.7 157.0 64.1 60.5 50.8 45.4 Personal Hits: 5 |
MTR-2019-07.pdfUnemployment Rate 1 3.6% 3.6% 3.7% 3.7% 3.8% 3.8% 3.8% n.a. Net Job Gains (000s) 2 216.0 62.0 193.0 164.0 50.9 51.9 47.7 n.a. Average Domestic Product 7 2.9% 1.1% 3.1% 2.1% 3.2% 2.5% 2.9% n.a. Net Job Gains (000s) 2 189.3 233.3 173.7 170.7 64.1 60.5 50.8 47.7 Personal Hits: 5 |
MTR-2015-08.pdfChaɈgiɈg EcɉɈɉɇɓ AɈd Neɑ RegɏɆaɎiɉɈɍ The banking industry is an integral part of the Pennsylvania economy, and supports thousands of jobs by matching borrowers and lenders. The industry has been evolving in recent years due to economic pressures and new financial pace as the Pennsylvania economy. However, due in part to consolidation, industry employment has contracted by roughly 6,000 payroll jobs from 2006 to 2014. Preliminary data through June 2015 indicate a further contraction of roughly 1,000 payroll jobs. Currently Hits: 5 |
MQRE-FY19-20-Aug.pdfmillion: CNIT ($2.2 million), gross receipts tax (GRT) ($2.8 million) and PIT annual ($2.2 million). Job Creation Tax Credit (Act 13) The act establishes a sunset date of June 30, 2020 for the tax credit. This provision is July 1, 2019. Prior Law Previously, a company could claim a tax credit of $1,000 per new job created, or $2,500 per each new job created if the newly created job was filled by a veteran or an unemployed Hits: 5 |
Initial_Estimate_May_2017_Presentation.pdf2.0% Wages-Salaries June 2016 3.2% 3.7% n.a. May 2017 2.8% 3.5% 3.8% Job Gains (000s) June 2016 50.1 50.6 n.a. May 2017 52.2 55.7 54.1 3 02 7 State-Federal Gov’t 0.3 0.9 0.1 All Other 1.5 9.3 4.4 Annual Job Gains 46.7 52.2 55.7 Note: Professional Services includes the Management and Administrative sectors. Source: U.S. Bureau Hits: 5 |
IFO_Hearing_Packet_Feb2019.pdfProgram Tax Credit (April 2018) Film Production Tax Credit Review (January 2019) Historic Preservation Tax Credit Review (January 2019) New Jobs Tax Credit Review (January 2019) • Wage Contracts ALES Wage Contract Analysis (February 2018) UGSOA Wage Contract Analysis (March 2018) • Natural March 2018) Federal Tax Code Conformity Analysis (April 2018) Corporate Net Income Tax Rate Reduction (April 2018) Tax Cut and Jobs Act Update (August 2018) IFO News Stand (select months) • Property Tax School District Property Tax Forecast (January 2018) Fiscal Impact Hits: 5 |
Five_Year_Outlook_Presentation_2023_final.pdf2.3% Wages and Salaries 7.3% 7.7% 5.0% 3.3% 3.7% 3.9% 3.9% Payroll Jobs (000s) 155 227 145 15 31 37 37 U.S. Corporate Profits 28.7% 12.6% 10.1% 0.0% -6.1% -2.6% 0.4% Note: Payroll Jobs exclude self-employed and independent contractors. U.S. Domestic Corporate Profits forecast from S&P Global. Forecast made November 2023 Hits: 5 |
Five_Year_Outlook_Presentation_2022.pdfThemes Demographics ▪ Working age cohort (age 20-64) continues to contract ▪ Labor force participation rates must increase rapidly to facilitate jobs creation Economics ▪ Simulation assumes no recession, but no growth for CY 2023 Revenues ▪ Inflation boosts stock and home values | capital 5 Jul 17 63.4 Jul 21 62.4 Jul 22 62.3 LFPRs Needed to Facilitate 50,000 New Jobs per Annum November 15, 2022 7 Published Series Adults age 16+ +0.5 ppts each year Adjusted Series Adults age Hits: 5 |
Five_Year_Outlook_Presentation_2021.pdfworkforce still contracts ▪ COVID: ~30,000 excess deaths in 2020 + 2021 | small baby bust 2021 ▪ No longer-term impacts Economics jobs and inflation ▪ Will workers return? | impact of general price and asset inflation ▪ Does a wage-price spiral emerge? Revenues permanent profit margins ▪ Consumer spending: more goods, fewer services, less gasoline Others fully revert: labor force participation rates recover ▪ But permanent job loss remains ~350k No further COVID variants that warrant mitigation efforts November 15, 2021 4 Pennsylvania Demographics - Decennial Census Update Hits: 5 |
Five_Year_Outlook_2016_IFO_PPT.pdf3% -2% -1% 0% 1% 2% 3% 4% 5% 1996 2000 2004 2008 2012 2016 2020 PA US +47,000 jobs per annum 3.2% average wage growth 2.1% inflation 1.1% real wage increase also known as a “flat 9% Wages and Salaries 2.8% 3.3% 3.9% Philadelphia CPI-U 2.5% 1.2% 2.1% Payroll Job Gains (000s) -3.8 43.3 47.5 11/15/2016 16 PA Annual Growth Rates 2013 2014 2015 2016 Hits: 5 |
EPLC Feb 2020 FINAL.pdf4% 3.9% 4.0% Philadelphia CPI-U 1.3% 1.3% 2.0% 1.8% 1.9% Net Payroll Jobs (000s) 58.8 65.6 45.6 45.4 45.7 Source: Historical data from the U.S. Bureau of 19.6 -- Residents Age 20-64 -23.9 -32.5 -32.2 -26.7 -30.6 -32.4 Net Payroll Jobs 46.2 48.6 58.8 65.6 45.6 45.4 Unemployment Rate 5.3% 5.4% 4.9% Hits: 5 |
CompetePA_March_11_2021.pdfavailable for certain spending priorities next year Labor market down, but nearly all other economic indicators strong Down 472k jobs in December from prior year IFO projects six years needed to return to pre-pandemic level Minimum wage, PIT to 25-26 (Jan 2021). PA Macroeconomic Indicators for 2020 Q4 March 11, 2021 4 PA Economic Negatives Notes Payroll Jobs -460,000 no near term recovery Labor Force -231,000 reasons unclear Small Business Revenue -28% no recovery in 2021 Hits: 5 |
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdfquality of life, economic activity and incomes that result from online access to healthcare, edu- cation, community resources, job training, shopping, etc. These reports largely assume that the incentivized broadband investment occurs in unserved or underserved geographic areas. Under those conditions in earnings. 20 It is noted that the employment figure in Table 4.1 does not represent permanent jobs. Line 14 The Pennsylvania personal income tax (PIT) rate of 3.07 percent multiplied by the sum of (1) 25 percent of Hits: 4 |
Revenue-Update-2020-04.pdfdecline by 1.7 percent. The unemployment rate increases to 8.7 percent and employment contracts by 264,000 jobs (both full- and part-time). That figure represents the average job loss over the entire year and excludes self- employed and independent contractors. The actual employment contraction in 2020 Q2 will Hits: 4 |
REU-2019-12.pdfPrior to the implementation of the cap on state and local tax (SALT) deductions under the federal Tax Cuts and Jobs Act (TCJA), taxpayers had an incentive to pay their last PIT quarterly payment for the current tax year in December Unemployment Rate 1 3.5% 3.6% 3.5% n.a. 4.0% 4.2% 4.3% n.a. Net Job Gains (000s) 2 193.0 156.0 266.0 n.a. 33.3 34.5 38.6 n.a. Average Hits: 4 |
REU-2019-11.pdfUnemployment Rate 1 3.7% 3.5% 3.6% 3.5% 3.9% 4.0% 4.2% n.a. Net Job Gains (000s) 2 219.0 180.0 128.0 266.0 32.2 33.3 34.0 n.a. Average Domestic Product 7 1.1% 3.1% 2.0% 2.1% 0.4% 3.3% 1.7% n.a. Net Job Gains (000s) 2 233.3 173.7 152.0 188.3 60.5 50.8 45.4 33.3 Personal Hits: 4 |
RB_2021_11_Wage_Growth.pdf1984. The total wages metric displays stronger growth because it is a broader measure that includes the impact of new jobs added from the prior year (or rehires) and employment shifting across industries (i.e., leaving a low-wage job for a higher one). To examine wage trends for Pennsylvania, the graph below uses total wage data through 2021 Q2 Hits: 4 |
Presentation_PICPA_9-24-2013.pdf4.0% May 2013 Forecast 3.0% 2.8% 4.1% Sept 2013 Forecast 3.0% 1.7% 3.9% Job Gains (000s) Dec 2012 Forecast 34 68 79 May 2013 Forecast 44 32 67 Sept 2013 Forecast 44 25 68 Wage withholding comprises nearly one-third General Fund revenues. Growth in withholding will reflect two factors: oIncrease in number of jobs. oAny wage and salary growth due to raises or inflationary adjustments. oGains very modest. oConsistent with weak hiring. 24 . Sept Hits: 4 |
Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdfand Salaries 3.7% 2.2% 4.1% 1.8% Consumer Prices 0.1% ‐0.3% ‐0.4% 0.3% Job Gains (000s) 44.9 44.4 46.3 57.4 Realty Transfer Tax 12.4% 20.4% 18.8% 13 1.8% 4.0% 3.4% 3.7% Consumer Prices 1.8% 1.2% 1.3% ‐0.1% 1.0% Job Gains (000s) 39.9 14.7 47.6 48.6 52.4 Realty Transfer Tax 12.7% 13.5% 8 Hits: 4 |
Presentation-2018-06-Philly-Pitt-Chambers.pdf6% 0.9% 1.9% 2.3% Wages-Salaries 3.9% 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 48.0 47.3 50.0 62.9 62.5 Philadelphia CPI-U 1.3% -0.1% 0 6.1% 6.7% 6.3% Pittsburgh MSA 4.2% 3.6% 5.2% 4.4% 6.9% Note: Net job gains exclude self-employed. Values for 2018 reflect data for the first quarter of 2018 (house price index) or are Hits: 4 |
Presentation-2018-06-PASBO.pdf6% 0.9% 1.9% 2.3% Wages-Salaries 3.9% 4.1% 1.3% 3.3% 4.3% Net Job Gains (000s) 48.0 47.3 50.0 62.9 62.5 Philadelphia CPI-U 1.3% -0.1% 0 6.1% 6.7% 6.3% Pittsburgh MSA 4.2% 3.6% 5.2% 4.4% 6.9% Note: Net job gains exclude self-employed. Values for 2018 reflect data for the first quarter of 2018 (house price index) or are Hits: 4 |
PICPA_Presentation.pdffor FY 2016-17. Negative (base) revenue growth through May. Revenue shortfall approaches ~$1.0 billion. Economic Update. Lots of jobs created, does not translate to spending. Weak spending yields minimal profits growth. Budget Proposals and Tax Burden Rankings. Deficit projections and SUT changes. PIT wage and tax revenue growth control for extra deposit day in prior fiscal year. Strong job gains through 2017 Q1. Very strong gains in healthcare sector. Manufacturing, mining and retail sector contract. Total Hits: 4 |
