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. Tags: labor, market, update |
Demographic and Labor Market UpdateDirector Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce. Tags: demographic, labor, market, presentation |
Labor Market Update - September 2021The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits. Tags: labor, market, update |
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. Tags: labor, market, update |
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. Tags: labor, market, update |
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. Tags: labor, market, update |
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. Tags: labor, market, update |
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 |
Pennsylvania Electricity UpdateThis report utilizes data from the U.S. Energy Information Administration to display recent trends for the Pennsylvania and regional electricity markets. The report examines recent trends in net generation, net exports, CO2 emissions and prices. 03/07/2024 |
Minimum Wage Impact on Hourly WagesThis research brief examines how a higher statutory minimum wage could impact lower-wage workers and provides employment and hourly wage estimates for certain lower-wage occupations to illustrate that Pennsylvania effective labor market minimum wage is likely in the range of $10.50 to $11.00 per hour. 01/24/2024 |
Pennsylvania Electricity UpdateThe IFO posted a research brief that provides an overview of the Pennsylvania electricity market. For 2022, PA remains the top exporter of electricity across all states. The next largest state (AL) exported 40% less electricity. 03/01/2023 |
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 |
Pennsylvania Electricity UpdateThis research brief uses data from the U.S. Energy Information Administration to provide a general overview of the Pennsylvania electricity market. 03/14/2022 |
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 |
Demographic and Labor market UpdateDirector Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce. 10/06/2021 |
Labor market Update - September 2021The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits. 09/20/2021 |
Pennsylvania Electricity UpdateThis research brief uses data from the U.S. Energy Information Administration to provide a general overview of the Pennsylania electricity market. 09/09/2021 |
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 |
2007_divestment_complete_report.pdfGovernmental Plans and Institutional Investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31 – Precedence for Future Restrictive Investment Mandates . . . . . 31 Part V. Divestment Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 – Current Total Market Value . . . . . . . . . . . . . . . . . . . . . . . . . . 33 – Investment Performance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34 – Increased Risk and Volatility . . . . . . . . . . . . . . . . . . . . . . . . . 35 – Effect of Divestment on Indirect Investments . . . . . . . . . . . . . 36 – Impact on Assumed of the federal government, not that of state or local governments. • Due to the size and nature of global investment markets, uncoordinated, ad hoc divestment efforts will at best prove ineffectual and worse, may have negative consequences that are unintended or Hits: 70 |
Revenue-Proposal-Analysis-2018-04.pdfdata sources and assump- tions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - INDEPENDENT FISCAL OFFICE Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 April 17, 2018 This document provides an analysis of the tax proposals included in the 2018-19 Executive Hits: 43 |
Single-Use Plastics Report-2020_06.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE June 30 Hits: 35 |
PBB_2023_PID_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst II Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 33 |
PBB_2022_AGRICULTURE_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Jesse Analyst II Staff Contact: jbushman@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 32 |
ACN_SB1_A01354_A01558_2017_06_03a.pdfuse their total vested defined contributions to purchase single life annuities upon retirement, and that the cost approximates the average market-based pre- mium for such products. The pricing incorporates the provider’s profit margin and capital reserve requirements; therefore, the the DB component of that plan. Because the DB benefit is calculated using a formula and is not dependent on market returns, members of DB plans are largely insulated from negative fluctuations in the financial markets. Both the DC component of Hits: 27 |
2013_special_report_funding_and_reforming_public_employee_retirement_systems.pdfB. Clay, Executive Director, PA Public School Employees’ Retirement System. . . . . . . . . . . . . . . .133Testimony of Rich Hiller, Senior Vice President, Government and Religious Markets, Teachers’ Insurance Annuity Association – College Retirement Equity Fund (TIAA–CREF).. . . . . . . . . . . . . . . . . .137Testimony of Jean Friday, President, PA Alliance for Retired Americans by constitutional law and budgetary realities. II.HISTORY OF THE CRISIS After a decade of extraordinary investment gains, the financial markets spoke of the “new paradigm:” an anticipation that double-digit growth would continue indefinitely. This was the argument that supported Hits: 26 |
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Michaela Analyst I Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 22 |
Revenue-Proposal-Analysis-2019-03.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 22 |