PICPA Presentation_ June 11, 2019.pdfDirector, Independent Fiscal Office June 11, 2019 Main Themes PA economy performed as expected in 2018 GDP, wage and jobs growth was close to forecast Other factors driving large revenue gains for FY 18-19 Taxation of internet sales 2018 1.3% 3.8% 4.3% 4.2% May 2019 1.3% 4.0% 4.0% 4.0% New Jobs (000s) June 2018 50.0 62.9 62.5 57.1 May 2019 48.8 58.8 65.6 57 Hits: 4 |
PBB_Board_Hearing_Apr_26_2021.pdfof spending is incentivized by the tax credit? ▪ What type of spending and industries are affected? ▪ Use IMPLAN to estimate jobs, output and “multiplier” impacts Economic metrics for NAP, EEEP and VGP ▪ Gross ROI vs. net ROI (deducts alternative use of monies) ▪ Output or spending | labor earnings | number of jobs ▪ Not possible to estimate certain spillover effects and synergies ▪ Keys: incentivization parameter, “leakages” and “injections” April 26, 2021 2 Some Hits: 4 |
PBB_2021_DMVA_REPORT_ADDENDUM.pdfand structure. There is a focus on eight core components of academic excellence, phys- ical fitness, leadership/followership, responsible citizenship, job skills, service to the community, health and hygiene and life-coping skills. During the one-year post-residential phase, graduates return to their com- munities to complete high school, pursue higher education, find a job, join the military or volunteer at least 30 hours a week as a placement. Screened mentors assist academy graduates during Hits: 4 |
PACBI_Presentation_March_13_2023.pdfblock grants ($865m). PA Labor Market: Pre vs Post Pandemic March 13, 2023 4 2019 Q4 2022 Q4 Change Number Jobs (000s) Establishment Survey (# jobs) 6,142 6,099 -42 Household Survey (# people) 6,314 6,222 -92 Labor Force (age 16+) Number (000s) 6 Hits: 4 |
NewsStand_2019_September.pdfwere as follows: New Jersey (21st), Ohio (22nd), West Virginia (24th), New York (40th), Maryland (45th) and Delaware (50th). Retail Jobs Decline Reflects National Trend in Store Closures A September 11 WSJ article highlighted the continued decline of the national retail number al- ready exceeds the approximately 6,000 brick and mortar stores that closed in all of 2018. State retail jobs num- bers released on September 20 by the U.S. Bureau of Labor Statistics reflect retailers’ decisions to reduce their Hits: 4 |
NewsStand_2019_May.pdfand student loans (4.3%). By comparison, total per capita debt for all U.S. consumers increased by 2.4%. Jobs in Retail Sector Contract Significantly Through April 2019 On May 17, the U.S. Bureau of Labor Statistics released state jobs figures for April. For the first four months of the calendar year, the data show that payroll jobs in the Hits: 4 |
Newsstand_2019_April.pdfof Labor Statistics released state employment data for March. The data reveal a nota- ble slowdown in the number of jobs created for 2019 Q1. The annualized pace of net jobs creation for that quarter show an increase of 44,600 jobs (not seasonally adjusted) compared to the same quarter in Hits: 4 |
Monthly_Economic_Update_October_2020.pdfof Labor Statistics recently released monthly state employment data. For September, Pennsylvania payroll employment grew by 1.2% (68,000 jobs) from August but declined by -7.8% (-477,000 jobs) from September 2019. (Note: data used are not seasonally adjusted.) Of particular note, the education (-15.0% decline from last Hits: 4 |
Monthly_Economic_Update_July_2020.pdffrom a record high of 16.1% in April 2020. Pennsylvania nonfarm-payroll employment grew by an estimated 231,500 jobs (4.5%) since May. When compared to June 2019, nonfarm-payroll employment fell by 620,300 jobs (-10.2%) and the number of unemployed Pennsylvanians grew by 546,000 (198.4%). All industries experienced employment growth between Hits: 4 |
MER-2013-11.pdfr 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 4 |
IFO_Testimony_Feb2018.pdflike to briefly discuss recent economic and revenue trends, as well the potential impact of the federal Tax Cuts and Jobs Act (TCJA). Revenue Update Through January, the IFO revenue estimate is holding up well, and actual revenues are up roughly seems to be in a good position, with the latest Philadelphia CPI-U reading running low (0.8% in December), jobs growth strong (roughly 60,000 net new jobs last year) and wages increasing at a solid pace (4.2% in Hits: 4 |
IFO_Hearing_Materials_March_2023.pdf56.7 58.1 59.2 -3.1 -1.7 -0.6 Pennsylvania Labor Market Note: Data are seasonally adjusted. Jobs data measures number of residents employed and includes self-employed individuals. Source: Household Survey, U.S. Bureau of Labor Statistics Keystone Innovation Zone (KIZ) 15.3 15.1 15.0 15.0 15.0 15.0 Tax Credit for New Jobs 10.1 3.0 3.3 13.8 9.2 10.9 Resource Enhancement and Protection 5.4 5.6 Hits: 4 |
IFO_Hearing_8-30-2017.pdfNovember. Related to revenues, the state economy is performing as expected. Through July, the labor market produced 62,800 net jobs (preliminary, average gain) relative to the same time period last year. That is a solid figure compared to recent years for FY 2017-18 are IFO estimates from June 15, 2017. Data for August 2017 are preliminary. Economic Update Annual Job Gains (000s) Annual Growth Rates Sector 2015 2016 2017 PA Economic Variables 2015 2016 2017 Mining -3.8 -9.0 Hits: 4 |
IFO-Presentation-11-14-2019.pdfrecord PA labor market shows signs of slowing Minor deceleration of wage growth in 2019 Q3 (prelim) Net job gains down notably from last year (very prelim) Other state fundamentals remain in good shape Home sales sluggish, but 6% 3.8% Philadelphia CPI-U 0.6% 1.3% 1.3% 1.8% 1.5% 1.8% Net Payroll Jobs (000s) 48.8 58.8 65.6 52.0 45.4 45.8 Source: Historical data from the U.S Hits: 4 |
2018_Mid-Year_Update.pdf4.3% 4.6% 4.3% n.a. Philadelphia CPI-U 2.1% 1.0% 1.4% 0.8% Net Job Gains (000s) 68.9 57.2 69.8 70.2 Note: Real GDP and components are quarterly annualized rates. All others are year-over-year. Job gains represent annual rate of net job creation. All data except CPI-U are preliminary and subject to revision. Sources Hits: 4 |
2012-07 Monthly Economic Summary10.pdfindividuals unemployed divided by the labor force. Data are from the US Department of Labor - Survey of Households. Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. Data are from the US individuals unemployed divided by the labor force. Data are from the US Department of Labor - Survey of Households. Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. Data are from the US Hits: 4 |
Testimony-02-2020.pdf2.6% 2.1% 1.9% Inflation -0.1% 0.6% 1.3% 1.3% 2.0% 1.8% Payroll Jobs (000s) 46.2 48.8 58.8 65.6 45.6 45.4 Wages and Salaries 4.1% 1.3% 2.8% 2.1% 1.9% -- Inflation 1.7% 1.3% 1.5% 2.0% 2.3% 2.2% Payroll Jobs (000s) 64.1 60.4 50.8 49.4 37.3 41.1 Wages and Salaries 4.3% 3.2% Hits: 3 |
Special-Funds-Response-Letter-03-08-2019.pdfOversight 31,575 Table 1 - Special Fund Disbursements for FY 2018-19 Primary Agency Fund Name Available Labor and Industry Job Training $0 Rehabilitation Center 23,155 Liquor Control Board State Stores 2,742,307 Military and Veterans Affairs State Treasury 959 24,997 37,524 31,575 Difference 26,197 2,945 -12,643 9,166 -3,604 -2,128 Job Training Fund Receipts 3 153 1 3 5 8 Disbursements 257 152 0 0 0 0 Difference -254 1 1 Hits: 3 |
Senate_Appropriations_Committee_Response_Letter_2024.pdfchanged by that amount. For example, a filer could retire and move to Florida, while another Pennsylvania resident fills the job vacancy. The dataset contains the latest state-level migration from 2019 to 2020, based on returns filed and processed during Pennsylvania to select border states. Senator Santarsiero requested data on minimum wage part-time workers and how many have multiple jobs. To the extent possible, this information will be included in the IFO’s analysis of the Governor’s revenue proposals Hits: 3 |
Roundtable_Jan_24_2023.pdf3.9% Philadelphia CPI-U 0.9% 4.0% 7.9% 4.5% 2.8% 2.5% 2.3% Payroll Job Gains (000s) -461 146 180 0 30 39 42 Note: Payroll Job Gains exclude self-employed and independent contractors. Source: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Hits: 3 |
REU-2020-02.pdfUnemployment Rate 1 3.5% 3.5% 3.6% n.a. 4.3% 4.5% n.a. n.a. Net Job Gains (000s) 2 261.0 147.0 225.0 n.a. 39.4 38.0 n.a. n.a. Average Domestic Product 7 3.1% 2.0% 2.1% 2.1% 3.3% 1.7% 2.1% n.a. Net Job Gains (000s) 2 139.0 159.0 203.0 197.7 50.8 45.4 33.3 38.0 Personal Hits: 3 |
REU-2020-01.pdfUnemployment Rate 1 3.6% 3.5% 3.5% n.a. 4.2% 4.3% 4.5% n.a. Net Job Gains (000s) 2 152.0 256.0 145.0 n.a. 34.5 39.4 38.0 n.a. Average Domestic Product 7 3.1% 2.0% 2.1% 2.1% 3.3% 1.7% 2.1% n.a. Net Job Gains (000s) 2 173.7 152.0 192.7 184.3 50.8 45.4 33.3 38.0 Personal Hits: 3 |