Revenue_Estimate_2023_06.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Young, Revenue Analyst I Frank Lill, Budget Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 21 |
Revenue-Estimate-2023-05.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Young, Revenue Analyst I Frank Lill, Budget Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 19 |
PBB_2023_EO_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Human Resources Administration ....................................................................................... 9 Activity 2: Information Technology Administration ............................................................................ 15 Activity 3: Comptroller Operations ................................................................................................... 19 Activity 4: Budget and Capital Market Operations .............................................................................. 21 Activity 5: Office of the State Inspector General ............................................................................... 27 Activity 6: Office of the General Counsel .......................................................................................... 31 Activity Hits: 18 |
PBB_2020_DCED_REPORT.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 21 Hits: 16 |
PBB_2019_DGS_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 15 |
Impact_Fee_Update_Outlook_2021.pdfwells in operation during the year. 2 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 15 |
Five_Year_Outlook_2019.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE November 14 Hits: 15 |
TC_2023_Rural_Jobs_Investment.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 14 |
Revenue_Estimate_2022_05.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Mitchell Young, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 14 |
Impact_Fee_Update_Outlook_2022.pdfwells in operation during the year. 1 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production valued at the wellhead. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 14 |
Impact-Fee-Update-Outlook-2020.pdfwells in operation during the year. 2 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 14 |
Five_Year_Outlook_2022.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda from various sources. Economic projections for Pennsylvania are from the IFO, while projections for the U.S. are from IHS Markit, Wells Fargo and PNC. Demographic projections are from the IFO based on tabulations from the 2021 Population Estimates by the Hits: 14 |
Revenue_Estimate_2022_06.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Frank Lill, Budget Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 13 |
RB-2016-02.pdfloans or loan guarantees (the state assumes debt payments if a borrower defaults). In general, the loans receive a below‐market rate of interest, which make them attractive to borrowers. In many cases, a program may use principal and interest payments methods. A program may have a grant and/or loan component, along with an agency run component. For example, the Marketing to Attract Tourists program offers grants to non‐profit entities and oversees state‐run marketing campaigns. This report separates economic Hits: 13 |
Impact-Fee-Update-Outlook-2019-06.pdfwells in operation during the year. 3 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 13 |
Impact-Fee-Update-2018-Outlook-2018-06.pdfwells in operation during the year. 2 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional price of natural gas net of post-production Hits: 13 |
IFO - Economic and Budget Outlook - January 2012.pdfcapital and sharply reduced loans to consumers, businesses and other financial institutions. In an effort to restore liquidity to financial markets, the Federal Reserve lowered the federal funds rate by 150 basis points and established special programs to make funds available the announcement merely reflected the Bureau’s determination that economic activity had reached a trough in June 2009. That trough marked the end of the declining phase of the economic cycle. The start of the “recovery” phase merely required that a Hits: 13 |
Five_Year_Outlook_2021.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Michaela Miller, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 13 |
ACN_SB1071_A10803_text.pdfto the annual interest rate adopted by the board for the calculation of the normal contribution rate, based on the market value of assets, for the prior ten-year period. If the actual investment rate of return, net of fees, is the fund determined in accordance with paragraph (4) shall be no less than 70% and no more than 130% of market value. * * * (e) Experience adjustment factor.-- (1) For each fiscal year after the establishment of the accrued liability contribution rate for Hits: 13 |
Monthly_Economic_Update_May_2023.pdfPA Homes Sold Decline by 20% from Prior Year; Listings Remain Flat This economic update uses recent housing market data to assess the performance of the spring housing market, which typically runs from March to July. As the Federal Reserve combats inflation, mortgage rates have increased dramatically, and analysts Hits: 12 |
Impact_Fee_Update_Outlook_2023.pdfwells in operation during the year. 1 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production valued at the wellhead. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 12 |
Impact-Fee-Update-2017-Outlook-2017-07.pdfwells in operation during the year. 2 The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional price of natural gas net of post‐production Hits: 12 |