REU-2019-10.pdfUnemployment Rate 1 3.7% 3.7% 3.5% 3.6% 3.9% 3.9% 4.0% n.a. Net Job Gains (000s) 2 166.0 219.0 180.0 128.0 36.5 32.2 31.0 n.a. Average Domestic Product 7 1.1% 3.1% 2.0% 1.9% 2.5% 2.9% n.a. n.a. Net Job Gains (000s) 2 233.3 173.7 152.0 188.3 60.5 50.8 45.4 31.0 Personal Hits: 3 |
RB_2024_04_Older_Workers.pdfage and transitions. It is noted that the database excludes self-employed individuals and includes roughly 88% of all payroll jobs in a quarter due to various criteria that are applied for inclusion in the database. The table shows the change PA Payroll Employment: 2023 Q3 vs 2019 Q3 Note: Excludes self-employed. The data represent roughly 88% of all payroll jobs. During the four-year time period, total payroll jobs increased by 22,500 (+0.4%) versus 48,200 (+0.9% Hits: 3 |
RB_2023_02_ChildCare.pdfthe onset of the COVID-19 pandemic and related mitigation efforts, many firms have struggled to retain employees and fill job vacancies. That outcome could be partly due to a lack of affordable child care options for working families, as the number of child care workers was down by 2,300 (-5% from December 2019), as the industry recovered 3,000 jobs in CY 2021 and 2,400 jobs in CY 2022. The American Rescue Plan Act (ARPA) of 2021 included $24 Hits: 3 |
Presentation-2019-01-Mid-Year-Update.pdf6% 1.3% 1.8% 2.2% Jan 2019 0.6% 1.3% 1.5% 1.8% 2.0% Net Jobs (000s) Jun 2018 50.0 62.9 62.5 57.1 Jan 2019 50.0 62.9 70.9 58 2% 2.2% 2.2% 2.0% Wages-Salaries 3.9% 1.5% 4.0% 4.1% 4.0% Net Jobs (000s) 47.3 50.0 62.9 70.9 58.7 U.S. Financials Corporate Domestic Profits -3.5% -1 Hits: 3 |
MTR-2017-05.pdfdebt more than offset a slight decline in mortgage debt. Second, the PA labor market could be weak, generating few jobs and minor gains in take home pay. However, data for January to April 2017 suggest a strong labor market that created 63,000 net new jobs (annualized rate), compared to 52,200 for CY 2016. Moreover, withholding tax revenues show solid growth in take home pay Hits: 3 |
MTR-2016-10.pdfin the state, it is useful to decompose it into two parts: (1) the growth in employment, or number of jobs (full and part-time, orange bars) and (2) the growth in the average annual wage (blue bars) paid to workers. During the prior expansion, employment increased at an average rate of 0.8% per annum, or nearly 50,000 jobs. With the exception of 2013 (0.3% growth due to significant contraction in the government sector), the current recovery has Hits: 3 |
MTR-2016-06.pdfDollar amounts are in millions. ECONOMIC UNCERTAINTY INCREASES In recent months, U.S. economic uncertainty has increased due to weak job growth, tepid business investment and pressure on corporate profits. Those economic indicators can be used to assess the probability of Based on data from the first five months of the year, the state is on pace to add 54,500 jobs in 2016, which is comparable to last year’s average gain of 48,600. During the same five months, sales Hits: 3 |
Monthly_Economic_Update_September_2020.pdffuture business conditions, or could be a result of people entering the gig economy to diversify income sources after payroll job losses due to the COVID-19 pandemic. The growth in Pennsylvania business applications lags national trends. U.S. cumulative business IRS released state-level data for tax year 2018 that reveal the significant impact of the federal Tax Cuts and Jobs Act (TCJA) of 2017 on Pennsylvania residents that filed a federal income tax return. Major provisions of the act include Hits: 3 |
Monthly_Economic_Update_April_2020.pdfPennsylvania March Jobs Growth Flat The U.S. Bureau of Labor Statistics recently released March employment data for Pennsylvania. Year-over-year total non-farm employment growth was essentially flat (0.1%, 6,200 jobs, not seasonally adjusted). The transportation-utilities (2.8%), financial activities (2.2%) and education-healthcare service (1.0%) industries had Hits: 3 |
mid-year-FY14-15-presentation.pdfWages June 2014 3.2% 3.8% n.a. some risks Jan 2015 3.2% 3.6% 3.8% Average Job Gains (000s) June 2014 40.3 52.9 n.a. hit target Jan 2015 41.7 48.7 54.8 0 ‐12.0 ‐5.3 ‐3.3 All Other 18.5 7.3 ‐3.3 8.4 7.3 Total Job Gains 63.7 39.9 16.6 41.7 48.7 Source: U.S. Bureau of Labor Statistics. 2014 is Hits: 3 |
IFO_PASBO_Presentation_Nov_2021.pdf4.0% Philadelphia CPI-U 1.3% 2.0% 0.9% 4.3% 3.9% 2.4% 2.3% Payroll Job Gains (000s) 69 56 -463 115 80 65 59 Stimulus ($ billions) --- --- $64 $54 $2 --- --- Note: Payroll Job Gains exclude self-employed. Source: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecast by Hits: 3 |
CNIT-Rate-Cut-2018-04.pdfthe rate cut over time, workers and consumers could also benefit. In the recent debate regarding the Tax Cut and Jobs Act (TCJA) of 2017, the following studies or papers were cited. All incidence figures refer to the assumed long‐run profit shifting to foreign entities in the static estimate. 13 See “Preliminary Details and Analysis of the Tax Cuts and Jobs Act,” Tax Foundation, Special Report No. 241 (December 2017) for an itemization of dynamic effects from the TCJA of 2017 Hits: 3 |
Budget_Hearing_Background_Feb2016.pdfFor Pennsylvania, positive fundamentals include: A stable labor market. For 2015, the Pennsylvania economy generated 54,800 additional payroll jobs, up from 45,800 in 2014. Relative to income, consumer debt levels have declined dramatically during the past decade Consumer Outlook Page(s) The U.S. economy shows signs of a possible slowdown. 1 For 2015, Pennsylvania recorded solid job gains (+54,800) and very low inflation. 2 Relative to income, consumer debt levels continue to fall. Student debt increases Hits: 3 |
2013-07 Monthly Economic Summary.pdfy 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 3 |
2013-05_Monthly_Economic_Summary.pdfy 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 3 |
2012-09 Monthly Economic Summary 7.pdf54 1,362 1.7% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- 6 3.51 1.3% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 3 |
Job OpportunitiesIFO - Job Opportunities IFO IFO • Latest Releases • Revenue Estimates • Revenue & Economic Update • Performance Budgeting • Energy • Pension Analysis • Property Tax • Wage Contracts • Tax Credit Review • Economics and Other • Data • Right-to-Know • About • About IFO • Job Opportunities • Contact IFO • Email Subscription • Links • Follow on Twitter • • Job Opportunities Current Job Openings Fiscal Analyst Announcement IFO Pennsylvania Independent Fiscal Office Email Subscription Get alerts on new studies and reports. Sign Up Latest Tweets • (Dec 03) PA natural gas production for 2024Q3 decreased by 1.7% from the prior year, while new wells drilled was down 38.2%. New wells for CY 2024 are on pace to reach the lowest level since CY 2007. See: ifo.state.pa.us/Resources/Docu… pic.x.com/mOEhv9EsGq • (Dec 02) The Commonwealth collected $2.93 billion in General Fund revenues for November, $130 million (-4.2%) less than November 2023. FY 24-25 revenues total $16.40 billion and are $119 million (+0.7%) above IFO projections. See: ifo.state.pa.us/Resources/Docu… pic.x.com/r31D84ngFN • (Nov 27) The IFO published a summary of the 2024 SERS stress test report and projects that General Fund employer pension contributions will total $22.0 billion over the next 20 years if baseline assumptions hold. See the IFO Report at ifo.state.pa.us/Resources/Docu… pic.x.com/wGVDZxD5HX Contact Info (717) 230-8293 contact@ifo.state.pa.us Follow on Twitter Independent Fiscal Office 2nd Floor Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 viewport: width=device-width, initial-scale=1.0, maximum-scale=1.0 msapplication- Hits: 3 |
TC_Board_Hearing_Jan_24_2022.pdfEducational – Minimal data, not possible to reliably assess Credits do not include a formal economic impact analysis ▪ Economic activity and jobs creation not primary goal (Educational, Coal Refuse, Mixed-Use) ▪ Little economic activity incentivized (Brewers’) January 24, 2022 1 #1 Mixed- 20% of coal refuse burned incentivized by tax credit ▪ Highly dependent on wholesale electricity price and other revenues ▪ ~140 direct jobs generated per million ton coal refuse burned ▪ Remaining piles further removed from generators (higher transport costs) ▪ Nearly all Priority 1 Hits: 2 |
TC_2021_Entertainment_Economic_Enhancement_Program.pdf10 percent of total qualified rehearsal and tour expend- itures. 9 8 A Final Employees form lists identifying information (including job description) of any employee, both resident and non-resident, who worked during the tour. 9 Due to the tiered cap useful metrics, but they are limited because the ultimate objective of most tax credits is to generate economic activity and jobs that would not otherwise exist, as opposed to generating a net profit for the state. If a tax credit was Hits: 2 |