Budget_Hearing_Background_Feb2016.pdf3) declining corporate profits. However, many underlying economic fundamentals remain solid. For 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 dramatically during the past decade. Moreover, growth in student loan debt shows recent signs of slowing. A solid housing market. Data suggest that existing home sales increased by 10 to 12 percent in 2015. Due to these solid fundamentals, the Hits: 12 |
2002_dbdc_report.pdfon the disposition of lump-sum payments from DC pension plans was compiled by LIMRA International, a major financial services marketing and information consulting -18- company, and published in the January-February 2001 issue of Profit Sharing. The article, “Survey Examines Rev. M.S.U.-D.C.L. 187 (Spring 1999). 1 Even in the absence of a downturn in the market, however, an individual will usually fare worse, over time, under a DC plan than a DB plan, for two significant Hits: 12 |
Revenue-Estimate-2020-05.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE May 26 Hits: 11 |
Revenue-Estimate-2019-05.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 11 |
PBB_2022_DHS_REPORT_ADDENDUM.pdfDraft Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Lesley Analyst II Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 11 |
Official-Revenue-Estimate-2020-06.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE June 22 Hits: 11 |
Official-Revenue-Estimate-2019-06.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE June 21 Hits: 11 |
Impact_Fee_Update_Outlook_2024.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production valued at the wellhead. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 11 |
Five_Year_Outlook_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey 2 4.6 All Other 74.5 19.1 6.4 19.9 4.5 Table 2.4 Pennsylvania Labor Market Data by Age and Sector % Employment by Age Group Age 65-79 Employment Note: Data not seasonally adjusted. Figures for Hits: 11 |
2023_Impact_Fee_Estimate.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 11 |
Revenue_Proposal_Analysis_2024_03.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Matthew one-month delay in tax collections. Tax and Revenue Proposals | Page 4 Legalization of recreational use marijuana impacts medical marijuana markets differently across states and the magnitude of the impact depends on factors such as (1) the maturity of the existing Hits: 10 |
Revenue_Proposal_Analysis_2022_04.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Rachel Flaugh, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 10 |
Revenue_Estimate_2021_05.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Michaela Miller, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 10 |
Revenue-Proposal-Analysis-2020-04.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 10 |
Monthly_Economic_Update_June_2023.pdfNumber of PA Homes Listed for Sale Declined 23.3% in May This update uses recent housing market data to assess the performance of the peak housing market season, which typically runs from March to July. Since January 2022, mortgage rates have nearly doubled, and analysts are evaluating Hits: 10 |
Monthly_Economic_Update_April_25_2023.pdfMortgage Rate Growth Moderates Ahead of Peak 2023 Housing Season This economic update uses recent housing market data to assess the performance of the spring housing market, which typically runs from March through July. As the Federal Reserve combats inflation, mortgage rates have increased dramatically, and analysts Hits: 10 |
June_Revenue_Estimate_2021.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Michaela Miller, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 10 |
IFO_Hearing_Packet_Feb2018.pdfEconomic & Revenue Update Pennsylvania House and Senate Appropriations Committees February 20, 2018 Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE to questions about the IFO’s budget, past hearings have included wide-ranging discussions regarding Pennsylvania’s economic outlook, labor market, revenue collections, demographics, long-term fiscal outlook and energy industry trends. The office has compiled some of the most frequently Hits: 10 |
IFO_Hearing_Materials_March_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE In addition to questions about the IFO’s budget, past hearings have included discussions regarding Pennsylvania’s economic outlook, labor market, revenue collections, demographics, long-term fiscal outlook and natural gas trends. This submission includes data, tables and graphs that have Hits: 10 |
Five_Year_Outlook_2020.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Michaela Bowers, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 10 |
2022-Impact-Fee-Estimate.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 10 |
RB_2024_01_Min_Wage.pdfopponents assert that higher business costs will reduce employment, especially for younger workers or those attempting to enter the labor market. To examine how a higher minimum wage might impact workers, this research brief uses the latest data from the Occupational state statutory minimum wage. 2 For Ohio, the state minimum wage did not create an effective wage floor because the market wage paid to those workers was higher by $1.00 or more per hour. For Pennsylvania, the market or actual Hits: 9 |
Initial_Revenue_Update_May_2023_Final.pdfnext 12 months ▪ Debt ceiling impasse resolved before default ▪ Federal Reserve largely done with rate hikes ▪ No collapse in asset markets: stocks and housing 2 Student loan repayment moratorium ends in Fall ▪ Supreme Court disallows forgiveness plan 3 Inflation continues to 24, 2023 2 US Economic Forecasts May 24, 2023 3 Annual Growth Rates 2021 2022 2023 2024 Real GDP IHS Markit 5.9% 2.1% 1.2% 0.9% Wells Fargo 5.9% 2.1% 1.3% 0.3% PNC Bank Hits: 9 |
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdfnext 12 months ▪ Debt ceiling impasse resolved before default ▪ Federal Reserve largely done with rate hikes ▪ No collapse in asset markets: stocks and housing 2 Student loan repayment moratorium ends in Fall ▪ Supreme Court disallows forgiveness plan 3 Inflation continues to 24, 2023 2 US Economic Forecasts May 24, 2023 3 Annual Growth Rates 2021 2022 2023 2024 Real GDP IHS Markit 5.9% 2.1% 1.2% 0.9% Wells Fargo 5.9% 2.1% 1.3% 0.3% PNC Bank Hits: 9 |
Economic_and_Revenue_Update_2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE to questions about the IFO’s budget, past hearings have included wide-ranging discussions regarding Pennsylvania’s economic outlook, labor market, revenue collections, demographics, long-term fiscal outlook and natural gas trends. This submission includes data, tables and graphs that have Hits: 9 |
2023_Mid_Year_Update.pdf1 US Economic Forecasts January 31, 2023 2 Annual Growth Rates or Change 2021 2022 2023 2024 Real GDP IHS Markit 5.9% 2.0% 0.5% 1.8% Wells Fargo 5.9% 2.1% 0.5% 0.3% PNC Bank 5.9% 2.0% 0.2% 0.1% US CPI-U IHS Markit 4.7% 8.0% 3.9% 2.2% Wells Fargo 4.7% 8.0% 3.3% 2.4% PNC Bank Hits: 9 |
2021_Impact_Fee_Estimate.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 9 |
2020_Impact_Fee_Estimate.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 9 |
TC_2021_Video_Game_Production.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 8 |
TC_2019_Film_Production_Tax_Credit_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us sent to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 8 |
Revenue_Proposal_Analysis_2021_04.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen Michaela Miller, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 8 |
Revenue_Estimate_Presentation_2022_05.pdfstagnation What caused the surge in April income tax revenues? ▪ Data suggest much of it is capital gains income ▪ Stock market contraction implies it is temporary What will the Federal Reserve do? ▪ Forecast assumes Fed follows through on recent jawboning ▪ Fed standard definition or time frame ▪ 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 Hits: 8 |
Revenue_Estimate_2024_06.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Flaugh, Fiscal Analyst I Frank Lill, Fiscal Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 8 |
Revenue_Estimate_2021_05_Presentation.pdfwhen federal monies are removed? ▪ Is there a labor shortage? ▪ Is the uptick in inflation transitory? ▪ Is there a stock market and/or housing market bubble? Many unusual factors impact FY 2021-22 revenues ▪ Removal of federal monies | behavioral impacts | tax shifting May 26, 2021 Hits: 8 |
Revenue-Estimate-2024-05.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Flaugh, Fiscal Analyst I Frank Lill, Fiscal Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 8 |
Official_Revenue_Estimate_Methodology_2023_06.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Young, Revenue Analyst I Frank Lill, Budget Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 8 |
MTR-2017-01.pdfthan in 2015, a growth rate of 7.2%. Compared to prior years, houses are spending fewer days on the market. The average number of days on the market dropped from 85 days in 2013 to 75 days in 2016. Moreover, fewer homes are listed for sale. Housing inventory Hits: 8 |
Monthly_Economic_Update_October_2022.pdfrecession within the next year, up 10 percentage points from the month prior. This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are informative because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 8 |
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 for a U.S. economic recession within the next year. This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are informative because they Hits: 8 |
Impact-Fee-Estimate-2019.pdfto severance tax rates in other states. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional hub price of natural gas net of post- Hits: 8 |
TC_2023_Waterfront_Development.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Michaela Analyst II Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 7 |
TC_2023_PA_Resource_Manufacturing.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Michaela Analyst II Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 7 |
Tax_Credit_and_Other_Incentives_2022.pdfprograms have a combined budget of $24.4 million in FY 2022-23. • Spending related to the state’s tourism marketing campaign increased by $6.6 million to $9.2 million in FY 2021-22. Funding for the program declined by 2020-21 due to the COVID-19 pandemic. There is $7.1 million available in the budget for the 2023 marketing campaign. • A new economic incentive program was included in the state’s fiscal code for FY 2022-23 – the Sports Hits: 7 |
Official_Revenue_Estimate_Methodology_2024_06.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Flaugh, Fiscal Analyst I Frank Lill, Fiscal Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 7 |
Monthly_Economic_Update_December_2022.pdfa 63% probability for a U.S. economic recession within the next year. This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are informative because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 7 |
Economic_and_Revenue_Update_2021.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 7 |
2020_Mid_Year_Update.pdfS corporations. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. U.S. forecasts by IHS Markit. PA forecasts by IFO. Recent Quarterly Economic Trends January 28, 2020 3 2018.4 2019.1 2019.2 2019.3 uses values at the closing day of the quarter, not averages for the quarter. Source: U.S. forecasts from IHS Markit. Annual PA Employment Change (000s) January 28, 2020 4 2017 2018 2019 Mining-Logging 1.7 1.9 1.0 Hits: 7 |