TC_2020_Organ and Bone Marrow Donation Tax Credit.pdfThe OBMD differs from most tax credits because program goals do not include increased economic devel- opment or job creation. Instead, the OBMD seeks to improve outcomes for patients awaiting organ and bone marrow transplants by reducing financial barriers to living The OBMD differs from most state tax credits because program goals do not include increased economic development or job creation. Instead, the OBMD seeks to improve outcomes for patients awaiting organ and bone marrow transplants by reducing financial barriers to living Hits: 2 |
TCJA-Update-August-2018.pdffunc=staitdown&id=5053 and htt p://budgetmodel.whatton.upenn.edu/issues/20 17 / 12/ 18/the-tax-cuts-and-jobs -act-re ported-b y- conference-committee -121517-preliminar y-static-and-dy namic-e ffects-on-the-bud get- provisions-acro ss- i ncome-grou ps-and-across-states/fu 11. 3 See htt ps://taxfoundation.orn:/tc ja-job-im pact- 2018/ . CreationDate: 2018-08-24 18:29:50 Creator: Xerox WorkCentre 7545 ModDate: 2018-08-29 14:07 Hits: 2 |
SD_Property_Tax_Forecast_Nov_2021.pdf2018 and January 2017 – December 2019. The significant increase in the SAWW for FY 2022- 23 was largely driven by job losses for low-wage workers in CY 2020 due to the COVID-19 pandemic and related mitigation efforts. The SAWW rate increases after the COVID-19 pandemic and (2) the artificial growth in the SAWW related to the COVID-19 job losses. Not included in the table are utilized Act 1 exceptions, which are projected to add $15 million to the Hits: 2 |
RB-2015-04.pdfdistribution assumes overall employment growth of 0.9 percent per annum from 2014 to 2017 (roughly 53,000 new payroll jobs per year), but a modest contraction for those who earn $8.00 or less (‐0.5 percent per annum). These and the projected wage distribution of Pennsylvania workers from the CPS data, the analysis projects a reduction of 31,000 jobs and continued employment at the higher wage by the residual. The projected employment reduction (3.0 percent) is similar to Hits: 2 |
Presentation_PICPA_12-3-2014.pdf9% Wages and Salaries 4.1% 2.1% 4.0% Consumer Price Index 3.3% 1.4% 1.9% Average Job Gains (000s) 26.2 -2.7 52.1 Source: Historical data from U.S. Bureau of Economic Analysis and U add 600,000 new enrollees. • Some uncertainty over the ACA. Continued Contraction for Government Sector. • Federal government sheds Postal Service jobs. • Local gov’t contracts due to shrinking pupil base and pensions. Exception: Labor Force Participation Rates. • Forecast assumes a small Hits: 2 |
Presentation_Lancaster_Chamber_2017-07-14.pdfdecades. Energy sector hit hard. Broad declines in 2016. Recent PA Economic Trends 7/14/2017 26 Strong job gains through May 2017. Very strong gains in healthcare sector. Manufacturing, mining and retail sector contract. Total 2.0 0.3 0.9 -1.5 All Other Sectors 4.3 1.5 9.3 12.0 Annual Job Gains 47.4 46.7 52.2 63.0 Note: Professional Services includes the Management and Administrative sectors. Data for Hits: 2 |
Presentation_2016-06-08_GPNP_Budget_Outlook.pdfcorporate profits suggest weakness. • Wage/salary withholding collections have underperformed. • Sales tax collections have been strong in recent months. • The jobs forecast is important to the revenue estimate. Changes Since January Report 8.Jun.2016 9 2013 2014 2015 2016 2017 4.0% 3.4% 3.7% 4.2% Consumer Prices 1.2% 1.3% ‐0.1% 1.0% 1.6% Job Gains (000s) 14.7 47.6 48.6 52.4 50.6 Average annual growth rates. Values are forecasts for Hits: 2 |
Presentation-2019-04-House-Financial-Rescue-Caucus.pdfa. Wages and Salaries 4.3% 3.8% 4.1% 4.0% 3.5% 4.2% n.a. Avg Annualized Job Gains (000s) 55.8 64.7 69.6 64.4 64.1 60.4 47.2 Philadelphia CPI-U 1 a. Wages and Salaries 4.9% 4.6% 4.6% 4.5% 4.4% 4.6% n.a. Avg Monthly Job Gains (000s) 141.7 220.7 218.3 217.0 189.3 233.3 180.3 US CPI-U 2 Hits: 2 |
Presentation-2018-10-House-Financial-Rescue-Caucus.pdfWages and Salaries (YOY) 3.7% 4.1% 4.3% 3.8% 4.1% 4.4% n.a. Avg Annual Job Gains (000s) 53.5 61.5 59.9 76.8 78.5 70.9 68.4 Philadelphia CPI-U (YOY Wages and Salaries (YOY) 4.3% 4.6% 4.9% 4.6% 4.6% 4.9% n.a. Avg Monthly Job Gains (000s) 177.3189.7141.7220.7218.3217.0189.7 US CPI-U (YOY) 2.6% 1.9% 2.0% Hits: 2 |
Pirates_Press_Release_2024_07.pdfspent in-state ultimately generates $2.15 in total state spending ($546 million total). • Nearly 3,000 full-time equivalent jobs were sup- ported by the spending. • The economic footprint includes $22 million in state taxes: $10 million in sales tax 385 $505 Economic Footprint ($ millions) Net Direct Spending $254 Total Spending $546 Spending Multiplier 2.15 Labor Income $219 FTE Jobs Supported 2,950 State Taxes $22 Personal Income $9 Sales & Use $10 Other $4 The report concludes with a simulation Hits: 2 |
Phillies_Press_Release_2024_07.pdfspent in-state ultimately generates $1.85 in total state spending ($970 million total). • Roughly 5,400 full-time equivalent jobs were sup- ported by the spending. • The economic footprint includes $45 million in state taxes: $22 million in sales tax 465 $485 Economic Footprint ($ millions) Net Direct Spending $525 Total Spending $970 Spending Multiplier 1.85 Labor Income $427 FTE Jobs Supported 5,450 State Taxes $45 Personal Income $16 Sales & Use $22 Other $7 The report concludes with an estimate Hits: 2 |
PBB_TaxCredits_Schedule_2022_Update.pdfAlcohol Programs Insurance Revenue Executive Offices Environmental Hearing Board Conservation and Natural Resources Year Tax Credits 1 Film Production New Jobs Historic Preservation Incentive 2 Research and Development Keystone Innovation Zones Mobile Telecom and Broadband Organ and Bone Marrow 3 Neighborhood Educational Tax Credits Coal Refuse and Reclamation Mixed-Use Development Brewers’ 5 Resource Manufacturing Manufacturing and Investment Waterfront Development Rural Jobs and Investment CreationDate: 2021-12-09 19:48:56 Creator: Microsoft® Word for Microsoft 365 ModDate: 2021-12-23 19 Hits: 2 |
PBB_2019_JCJC_Report.pdfan educational or vocational activity at case closing. Measures the number and percent of juveniles active in a job, job training, or educational program at the closure of the case. Juveniles engaged in these activities have a significantly greater chance of avoiding Hits: 2 |
NewsStand_2019_December.pdfthe article reports that online holiday sales increased by 14% over the prior year. U.S. Demographic Trends May Limit Job Expansion A December 18 article from the Wall Street Journal notes that the U.S. job market continues to exceed expecta- tions, but demographic trends will likely cause the U.S. to run out of individuals Hits: 2 |
Newsstand_2018_May.pdfeconomic trends since the start of the year. The city accounts for roughly 12% of the total Pennsylvania population. Net job gains continue to increase at a faster rate than the nation as a whole and home sales increased for the Rate Falls Below 4% for First Time Since Late 2000 An article from the Wall Street Journal discusses the April jobs report released by the U.S. Department of Labor and the factors that influenced the decline in the unemployment rate Hits: 2 |
MTR-2017-07.pdfpossible that Pennsylvania’s growth in per capita personal income could moderate. Another factor is the sectors that will realize job gains or losses. Recent data show that most of Pennsylvania’s contracting sectors (e.g., manufacturing and mining) tend to Unemployment Rate 1 4.4% 4.3% 4.4% 4.3% 4.9% 5.0% 5.0% n.a. Net Job Gains (000s) 2 207.0 145.0 231.0 209.0 61.8 55.1 61.1 n.a. Average Hits: 2 |
Monthly_Economic_Update_May_2020.pdfhelped them pay bills or prevent furloughs/ layoffs and 31% indicated it allowed them to recall workers back to their jobs. Report Projects Rise in “Deaths of Despair” Due to COVID-19 Recession A recent report published by Well Being Trust Mar-20 Apr-20 May-20 Unemployment Rate 1 4.7% 4.7% 6.0% n.a. n.a. Net Job Gains (000s) 2 44.0 62.0 14.5 n.a. n.a. Avg. Gasoline Price 3 $2.64 $2 Hits: 2 |
Monthly_Economic_Update_July_2021_Final.pdfincome group and total income of migrants. However, if the migrant was a wage earner, it is likely that the job (and associated income) remained in the state and did not migrate with the taxpayer. Therefore, the data should not be Apr-21 May-21 Jun-21 Unemployment Rate 1 7.4% 7.3% 7.1% 6.9% n.a. Net Job Gains (000s) 2 -438.1 -376.8 702.8 529.2 n.a. Avg. Gasoline Price 3 $2.63 $2 Hits: 2 |
Monthly_Economic_Update_April_2021.pdfand businesses invested in computer equipment, software and automation technology. These investments, in combination with the reduction in lower wage jobs (which are disproportionately located in low productivity growth sectors) likely drove productivity gains in 2020. Strong business investment in technology Jan-21 Feb-21 Mar-21 Unemployment Rate 1 7.1% 7.1% 7.3% 7.4% 7.3% Net Job Gains (000s) 2 -444.7 -480.5 -453.0 -438.1 -369.2 Avg. Gasoline Price 3 $2.26 $2 Hits: 2 |
MER-2015-06.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 0.0% 0.0% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year-over-year net increase in payroll employment based on latest three months of data. 2 Sales- Hits: 2 |