2012-11 Monthly Economic Summary- DRAFT 6.pdf0% 5.3% Monthly Economic Report N o v e m b e r 2 0 1 2 The housing market has experienced strong gains in 2012. According to the National Association of Real- tors (NAR), the median price of an realty transfer taxes exhibited consecutive year-over-year growth for the past three months, supporting the argu- ment that the market is improving at home. Consumer attitudes and record low mortgage rates are likely fueling these trends. Freddie Mac’s primary Hits: 7 |
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 telephone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 21 Hits: 6 |
Tax_Credits_and_Other_Incentives_2024.pdffor FY 2023-24; however, actual payments will be based on reimbursement requests and cash availability. • The Sports Tourism and Marketing Grants were new for FY 2022-23. While no grants were issued within that fiscal year, $5 million in grants in these figures is a separate $10 million allocated for an international sporting event, and $15 million for a statewide marketing campaign. Available funds are transferred from the Commonwealth’s Gaming Economic Development Tourism Fund. Independent Fiscal Office Page 3 • The Hits: 6 |
Revenue_Proposal_Analysis_2023_05.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Flaugh, Revenue Analyst I Frank Lill, Budget Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 6 |
RB_2022_10_Worker_Shortage.pdf4 is new. For the past year, many employers have noted ongoing challenges hiring and retaining staff due to labor market conditions that remain very tight. For Pennsylvania, the latest data (September 2022) show an unemployment rate of 4.1% and seeking work. 1 The unemployment rate is now at the lowest value on record (first published in 1976). Other labor market data show that the unemployment rate and number unemployed are historically low not only due to strong labor demand, but Hits: 6 |
Presentation-2019-5-1-PAEL.pdf12.00 Presentation for the PA Economy League Matthew Knittel, Director Independent Fiscal Office May 1, 2019 The Pennsylvania Labor Market May 1, 2019 1 Annual Growth Rate, Change or Level 2015 2016 2017 2018 2019 Net Jobs Created (000s) 46 is $11.60/hr. Minimum Wage: A Contentious Topic Traditional Theory: All price floors create excess supply. For labor market, excess supply = unemployment. Fewer jobs. Labor market fully competitive: minimum wage = higher prices. Newer Research: Moderate increases have little Hits: 6 |
Presentation-2019-3-1-EPLC.pdfExecutive Summary | Crucial Assumptions | Recession Risk Demographics: a contracting workforce Economics: modest 2018 gains from TCJA, strong labor market Revenues and Expenditures: one-time measures dominate State and Local Revenues: property tax, impact fee March 1, 2019 168 very strong growth +7.6% Sales - Motor Vehicle +$44 strong growth Personal Income -$200 quarterly PIT affected by stock market Gaming Expansion +$72 see slide detail Escheats -$44 much lower remittances All Other +107 realty transfer, inheritance, GRT Total +$380 Hits: 6 |
PASBO_March_17_2021.pdfPDE. For later years, SAWW is projected by the Department of Labor and Industry and ECI is projected by IHS Markit with minor adjustments by the IFO. Assumes no change in minimum wage. March 17, 2021 Act 1 Index Components: Long- PDE. For later years, SAWW is projected by the Department of Labor and Industry and ECI is projected by IHS Markit with minor adjustments by the IFO. Assumes no change in minimum wage. March 17, 2021 moderate inflation strong jobs market Hits: 6 |
MSC_March_31_2021.pdfDecember 2024 (much is restricted) IFO estimates longer-term deficit at ~$2.5 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 combined reporting/rate reduction Minimum wage impact looks Hits: 6 |
Monthly_Economic_Update_September_2022.pdfproject the US economy will enter into a recession during the next year. This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are useful because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 6 |
Monthly_Economic_Update_July_2022.pdfleast a mild recession during the upcoming year. For the next several months, this economic update will use state labor market data to assess whether the Pennsylvania economy is heading towards recession. Labor market data are useful because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 6 |
IFO_Hearing_Packet_Feb2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE In addition to questions about the IFO’s budget, past hearings have included discussions regarding Pennsylvania’s economic outlook, labor market, revenue collections, demographics, long-term fiscal outlook and energy industry trends. This submission includes data, tables and graphs that have Hits: 6 |
Budget_Hearing_Testimony-Feb2014.pdfbetter financial shape to increase spending because they have paid down debt, especially credit card debt. Gains in the stock market and housing markets for 2013 may bolster consumer confidence and give rise to a “wealth effect” that facilitates more consumer spending. However, recent Hits: 6 |
2018_Mid-Year_Update.pdf1,770 12.8% 0.8% 0.0% U Penn Wharton -$2,296 13.4% 0.8% 0.8% IHS Markit -$1,770 n.a. 0.1% 0.6% Tax Foundation -$1,783 69.5% 0.5% 3.4% Note: Figures Main impact: consumers have more disposable income. Options: spend, save or pay down debt. Occurs with delay. IHS Markit assumes 6 months. Sales tax: gain from higher disposable income and spending. FY 17-18: +$10-$20 million | FY Hits: 6 |