MER-2015-04.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 0.1% ‐0.1% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2015-03.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 0.6% ‐0.1% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2015-01.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.6% 0.6% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year-over-year net increase in payroll employment based on latest three months of data. 2 Sales- Hits: 2 |
MER-2014-12.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.6% 1.6% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-11.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.3% 1.6% 1.6% Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-10.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.3% 1.3% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-08.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.8% 1.8% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-07.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in monthly payroll employment based on latest three months of data. 2 Advance Retail Sales 1.4% 1.8% 1.8% Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-06.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 1.4% 1.4% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-05.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 1.0% 1.4% 1.4% Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Annual Net Job Gains (000s) Average year‐over‐year net increase in payroll employment based on latest three months of data. 2 Sales‐ Hits: 2 |
MER-2014-04.pdfof Pennsylvania United States Economic Indicators Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 1.0% 1.0% n.a. Unemployment Rate Number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales‐Use Taxes Year‐ Hits: 2 |
MER-2014-03.pdfPennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 8% ‐3.4% n.a. Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales‐Use Taxes Year‐ Hits: 2 |
MER-2014-02.pdfPennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year‐ 6% 17.8% n.a. Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales‐Use Taxes Year‐ Hits: 2 |
MER-2013-12.pdfPennsylvania United States Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- 9% n.a. December 2013 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
House_Maj_Policy_Com_Testimony_June_8_2022.pdfat roughly the same rate as the state economy. • Real output or Real GDP increased despite 155,000 fewer payroll jobs. The IFO revenue forecast assumes that the surge in business profits, dividends and capital gains cannot be maintained in FY 714.9 $728.6 1.9% 0.6% Philadelphia CPI-U 257.7 293.5 13.9% 4.4% Payroll Jobs (000s) 6,082 5,927 -155 n.a. 3 General Fund Expenditures For FY 2022-23, the IFO had projected Hits: 2 |
Grow PA 12.3.2019.pdf2.1% --- --- Statewide Wages and Salaries 4.3% 3.2% 4.5% 5.0% 5.1% 4.2% Net Payroll Job Creation (000s, Annualized) 64.1 60.4 50.8 45.4 33.3 --- Unemployment Rate 4.2% 4.2% 4 1.5% Statewide Wages and Salaries 4.0% 1.3% 4.0% 4.0% 4.5% 3.6% Net Payroll Job Creation (000s) 46.2 48.8 58.8 65.6 52.0 45.4 Unemployment Rate 5.3% 5.4% Hits: 2 |
FTA_Student_Loan_Presentation_Oct_2023.pdflikely closer to $30 million 6% rate, includes LOTS of stuff general sales tax ~50% Economic Impact Employment 19,860 jobs Labor Income $1.14 billion Value Added or GDP $1.94 billion Final Output or Sales $3.29 billion State impact same notes as moratorium impact a net gain to states a loss for feds Economic Impact Employment -16,350 jobs Labor Income -$0.94 billion Value Added (GDP) -$1.60 billion Final Output or Sales -$2.71 billion State Revenue Hits: 2 |
Budget_Hearing_Testimony-Feb2014.pdfto 2.6 percent for 2013. The growth rate can be decomposed into two parts: (1) 1.0 percent for job growth (about 57,000 new jobs) and (2) 2.6 percent for wage inflation, mostly pay raises to current workers. An improvement in the labor market Hits: 2 |
2021-SD-Property-Tax-Forecast.pdf2018 and January 2017 – December 2019. The significant increase in the SAWW for FY 2022-23 is largely driven by job losses for low-wage workers in CY 2020 due to the COVID-19 pandemic and related mitigation efforts. That trend rate increases after the COVID-19 pandemic and (2) the artificial growth in the SAWW related to the COVID-19 job losses. Not included in the table are utilized Act 1 exceptions, which are projected to add $15 million to the Hits: 2 |
2013-10 Monthly Economic Summary.pdfr 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-08 Monthly Economic Summary.pdft 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-06 Monthly Economic Summary - FINAL.pdfe 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-04 Monthly Economic Report.pdfl 2 0 1 3 Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- n.a. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-03b Monthly Economic Summary.pdf31 1,498 1.6% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- Labor Statistics. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-02 Monthly Economic Report.pdf31 1,426 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- Labor Statistics. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2013-01 Monthly Economic Report.pdf45 1,416 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- Labor Statistics. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2012-12 Monthly Economic Summary FINAL.pdf46 1,416 1.8% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- 72.9. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2012-11 Monthly Economic Summary- DRAFT 6.pdf74 1,412 2.2% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- Labor Statistics. Pennsylvania Economic Indicators Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2012-10 Monthly Economic Summary FINAL.pdf44 1,379 1.4% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- 9 3.49 1.3% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
2012-08 Monthly Economic Summary_Final.pdf73 1,310 1.7% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Advance Retail Sales Year- 8 3.74 2.0% Unemployment Rate The number of individuals unemployed divided by the labor force. 1 Monthly Net Job Gains (000s) Average net increase in payroll employment based on latest three months of data. 2 Sales-Use Taxes Year- Hits: 2 |
Wage_Contracts_PDA.pdfthe PDA covering the period July 1, 2012 through June 30, 2016 required the Office of Administration to conduct a job study to determine the appropriate pay scale group for positions covered under the PDA contract. The study produced an upward Hits: 1 |
The Payroll Tax Cut Extension FINAL.pdfThroughout 2011, workers received a boost in their take-home pay due to the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. That Act temporarily reduced the payroll taxes that employers withheld from employee paychecks and remitted to Hits: 1 |
TC_2022_Educational_Tax_Credits.pdfAnalysis For the EITC and EOSTC, the IFO did not perform a formal economic analysis because economic develop- ment and jobs creation are not part of the formal goals or purpose of the tax credits. Instead, this section uses recent program Hits: 1 |
TC_2021_Resource_Enhancement_and_Protection.pdfThe REAP Tax Credit differs from other state tax credits because program goals do not include increased economic development or job creation. Instead, the REAP Tax Credit seeks to improve water quality by reducing nitrogen, phosphorus and sediment pollution through BMPs Hits: 1 |
State_Tax_Comparison_2020_11.pdfTax Credits for qualified recipients enrolled under the Affordable Care Act. Largely due to the Tax Cuts and Jobs Act (TCJA) of 2017, the ratio of federal income tax to personal income for Pennsylvania residents declined from 8.75 percent (2017 Hits: 1 |
Smetters_Presentation_Full.pdfModel 10 Census Data Microsimulation Marriage (1996 – 2070) Penn Wharton Budget Model 11 Census Data Microsimulation “The Tax Cut and Jobs Act” Static Analysis 12 Revenue Impact Revenue Effect 2018-2027 (billions of $) Revenue Effect 2018-2040 (billions of $) Tax Provision Hits: 1 |
Senate_Appropriations_Committee_Response_Letter_2023.pdfearly 2020. Recent data show that the gap between the two series has reverted to pre-pandemic levels as plentiful job openings and a tight labor market result in fewer discouraged workers. As requested, the U6 indicator was added to the Hits: 1 |
SEIU Healthcare Wage Contract Analysis- 2019.pdfEstimates do not include the impact of a new Retention Incentive Payment Program which would provide eligible employees in certain job classifications with an annual payment of $1,000 beginning in January 2021. The Office of Administration estimates that this change Hits: 1 |
SD_Prop_Tax_Update_Jun_2024.pdfSAWW and ECI components. The increase in the SAWW for FY 2024-25 (5.6%) was largely driven by (1) job losses for low-wage workers in CY 2020 (which raises the average wage of those working) due to the COVID- Hits: 1 |