index.cfmCommonwealth's economic and budget outlook at a session of the Pennsylvania Education Policy and Leadership Center. ... (Full Report) Sports, Marketing & Tourism Series: 2023 Ironman PA Happy Valley Triathlon Economics and Other April 04, 2024 The IFO published an economic impact report utilizes data from the U.S. Energy Information Administration to display recent trends for the Pennsylvania and regional electricity markets. The report examines recent trends in net generation, net exports, CO2 emissions and prices. ... (Full Report) Senate Budget Hearing Request Hits: 6 |
TC_2021_Entertainment_Economic_Enhancement_Program.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 5 |
TC_2020_Research and Development Tax Credit.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 21 Hits: 5 |
TC_2019_Historic_Preservation_Tax_Credit_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us sent to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 5 |
SERS_Stress_Test_Impact_Analysis_2022.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst II Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 5 |
RB_2022_07_Worker_Shortage.pdfwith the low unemployment rates for Pennsylvania (4.6%, May) and the U.S. (3.6%, June). Under “normal” labor market conditions such as those prior to the pandemic, the ratio would be closer to 1.0 for Pennsylvania and job ratio for the U.S. is 1.89. State data lag national data by several weeks. 4 For any labor market, there will be a material number of unemployed as individuals newly join the labor force, have been recently laid off Hits: 5 |
RB-2019-01.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional spot price of natural gas net of post- Hits: 5 |
PBB_Board_Hearing_Jan_11_2023.pdf3 58 24 Administration 6.1 2 36 15 Product and Rate Review 5.5 2 33 14 Prof. Lic. & Market Conduct 4.6 2 36 15 Consumer Services 2.9 1 23 10 Total 249.3 100 240 100 Note PID Budgeted Funds by Activity (FY 22-23) January 11, 2023 3 Funds Product & Rate Review Consumer Services Prof. Lic. & Market Conduct Financial Regulation Liquid., Rehab. and Spec. Funds Admin. Total Med Care Avail. & Red. Error -- -- -- -- $194.5 -- $194.5 Reinsurance Hits: 5 |
PBB_2020_DOH_REPORT_Final_Update.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 21 Hits: 5 |
PASBO_Presentation_March_16_2023.pdfMarch 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 Hits: 5 |
Official-Revenue-Estimate-Methodology-2020-6.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE July 21 Hits: 5 |
Official-Revenue-Estimate-Methodology-2019-06.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE July 3 Hits: 5 |
NGIFE-2016.pdfbrief computes an annual average ETR. The ETR is equal to the annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product Independent Fiscal Office January 2017 2 of (1) the annual average regional price of Hits: 5 |
MTR-2016-10.pdfearnings, and changes in annual pay can affect consumer confidence. Employers are more likely to increase wages when the labor market is competitive, but less likely to do so if there is slack. Therefore, an acceleration or slowing of total wage followed by weak growth in 2013 (1.6%). The weak growth was likely a result of slack in the labor market, as some discouraged workers re-entered the labor force and sought employment. For 2014 and 2015, improving economic conditions and Hits: 5 |
MTR-2016-09.pdfban on agricultural imports from western countries likely had spillover effects, and many EU countries that lost a major export market now offer more competition to U.S. exports, depressing dairy prices further. As shown by the graph, the average U the third quarter suggest a slight recovery of approximately five to ten cents per gallon. Looking forward, the Global Dairy Market Outlook projects that dairy prices will be volatile, but prices should generally recover as foreign dairy production slows. 4 Many Hits: 5 |
MTR-2015-08.pdfimplications for their thinner profit margins. As a result, large banks now comprise a somewhat greater share of the Pennsylvania market, as measured by their share of total deposits. In 2006, the ten largest banks comprised 59.7 percent of the market, and by 2014 they comprised 61.6 percent. For the twenty largest banks, the respective market shares were 72.6 Hits: 5 |
Monthly_Economic_Update_March_2023.pdfEmployment Measures Post Strong Gains in January 2023 This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are informative because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 5 |
Monthly_Economic_Update_January_2023.pdfNew UI Claims Return to Pre-COVID Levels This economic update uses recent state labor market data to assess whether the Pennsylvania economy has slowed or entered into recession. Labor market data are informative because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 5 |
Monthly_Economic_Update_August_2022.pdftwo-thirds chance of at least a mild recession during the next year. This economic update uses recent state labor market data to assess whether the Pennsylvania economy might enter into recession. Labor market data are useful because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 5 |
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 economy has slowed or entered into recession. Labor market data are informative because they are leading economic indicators published on a regular and timely basis, with short real-time Hits: 5 |
IFO_Hearing_Materials_02_2024.pdf2.0% Durable Goods (9.1%) FHFA Home Value Index RedFin Home Sales 30-Yr Mortgage Rate Unemployment Rate Housing Market Number Unemployed (000s) Labor Market (SA) Consumers Note: All growth rates or changes are year-over-year (YOY) except Real GDP, which is quarterly annualized Hits: 5 |