SD_Prop_Tax_Update_Jun_2023.pdfand ECI components. The significant increase in the SAWW for FY 2023-24 (5.3%) was largely driven by (1) job losses for low-wage workers in CY 2020 due to the COVID-19 pandemic and (2) strong wage gains in Hits: 1 |
SD_Prop_Tax_Update_Aug_2022.pdfsignificant gain in the SAWW component. The significant increase in the SAWW for FY 2022-23 was largely driven by job losses for low-wage workers in CY 2020 due to the COVID-19 pandemic and related mitigation efforts. The FY Hits: 1 |
Revenue_Estimate_Performance_2024_07.pdfout of tax year 2017 in response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT Hits: 1 |
Revenue_Estimate_Performance_2023_08.pdfout of tax year 2017 in response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT Hits: 1 |
Revenue-Estimate-Performance_2022_10.pdfout of tax year 2017 in response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT Hits: 1 |
Revenue-Estimate-Performance-2021-09.pdfin response to the large federal corporate Revenue Estimate Performance | Page 3 rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT Hits: 1 |
Revenue-Estimate-Performance-2020-09.pdfto the large Revenue Estimate Performance | Page 3 federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT ($118 million Hits: 1 |
Revenue-Estimate-Performance-2019-07.pdftax year 2017 in response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT ($118 million Hits: 1 |
Revenue-Estimate-Performance-2018-07.pdftax year 2017 in response to the large federal corporate rate cut enacted by the Tax Cuts and Jobs Act (TCJA) of 2017. The CNIT overprediction error (-$193 million) was offset by underpredictions for SUT ($141 million) and PIT ($118 million Hits: 1 |
Revenue Conference Presentation Jan 2013 FINAL.pdf9% 1.5% 2.3% 3.0% Jan 2013 1.2% 1.8% 1.5% 2.3% Payroll Employment (Net Job Gains, 000s) May 2012 67.2 57.5 84.1 84.4 Jan 2013 67.2 36.1 68.8 Hits: 1 |
Response-Letter-10-7-2019.pdfDirector, Independent Fiscal Office October 7, 2019 Page 3 Impact from a $12.00 Minimum Wage in 2018 Number of Jobs Affected (000s) Income Change ($ millions) Retain Employment Part-time Full-time Total Part-time Full-time Total $7.25 to Hits: 1 |
RB_2024_01_Min_Wage.pdfSales is short for Retail Sales. Independent Fiscal Office Page 2 Since May 2022, the labor market has recorded significant job gains, and the November 2023 state unemployment rate was at an all-time low (3.4%). To provide insight on Hits: 1 |
RB_2023_07_Inflation_Impact.pdfyear period. That outcome is due to the rapid deceleration of inflation and an historically tight labor market, especially for jobs with lower hourly earnings. For June 2023, the Pennsylvania unemployment rate (3.8%) was the lowest on record. ▪ The figures Hits: 1 |
RB_2023_05_Migration.pdfdoes not necessarily imply that the reported income entered or left the state. For example, a migrant may leave a job that is filled by a previously unemployed person. The data do not indicate the type of income reported. It is Hits: 1 |
RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdfOn December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was signed into law. The act made significant changes to the federal individual income and corporate net income Hits: 1 |
RB-2017-5.pdfmuch of this trend as residents depart northeastern states and move to western and southern states for reasons related to jobs, homes, family and climate. Younger demographic profiles and higher birth rates also contribute to the growth rate disparity. Data are Hits: 1 |
RB 2019 Natural Gas Royalties.pdfin those income sources due to income shifted out of tax year 2017 due to the federal Tax Cuts and Jobs Act. Data for other counties support that assumption. Compute the differential between the actual and counterfactual scenarios. The difference Hits: 1 |
Publicity - Economic and Budget Outlook - 2014.pdfMoody’s Analytics Presentation on two topics that influence the long-term economic outlook for Pennsylvania: (1) the composition of job creation; and (2) trends in household formation. Report Distribution: Pennsylvania’s Economic & Budget Outlook: Fiscal Years 2014-15 to 2019- Hits: 1 |
Public Employee Retirement Laws of PA Local Governments (2009).pdfretirement systems, however, even those who became members before 1978, if they have been re- elected, reappointed, promoted, or changed job classification since then. - 12 - HOME RULE CHARTER MUNICIPAL EMPLOYEE RETIREMENT SYSTEMS In General. A municipality that has adopted a home Hits: 1 |
PSBA_January_19_2022.pdf25 25-26 Base Index SAWW ECI Average 16-17 to 21-22 SAWW: 2.5% ECI: 2.6% COVID job losses Sources: Index and components through 22-23 published by PDE. For later years, SAWW is projected by the IFO Hits: 1 |
Presentation_PA_Bus_Council_6-22-15.pdf3% 0.5% 1.9% Wages-Salaries 3.9% 3.8% 1.9% 3.5% 3.8% 3.9% Avg. Job Gains (000s) 64.8 40.3 14.7 45.8 54.9 55.6 22.Jun.2015 2 PA Economic Hits: 1 |
Presentation_2017_02_10_EPLC.pdf9% Wages and Salaries 2.8% 3.3% 3.9% Philadelphia CPI-U 2.5% 1.2% 2.1% Payroll Job Gains (000s) -3.8 43.2 47.5 Rapidly Aging Population. First Baby Boomers turn age 65 in 2012 Hits: 1 |
Pitt_Chamber_Presentation.pdf1% 1.3% 3.9% 4.3% Philadelphia CPI-U -0.1% 0.6% 1.3% 2.3% Average Net Job Gains (000s) 46.7 52.2 60.4 61.8 Home Price Index 2.5% 4.1% 4.4% 4 Hits: 1 |
PEW_Presentation(Video).pptxHow States Are Improving Tax Incentives for Jobs and Growth A national assessment of evaluation practices Chaaron Pearson cpearson@pewtrusts.org The Pew Charitable Trusts 11/16/2017 Hits: 1 |
PEW_Presentation(Video).ppsxHow States Are Improving Tax Incentives for Jobs and Growth A national assessment of evaluation practices Chaaron Pearson cpearson@pewtrusts.org The Pew Charitable Trusts 11/16/2017 Hits: 1 |
PBB_2023_DCNR_REPORT.pdfmaintenance and offers outdoor programming services. Also included within this activity is the PA Outdoor Corps, which offers work experience, job training and environmental education opportunities to young people who complete recreation and conservation projects on Pennsylvania public lands. State parks Hits: 1 |
PBB_2022_DHS_REPORT_ADDENDUM.pdfCommunity HealthChoices | Page 13 ▪ High staff turnover rates for direct support professionals (DSPs) can be disruptive to participant care, reduce job satisfaction and ultimately increase costs to replace workers. 1 1 “Examining Nursing Home Staff Turnover Rate in Long-Term Care Hits: 1 |
PBB_2022_AGRICULTURE_REPORT.pdf0 52.7 52.7 -- Total acreage (millions) 4 7.3 7.3 7.3 7.3 7.3 -- Agricultural jobs (000s) 5 24.4 24.4 24.6 24.9 25.3 -- Notes: 1 See notes on measures. 2 State Hits: 1 |
PBB_2020_DOH_REPORT_Final_Update.pdfpercent. Therefore, the injection of federal funds into the state economy not only enhances research, it also creates jobs and raises income levels. Much of the federal funds flow to universities that will partner with private industry and generate additional economic Hits: 1 |
PBB_2019_DOBS_Report.pdfAdministrative Actions. Staff turnover rate. Employee turnover includes all individuals who depart the agency due to retirement, job transfer or release. Total checks processed measures the number of check payments made to the Department. Online payments will increase processing Hits: 1 |
PBB_2019_DGS_Report.pdfFTEs. Staff turnover rate. Staff turnover includes all individuals who depart the agency due to retire- ment, job transfer or release. Recent Administrative Actions In FY 2017-18, executive agency HR services and IT complement were consolidated under the Office Hits: 1 |
PBB_2019_Criminal_Justice_Report.pdf52 programs and produces items for prisons and inmates such as clothing, glasses, shoes, laundry and commissary. PCI jobs provide inmates with basic work skills. Goals and Outcomes The goal of this activity is to train inmates in different trades and Hits: 1 |
PBB-Board-Hearings-Schedule-2019.pdfmeetings rescheduled Hearing Room 1- NOB Department of Corrections Tax Credit Reviews: Pennsylvania Board of Probation and Film Production, New Jobs, Historic Parole Preservation Incentive Juvenile Court Judges' Commission 11:30 A.M. - 1:30 P.M. Pennsylvania Commission on Crime Hits: 1 |
PBB-Board-Hearing-Agenda-January 2019-Revised.pdfFiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 11:30am Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Deputy Secretary, DCED Carol Hits: 1 |
PBB Board Hearing Agenda- January 2019.pdfFiscal Office Brenda Warburton, Deputy Director, Independent Fiscal Office 10:15am - 12:00pm Review of Tax Credits (Film Production, New Jobs & Historical Preservation Incentive) Amy Gill, Deputy Secretary of Tax Policy, Department of Revenue Scott Dunkelberger, Executive Deputy Secretary, DCED Carol Hits: 1 |
Official_Revenue_Estimate_Methodology_2023_06.pdfare not reflected in the corporate profits forecast (e.g., certain tax law provisions from the 2017 Tax Cut and Jobs Act). 2017 2018 2019 2020 2021 2022 2023 2024 Revenue $2,751 $2,879 $3,398 $2,827 $4,424 Hits: 1 |
novak ppt.pdfusually increases as stabilizers kick-in • The recession was too long for the economy, much longer for the unemployed. • Government job loses at state and local level have been rising Some Final Thoughts • Economist and forecasting agencies often differ in their Hits: 1 |
NFIB_Presentation.pdf3% 3.8% 3.8% Philadelphia CPI-U 1.2% 1.3% -0.1% 0.6% 1.7% 2.0% Job Gains (000s) 14.3 47.4 46.7 52.2 58.1 55.0 Dec.13.2017 7 Final Preliminary Hits: 1 |
Newsstand_January_2020.pdflack of high quality data. Based on data available, the study found that narrow, firm-specific incentives appear to generate job growth within that targeted industry, but broader regional benefits are not realized. The study also found that larger, profitable firms Hits: 1 |
Newsstand_February_2020.pdfacross the state, the impact to the Pennsylvania economy could be $324 million annually including a loss of 2,800 jobs. The majority of the direct losses would impact the agricultural industry, especially nursery operators, and fruit and Christmas tree farms Hits: 1 |
NewsStand_2019_July.pdfmore likely than the cohort who did not receive student debt relief to move to a different state or change jobs and averaged more than $4,000 in total additional earnings over a three-year period. Philadelphia Region Inflation Remains Steady Hits: 1 |
Newsstand_2018_October.pdfprior year. The comparable figure for motor vehicle sales tax was 9.9%. The preliminary annual rate of net payroll job creation for the quarter was 68,000, compared to 62,900 in 2017 and 50,000 for 2016. Finally, tax Hits: 1 |
Newsstand_2018_November.pdfdecline was somewhat larger for women. The analysis cites high- er inflation, declining union membership, less willingness to relocate for job-related reasons and domination of the labor market by larger firms as possible reasons. IFO NEWS STAND A monthly glimpse Hits: 1 |
MTR-2019-06.pdfUnemployment Rate 1 3.8% 3.6% 3.6% n.a. 3.9% 3.8% 3.8% n.a. Net Job Gains (000s) 2 153.0 216.0 72.0 224.0 50.8 50.9 53.8 n.a. Average Hits: 1 |
MTR-2019-05.pdfUnemployment Rate 1 3.8% 3.8% 3.6% 3.6% 4.0% 3.9% 3.8% n.a. Net Job Gains (000s) 2 56.0 189.0 263.0 75.0 52.3 50.8 52.5 n.a. Average Hits: 1 |
MTR-2019-04.pdfUnemployment Rate 1 4.0% 3.8% 3.8% 3.6% 4.1% 4.0% 3.9% n.a. Net Job Gains (000s) 2 312.0 56.0 189.0 263.0 55.2 52.3 50.1 n.a. Average Hits: 1 |
MTR-2019-03.pdfUnemployment Rate 1 3.9% 4.0% 3.8% 3.8% 4.2% 4.1% 4.0% n.a. Net Job Gains (000s) 2 227.0 312.0 33.0 196.0 60.5 55.2 51.4 n.a. Average Hits: 1 |
MTR-2019-02.pdfUnemployment Rate 1 3.7% 3.9% 4.0% n.a. 4.2% 4.2% n.a. n.a. Net Job Gains (000s) 2 196.0 222.0 304.0 n.a. 85.4 81.0 n.a. n.a. Average Hits: 1 |
MTR-2019-01.pdfUnemployment Rate 1 3.8% 3.7% 3.9% 4.0% 4.1% 4.2% 4.2% n.a. Net Job Gains (000s) 2 277.0 196.0 222.0 304.0 84.2 85.4 81.0 n.a. Average Hits: 1 |
MTR-2018-12.pdfUnemployment Rate 1 3.7% 3.8% 3.7% 3.9% 4.1% 4.1% 4.2% n.a. Net Job Gains (000s) 2 119.0 274.0 176.0 312.0 79.2 84.2 85.5 n.a. Average Hits: 1 |
MTR-2018-11.pdfUnemployment Rate 1 3.9% 3.7% 3.7% 3.7% 4.1% 4.1% 4.1% n.a. Net Job Gains (000s) 2 286.0 118.0 250.0 155.0 76.2 79.2 85.0 n.a. Average Hits: 1 |
MTR-2018-10.pdfUnemployment Rate 1 3.9% 3.9% 3.7% 3.7% 4.2% 4.1% 4.1% n.a. Net Job Gains (000s) 2 165.0 286.0 118.0 250.0 76.8 76.2 76.1 n.a. Average Hits: 1 |
MTR-2018-1.pdfUnemployment Rate 1 4.1% 4.1% 4.1% 4.1% 4.7% 4.6% 4.7% n.a. Net Job Gains (000s) 2 271.0 216.0 160.0 200.0 68.6 68.9 70.3 n.a. Average Hits: 1 |
MTR-2018-09.pdfUnemployment Rate 1 4.0% 3.9% 3.9% 3.7% 4.3% 4.2% 4.1% n.a. Net Job Gains (000s) 2 208.0 165.0 270.0 134.0 78.7 76.8 73.1 n.a. Average Hits: 1 |
MTR-2018-08.pdfUnemployment Rate 1 3.8% 4.0% 3.9% 3.9% 4.5% 4.3% 4.2% n.a. Net Job Gains (000s) 2 268.0 208.0 147.0 201.0 80.9 78.7 75.9 n.a. Average Hits: 1 |
MTR-2018-07.pdfUnemployment Rate 1 3.9% 3.8% 4.0% 3.9% 4.7% 4.5% 4.3% n.a. Net Job Gains (000s) 2 175.0 268.0 248.0 157.0 81.1 80.9 78.2 n.a. Average Hits: 1 |
MTR-2018-06.pdfUnemployment Rate 1 4.1% 3.9% 3.8% 4.0% 4.8% 4.7% 4.5% n.a. Net Job Gains (000s) 2 155.0 175.0 244.0 213.0 78.5 81.1 81.4 n.a. Average Hits: 1 |
MTR-2018-05.pdfUnemployment Rate 1 4.1% 4.1% 3.9% 3.8% 4.8% 4.8% 4.7% n.a. Net Job Gains (000s) 2 324.0 155.0 159.0 223.0 78.7 78.5 82.2 n.a. Average Hits: 1 |
MTR-2018-04.pdfUnemployment Rate 1 4.1% 4.1% 4.1% n.a. 4.8% 4.8% 4.8% n.a. Net Job Gains (000s) 2 176.0 326.0 103.0 n.a. 78.1 78.7 77.9 n.a. Average Hits: 1 |
MTR-2018-03.pdfUnemployment Rate 1 4.1% 4.1% 4.1% n.a. 4.8% 4.8% 4.8% n.a. Net Job Gains (000s) 2 175.0 176.0 326.0 103.0 76.8 78.1 80.0 n.a. Average Hits: 1 |
MTR-2018-02.pdfUnemployment Rate 1 4.1% 4.1% 4.1% n.a. 4.6% 4.7% n.a. n.a. Net Job Gains (000s) 2 216.0 160.0 200.0 n.a. 68.9 70.3 n.a. n.a. Average Hits: 1 |
MTR-2017-12.pdfUnemployment Rate 1 4.2% 4.1% 4.1% 4.1% 4.8% 4.7% 4.6% n.a. Net Job Gains (000s) 2 18.0 231.0 252.0 148.0 69.9 68.6 67.5 n.a. Average Hits: 1 |
MTR-2017-11.pdfUnemployment Rate 1 4.4% 4.2% 4.1% 4.1% 4.9% 4.8% 4.7% n.a. Net Job Gains (000s) 2 208.0 18.0 264.0 228.0 65.9 69.9 68.6 n.a. Average Hits: 1 |
MTR-2017-10.pdfUnemployment Rate 1 4.3% 4.4% 4.2% 4.1% 5.0% 4.9% 4.8% n.a. Net Job Gains (000s) 2 138.0 208.0 18.0 261.0 64.8 65.9 67.3 n.a. Average Hits: 1 |
MTR-2017-09.pdfUnemployment Rate 1 4.4% 4.3% 4.4% 4.2% 5.0% 5.0% 4.9% n.a. Net Job Gains (000s) 2 210.0 138.0 169.0 -33.0 57.2 64.8 63.8 n.a. Average Hits: 1 |
MTR-2017-08.pdfUnemployment Rate 1 4.3% 4.4% 4.3% 4.4% 5.0% 5.0% 5.0% n.a. Net Job Gains (000s) 2 145.0 210.0 189.0 156.0 55.1 57.2 62.2 n.a. Average Hits: 1 |
MTR-2017-04.pdfUnemployment Rate 1 4.8% 4.7% 4.5% n.a. 5.2% 5.0% 4.8% n.a. Net Job Gains (000s) 2 216.0 219.0 98.0 n.a. 63.2 70.5 70.4 n.a. Average Hits: 1 |
MTR-2017-03.pdfUnemployment Rate 1 4.7% 4.8% 4.7% 4.5% 5.4% 5.2% 5.0% n.a. Net Job Gains (000s) 2 155.0 216.0 219.0 98.0 61.1 63.2 67.6 n.a. Average Hits: 1 |
MTR-2017-02.pdfUnemployment Rate 1 4.6% 4.7% 4.8% n.a. 5.7% 5.6% n.a. n.a. Net Job Gains (000s) 2 164.0 157.0 227.0 n.a. 44.5 35.6 n.a. n.a. Average Hits: 1 |
MTR-2017-01.pdfUnemployment Rate 1 4.8% 4.6% 4.7% 4.8% 5.8% 5.7% 5.6% n.a. Net Job Gains (000s) 2 124.0 164.0 157.0 227.0 48.4 44.5 35.6 n.a. Average Hits: 1 |
MTR-2016-12.pdfUnemployment Rate 1 4.9% 4.8% 4.6% 4.7% 5.7% 5.8% 5.7% n.a. Net Job Gains (000s) 2 208.0 135.0 204.0 156.0 60.9 48.4 42.5 n.a. Average Hits: 1 |
MTR-2016-09.pdfUnemployment Rate 1 4.9% 4.9% 4.9% n.a. 5.6% 5.6% 5.7% n.a. Net Job Gains (000s) 2 292.0 254.0 151.0 n.a. 50.9 53.8 58.5 n.a. Average Hits: 1 |
MTR-2016-08.pdfUnemployment Rate 1 4.7% 4.9% 4.9% n.a. 5.5% 5.6% 5.6% n.a. Net Job Gains (000s) 2 24.0 292.0 254.0 151.0 61.3 50.9 50.7 n.a. Average Hits: 1 |
MTR-2016-05.pdfUnemployment Rate 1 4.9% 5.0% 5.0% 4.7% 4.6% 4.9% 5.3% n.a. Net Job Gains (000s) 2 233.0 186.0 123.0 38.0 45.2 58.3 64.1 n.a. Average Hits: 1 |
MTR-2016-04.pdfUnemployment Rate 1 4.9% 4.9% 5.0% n.a. 4.6% 4.6% 4.9% n.a. Net Job Gains (000s) 2 168.0 245.0 215.0 n.a. 40.9 45.2 57.4 n.a. Average Hits: 1 |
MTR-2016-03.pdfUnemployment Rate 1 5.0% 4.9% 4.9% 5.0% 4.7% 4.6% 4.6% n.a. Net Job Gains (000s) 2 271.0 168.0 245.0 215.0 46.3 40.9 45.1 n.a. Average Hits: 1 |
MTR-2016-02.pdfUnemployment Rate 1 5.0% 5.0% 4.9% 4.9% 4.7% 4.7% 4.6% n.a. Net Job Gains (000s) 2 280.0 271.0 172.0 242.0 43.2 41.8 38.7 n.a. Average Hits: 1 |
MTR-2015-11.pdfUnemployment Rate 1 5.1% 5.1% 5.0% 5.0% 5.4% 5.3% 5.1% n.a. Net Job Gains (000s) 2 153.0 145.0 298.0 211.0 62.0 56.5 49.7 n.a. Average Hits: 1 |
MTR-2015-10.pdfUnemployment Rate 1 5.3% 5.1% 5.1% n.a. 5.4% 5.4% 5.3% n.a. Net Job Gains (000s) 2 223.0 136.0 142.0 n.a. 62.6 62.0 55.1 n.a. Average Hits: 1 |
MTR-2015-09.pdfUnemployment Rate 1 5.3% 5.3% 5.1% 5.1% 5.4% 5.4% 5.4% n.a. Net Job Gains (000s) 2 245.0 223.0 136.0 142.0 58.7 62.6 61.7 n.a. Average Hits: 1 |
MTR-2015-07.pdfUnemployment Rate 1 5.4% 5.5% 5.3% n.a. 5.3% 5.4% 5.4% n.a. Net Job Gains (000s) 2 187.0 254.0 223.0 n.a. 62.5 57.2 58.4 n.a. Average Hits: 1 |
MQRE_FY24-25_08_2024.pdfprovisions are effective for FY 2024-25 but are not projected to impact General Fund revenues for that year. Rural Jobs Investment (Act 56) The act makes various program changes and permits an additional $50 million in investment authority, $30 million Hits: 1 |
MQRE_FY22_23_August.pdfZones (Act 53) The act creates the Airport Land Development Zone Program to encourage and promote the creation of new jobs on land and building owned by airports within the Commonwealth. The new program is modeled after Keystone Special Development Zone Hits: 1 |
Monthly_Economic_Update_Table_December_2020.pdfOct-20 Nov-20 Dec-20 Unemployment Rate 1 10.4% 8.3% 7.3% n.a. n.a. Net Job Gains (000s) 2 -499.1 -465.3 -455.9 n.a. n.a. Avg. Gasoline Price 3 $2.25 $2 Hits: 1 |
Monthly_Economic_Update_September_2021_Indicators.pdfJun-21 Jul-21 Aug-21 Unemployment Rate 1 7.1% 7.0% 6.9% 6.6% n.a. Net Job Gains (000s) 2 702.8 530.4 331.5 222.2 n.a. Avg. Gasoline Price 3 $2.86 $3 Hits: 1 |