EPLC_April_2024.pdfLFPR cited, but denominator includes all non-institutionalized residents age 16+, including residents age 75+ unlikely to be in labor market in large numbers • As PA experiences rapid growth in the 75+ population, an adjusted Total LFPR of age 16 to 4.6% 6.0% 4.7% Philadelphia CPI-U 6.9% 3.9% 3.9% 3.7% 3.4% Housing Market FHFA Home Value Index 5.1% 5.3% 7.9% 6.9% -- RedFin Home Sales -21.6% -18.8% -18 Hits: 5 |
EPLC Feb 2020 FINAL.pdfreform, natural gas, minimum wage February 28, 2020 2 Today’s Presentation: Three Parts State demographics and economy Labor market still robust | consumers drive growth Auto loan delinquencies at all time high | mortgage refis double State budget What and sales tax? Tax burden rankings: how does PA compare to border states? Natural gas: how is the market doing? February 28, 2020 3 PA Population Snapshot February 28, 2020 4 Number (000s) Change (000s) Avg. Growth Age 2015 Hits: 5 |
Economic_and_Revenue_Update_2020_10.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE October 29 Hits: 5 |
TC_2022_Brewers.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Analyst I Staff Contact: rflaugh@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
TC_2021_Resource_Enhancement_and_Protection.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Michaela Analyst I Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 16 Hits: 4 |
SUT Exemption for Aircraft - January 2013.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 E-mail: contact@ifo.state.pa.us Website: www.ifo.state.pa 120). __________________________________________________________ - This page was intentionally left blank. - INDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 January 4, 2013 To: The Honorable David G. Argall and The Honorable Peter Daley This report presents the Hits: 4 |
Summary_Tax_Credit_Reviews_Oct_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey R&D) intensive sectors and increase entrepreneurial activity among small, start-up firms that bring new products or services to market. Findings ▪ The tax credit flows to subsectors that are R&D intensive (e.g., manufacturers, internet and data processing firms Hits: 4 |
Senate Appropriations Response Letter 3-6-2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Processing - transforming milk into a product of higher economic value in the marketplace for food or non-food use. Marketing and Promotion - increasing the domestic or international awareness and market research for Pennsylvania dairy products, distribution of special packaging of Hits: 4 |
SD-Property-Tax-Forecast-2020.pdfthere are no available projections for education- specific employment costs for Pennsylvania, so the general nationwide ECI projection from IHS Markit is used, with adjustments by the IFO. This component of the index increases more modestly, from 3.1 in FY district weighted by property tax collections. Sources: Pennsylvania Department of Education, Pennsyl- vania Department of Labor and Industry and IHS Markit. Weighted index calculated by the IFO. Act 1 Exceptions Independent Fiscal Office February 2020 4 example, exceptions valued at $54 Hits: 4 |
SD-Property-Tax-Forecast-2019.pdfFor the ECI, there are no available projections for education-specific employment costs, so the general ECI projection from IHS Markit is used, with adjustments by the IFO. This component of the index increases more modestly, from 2.6 in FY district weighted by property tax collections. Sources: Pennsylvania Department of Education, Pennsyl- vania Department of Labor and Industry and IHS Markit. Weighted index calculated by the IFO. Independent Fiscal Office March 2019 4 exceptions approved and exceptions used in the previous Hits: 4 |
Revenue-Estimate-2020-05-Presentation.pdfEconomic Analysis. Forecasts by IFO. National Forecasts Are More Pessimistic May 26, 2020 4 Annual Growth Rate or Change IHS Markit 2019 2020 2021 2022 Real GDP 2.3% -7.3% 5.1% 4.6% Wages-Salaries 4.6% -9.0% 7 11.5 9.3 n.a. Net Payroll Jobs 1.4% -9.4% 3.0% n.a. Note: IHS Markit forecast released May 12. CBO released May 19. Large Injection of Federal Monies May 26, 2020 5 Estimate Estimate Individual Hits: 4 |
RB_2024_03_Child_Care.pdfproviders is sufficient to ensure equal access compared to families paying private tuition at local child care programs through a Market Rate Survey (MRS) or pre-approved alternative methodology. An MRS must occur every third year and the next survey should month. In March 2023, base rates in Pennsylvania were adjusted to reestablish rates at the 60 th percentile of the market rate for child care in a provider’s 1 See: Pennsylvania ARP Child Care Stabilization Fact Sheet. Funds were also Hits: 4 |
RB_2022_08_Worker_Shortage.pdfare consistent with the low unemployment rates for Pennsylvania (4.3%) and the U.S. (3.5%). Under “normal” labor market conditions such as those prior to the pandemic, the ratio would be closer to 1.0 for Pennsylvania and job for women compared to July 2021. 4 Data are seasonally adjusted. The JOLTS data on job openings lag other labor market data by one month. 5 Data are seasonally adjusted. For “prime working age” adults age 25 to 54, the LFPR Hits: 4 |