Monthly_Economic_Update_September_2021.pdfJun-21 Jul-21 Aug-21 Unemployment Rate 1 7.1% 7.0% 6.9% 6.6% n.a. Net Job Gains (000s) 2 702.8 530.4 331.5 222.2 n.a. Avg. Gasoline Price 3 $2.86 $3 Hits: 1 |
Monthly_Economic_Update_Oct_2023.pdf23 Aug-23 Sep-23 Unemployment Rate (U3) 1 4.0% 3.8% 3.5% 3.5% 3.4% Net Job Gains (000s) 2 153.6 157.3 142.8 152.6 148.7 Avg. Gasoline Price 3 $3.57 $3 Hits: 1 |
Monthly_Economic_Update_October_2021_Indicators.pdfJul-21 Aug-21 Sept-21 Unemployment Rate 1 7.0% 6.9% 6.5% 6.4% n.a. Net Job Gains (000s) 2 530.4 331.5 228.3 191.1 n.a. Avg. Gasoline Price 3 $3.01 $3 Hits: 1 |
Monthly_Economic_Update_October_2021.pdfJul-21 Aug-21 Sept-21 Unemployment Rate 1 7.0% 6.9% 6.5% 6.4% n.a. Net Job Gains (000s) 2 530.4 331.5 228.3 191.1 n.a. Avg. Gasoline Price 3 $3.01 $3 Hits: 1 |
Monthly_Economic_Update_Nov_2023.pdf23 Sep-23 Oct-23 Unemployment Rate (U3) 1 3.8% 3.5% 3.5% 3.4% 3.4% Net Job Gains (000s) 2 157.3 142.8 152.6 149.9 129.2 Avg. Gasoline Price 3 $3.57 $3 Hits: 1 |
Monthly_Economic_Update_November_2021.pdfAug-21 Sept-21 Oct-21 Unemployment Rate 1 6.9% 6.5% 6.4% 6.2% n.a. Net Job Gains (000s) 2 331.5 228.3 189.7 131.0 n.a. Avg. Gasoline Price 3 $3.08 $3 Hits: 1 |
Monthly_Economic_Update_November_2020_Final.pdfSep-20 Oct-20 Nov-20 Unemployment Rate 1 12.5% 10.4% 8.3% 7.3% n.a. Net Job Gains (000s) 2 -549.4 -499.1 -465.3 -455.9 n.a. Avg. Gasoline Price 3 $2.25 $2 Hits: 1 |
Monthly_Economic_Update_May_2023.pdf23 Mar-23 Apr-23 Unemployment Rate (U3) 1 4.3% 4.3% 4.4% 4.2% 4.1% Net Job Gains (000s) 2 184.8 193.2 166.8 156.2 156.3 Avg. Gasoline Price 3 $3.47 $3 Hits: 1 |
Monthly_Economic_Update_May_2022.pdfFeb-22 Mar-22 Apr-22 Unemployment Rate 1 5.5% 5.4% 5.1% 4.9% n.a. Net Job Gains (000s) 2 231.5 215.1 219.8 195.9 n.a. Avg. Gasoline Price 3 $3.44 $3 Hits: 1 |
Monthly_Economic_Update_March_2022.pdfDec-21 Jan-22 Feb-22 Unemployment Rate 1 5.6% 5.5% 5.5% 5.4% n.a. Net Job Gains (000s) 2 176.6 188.8 231.5 216.3 n.a. Avg. Gasoline Price 3 $3.36 $3 Hits: 1 |
Monthly_Economic_Update_June_2023.pdf23 Apr-23 May-23 Unemployment Rate (U3) 1 4.3% 4.4% 4.2% 4.1% 4.0% Net Job Gains (000s) 2 193.2 166.8 156.2 156.3 151.5 Avg. Gasoline Price 3 $3.47 $3 Hits: 1 |
Monthly_Economic_Update_June_2022.pdfMar-22 Apr-22 May-22 Unemployment Rate 1 5.4% 5.1% 4.9% 4.8% n.a. Net Job Gains (000s) 2 215.1 219.8 200.0 210.3 n.a. Avg. Gasoline Price 3 $3.42 $3 Hits: 1 |
Monthly_Economic_Update_June_2021_Indicators.pdfMar-21 Apr-21 May-21 Unemployment Rate 1 7.3% 7.4% 7.3% 7.4% n.a. Net Job Gains (000s) 2 -453.0 -438.1 -376.8 703.6 n.a. Avg. Gasoline Price 3 $2.47 $2 Hits: 1 |
Monthly_Economic_Update_June_2020.pdfApr-20 May-20 Jun-20 Unemployment Rate 1 4.7% 5.8% 15.1% n.a. n.a. Net Job Gains (000s) 2 62.0 -16.4 -1044.0 n.a. n.a. Avg. Gasoline Price 3 $2.53 $2 Hits: 1 |
Monthly_Economic_Update_July_2023.pdf23 May-23 Jun-23 Unemployment Rate (U3) 1 4.4% 4.2% 4.1% 4.0% n.a. Net Job Gains (000s) 2 166.8 156.2 156.3 151.5 n.a. Avg. Gasoline Price 3 $3.46 $3 Hits: 1 |
Monthly_Economic_Update_July_2021_Indicators.pdfApr-21 May-21 Jun-21 Unemployment Rate 1 7.4% 7.3% 7.1% 6.9% n.a. Net Job Gains (000s) 2 -438.1 -376.8 702.8 529.2 n.a. Avg. Gasoline Price 3 $2.63 $2 Hits: 1 |
Monthly_Economic_Update_January_2022.pdfOct-21 Nov-21 Dec-21 Unemployment Rate 1 6.4% 6.2% 6.0% 5.7% n.a. Net Job Gains (000s) 2 189.7 139.0 142.2 144.0 n.a. Avg. Gasoline Price 3 $3.18 $3 Hits: 1 |
Monthly_Economic_Update_January_2021_Indicators.pdfNov-20 Dec-20 Jan-21 Unemployment Rate 1 8.3% 7.4% 6.6% n.a. n.a. Net Job Gains (000s) 2 -465.3 461.4 452.6 n.a. n.a. Avg. Gasoline Price 3 $2.28 $2 Hits: 1 |
Monthly_Economic_Update_Indicators_February_2022.pdfNov-21 Dec-21 Jan-22 Unemployment Rate 1 6.2% 6.0% 5.7% 5.4% n.a. Net Job Gains (000s) 2 139.0 142.2 152.5 202.2 n.a. Avg. Gasoline Price 3 $3.23 $3 Hits: 1 |
Monthly_Economic_Update_February_2022.pdfNov-21 Dec-21 Jan-22 Unemployment Rate 1 6.2% 6.0% 5.7% 5.4% n.a. Net Job Gains (000s) 2 139.0 142.2 152.5 202.2 n.a. Avg. Gasoline Price 3 $3.23 $3 Hits: 1 |
Monthly_Economic_Update_February_2021_Indicators.pdfNov-20 Dec-20 Jan-21 Unemployment Rate 1 8.3% 7.4% 6.8% 6.7% n.a. Net Job Gains (000s) 2 -465.3 -461.4 -446.6 -473.5 n.a. Avg. Gasoline Price 3 $2.28 $2 Hits: 1 |
Monthly_Economic_Update_December_2021.pdfSept-21 Oct-21 Nov-21 Unemployment Rate 1 6.5% 6.4% 6.2% 6.0% n.a. Net Job Gains (000s) 2 228.3 189.7 139.0 134.7 n.a. Avg. Gasoline Price 3 $3.15 $3 Hits: 1 |
Monthly_Economic_Update_December_2020.pdfOct-20 Nov-20 Dec-20 Unemployment Rate 1 10.4% 8.3% 7.3% n.a. n.a. Net Job Gains (000s) 2 -499.1 -465.3 -455.9 n.a. n.a. Avg. Gasoline Price 3 $2.25 $2 Hits: 1 |
Monthly_Economic_Update_August_2023.pdf23 Jun-23 Jul-23 Unemployment Rate (U3) 1 4.2% 4.1% 4.0% 3.8% 3.5% Net Job Gains (000s) 2 156.2 153.8 153.6 157.3 143.1 Avg. Gasoline Price 3 $3.41 $3 Hits: 1 |
Monthly_Economic_Update_August_2021.pdfMay-21 Jun-21 Jul-21 Unemployment Rate 1 7.3% 7.1% 7.0% 6.9% n.a. Net Job Gains (000s) 2 -376.8 702.8 530.4 325.4 n.a. Avg. Gasoline Price 3 $2.87 $2 Hits: 1 |
Monthly_Economic_Update_April_25_2023.pdf23 Feb-23 Mar-23 Unemployment Rate (U3) 1 4.4% 4.3% 4.3% 4.4% 4.2% Net Job Gains (000s) 2 187.6 184.8 193.2 164.8 159.0 Avg. Gasoline Price 3 $3.85 $3 Hits: 1 |
Monthly_Economic_Update_April_2022.pdfJan-22 Feb-22 Mar-22 Unemployment Rate 1 5.5% 5.5% 5.4% 5.1% n.a. Net Job Gains (000s) 2 188.8 231.5 215.1 224.1 n.a. Avg. Gasoline Price 3 $3.49 $3 Hits: 1 |
Monthly_Economic_Update_April_2021_Indicators.pdfJan-21 Feb-21 Mar-21 Unemployment Rate 1 7.1% 7.1% 7.3% 7.4% 7.3% Net Job Gains (000s) 2 -444.7 -480.5 -453.0 -438.1 -369.2 Avg. Gasoline Price 3 $2.26 $2 Hits: 1 |
Migration_RB_06_2024.pdfdoes not necessarily imply that the reported income entered or left the state. For example, a migrant may leave a job that is filled by a previously unemployed person. The data do not indicate the type of income reported. It is Hits: 1 |
Mid_Year_FY16-17_Presentation.pdfGovt -7.5 -7.5 -3.4 -1.6 All Other 4.1 4.3 5.9 4.1 Total Job Gains 47.6 48.6 43.4 50.0 Note: Figures represent change in average level for calendar year. Source Hits: 1 |
IFO_Revenue_Estimate_2013-14_Mid-Year_Update.pdfPennsylvania economy in the first six months of 2014, the revisions could prove to be conservative. However, marked improvement in jobs and wages, increased business investment and higher consumption of taxable goods and services would signal more sustainable growth and a Hits: 1 |
IFO_ Job_Posting_Jan_2022.pdfJob Posting – Independent Fiscal Office The IFO is accepting applications for employment. Qualified applicants should have a bachelor’s degree in Hits: 1 |
House_Appropriation_Response_Letter_3_17_2021.pdfwhich may lead to criminal justice cost savings. Additionally, recreational marijuana represents a new retail industry, which can lead to job creation and economic growth. I hope you find the information useful. Per office policy, we will plan to post this Hits: 1 |
House_Appropriations_Committee_Response_Letter_2022.pdfrequest for additional information raised at the recent budget hearing for the Independent Fiscal Office. Representative Bullock requested data on job loss and recovery by race. The U.S. Census Bureau’s Quarterly Workforce Indicators reports quarterly employment figures by state Hits: 1 |
Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdfdetail on what occupations or sectors are growing/hiring in Pennsylvania. Statewide data are currently only captured for total nonfarm job openings and are not broken out into industry detail. As a result, we are unable to complete this request. Representative Hits: 1 |
Demographics_Outlook_2023.pdf9%) have a relatively high share of workers age 65 to 79. (See third column of data.) Many of those jobs are part-time or have limited physical demands. ▪ For those working, residents age 65 to 79 were much more likely Hits: 1 |
Budget Hearings Packet.pdfcontraction of the PA economy in the first quarter of 2016. Despite weak economic growth, the net number of new jobs in 2016 was similar to non-recession years. The forecast for 2017 projects an acceleration of economic growth. Growth Rate Hits: 1 |
Budget Hearings Packet- Web Version.pdfcontraction of the PA economy in the first quarter of 2016. Despite weak economic growth, the net number of new jobs in 2016 was similar to non-recession years. The forecast for 2017 projects an acceleration of economic growth. Growth Rate Hits: 1 |
ACN_SB1_A01354_A01558_2017_06_03a.pdfin a potential equity issue when two employees, one hired before the change and one after, have the exact same job but have different pension benefits resulting in potentially significant differences in total compensation. Please note that this situation already existed Hits: 1 |
2004_srpvffinal.pdfTAX QUALIFICATION The status of contributions to retirement system accounts for volunteer firefighters have been addressed by the Small Business Job Protection Act of 1996. This Act clarified the tax status of “length of service awards’” to “bona fide volunteers,” including Hits: 1 |