RB_2021_11_Economic_Development_Incentives.pdfawards ($16.5 million) increased $6.5 million (65%) from the prior year. • Spending related to the state’s tourism marketing campaign dropped 53% from $5.5 million in FY 2019-20 to $2.6 million in FY 2020-21. Job economic development projects through partnerships with Local Development Districts, Small Business Development Centers and other entities, assisting businesses through workforce, market and real-estate development efforts. • Workforce and Economic Development Network (WedNet) expenditures increased by $1.7 million (+26%) to $8 Hits: 4 |
RB-2018-01.pdfFor the ECI, there are no available projections for education-specific employment costs, so the general ECI projection from IHS Markit is used. This component of the index increases more modestly, from 3.0 in FY 2019-20 to 3.2 district weighted by property tax collections. Sources: Pennsylvania Department of Education, Pennsyl‐ vania Department of Labor and Industry and IHS Markit. Weighted index calculated by the IFO. Independent Fiscal Of Ðice January 2018 4 PDE issues annual reports detailing the exceptions Hits: 4 |
PSERS_Stress_Test_Impact_Analysis_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst II Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
Presentation-2019-01-Mid-Year-Update.pdfentire year. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. U.S. forecasts by IHS Markit. PA forecasts by IFO. Recent Quarterly Economic Trends January 29, 2019 3 2018.1 2018.2 2018.3 2018.4 is close for Jan. 28, 2019. Non-GDP growth rates are year-over-year. Source: U.S. forecasts from IHS Markit. Data from U.S. Bureau of Economic Analysis and Wall Street Journal. Annual PA Employment Growth (000s) January 29, 2019 Hits: 4 |
PBB_2022_DLI_REPORT.pdfDRAFT – INTERNAL USE ONLY Insert DLI Report Cover Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst II Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
Official_Revenue_Estimate_Methodology_2022.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Frank Lill, Budget Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
Official_Revenue_Estimate_Methodology_2021.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Brenda Michaela Miller, Revenue Analyst I Kara Hale, Office Manager - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 4 |
Official-Revenue-Estimate-2020-06-Presentation.pdfEconomic Analysis. Forecasts by IFO. National Forecasts Are More Pessimistic June 22, 2020 4 Annual Growth Rate or Change IHS Markit 2019 2020 2021 2022 Real GDP 2.3% -7.3% 5.1% 4.6% Wages-Salaries 4.6% -9.0% 7 11.5 9.3 n.a. Net Payroll Jobs 1.4% -9.4% 3.0% n.a. Note: IHS Markit forecast released May 12. CBO released May 19. Large Injection of Federal Monies June 22, 2020 5 Estimate Estimate Individual Hits: 4 |
Newsstand_2018_August.pdftime period in the prior year. That pace reflects the strongest 3-month gain since April 2012. A strong labor market and higher discretionary income from federal tax cuts are likely two relevant factors that contribute to that outcome. PA Consumer conflict with recent federal tax cuts. The second scenario highlights increased debt as a contrib- utor to emerging or “bubbling” markets and how those markets could react to a sudden tightening of the financial market. The final scenario discusses the trade Hits: 4 |
MTR-2017-02.pdf90% of total electricity generated in 2006. While nuclear energy has maintained a relatively stable share of the electricity generation market since 2006, coal’s share has dropped precipitously. Over the last decade, coal’s share of electricity generation in Pennsylvania gas surpassed coal as the second largest source, representing 32% of electricity generated. The rise of natural gas in the market for electricity generation is due to its competitive price, efficiency advantages and lower production costs. As natural gas comprises a Hits: 4 |
MTR-2016-04.pdfFYTD $25,897 $25,322 $574 Growth 0.7% 2.5% -42.9% Dollar amounts are in millions. PA HOUSING MARKET SOLID The Pennsylvania Association of Realtors (PAR) publishes quarterly data on home prices and sales completed by realtors in the but they do capture the majority of home sales and provide useful information regarding the current state of the housing market. The PAR data reveal very strong growth in home sales for 2013 (12.5%), followed by weakness in 2014 (0 Hits: 4 |
MSC_March_31_2022.pdfMarch 31, 2022 8 Broaden CNIT Base ▪ Broaden current addback provision (+$500M for full year) ▪ Codify Economic Nexus (scored with market-based sourcing) ▪ Adopt market-based sourcing for intangibles (+$194M by FY 27-28) Phase in Reduced CNIT Rate ▪ 7.99% for tax years 2023- Hits: 4 |
MQRE_FY22_23_August.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Matthew 99% for tax year 2031. This provision is projected to reduce FY 2022-23 CNIT revenues by $110.3 million. Market Sourcing and Economic Nexus (Act 53) The act provides consistency between the sourcing of tangible and intangible property for CNIT Hits: 4 |
Monthly_Economic_Update_November_2020_Final.pdfAmericans to reevaluate their present living situation. Current homeowners want larger homes and more millennials are entering the home buying market. The desire for more household space combined with low mortgage rates drives demand in an already competitive housing market. The National Association of Realtors (NAR) reported that existing home sales reached a new 14- year high in the U Hits: 4 |
Monthly_Economic_Update_May_2020.pdfPhiladelphia Plan One of Most At-Risk The Center for State & Local Government Excellence published an article detailing public pension market returns for fiscal year (FY) 2020 and potential impacts going forward. Listed as one of the 20 “worst-off” plans 58.8% but will end the fiscal year with only 5.2 years of benefit payments on hand. Nationally, public market fluctuations during the COVID-19 pandemic have heavily impacted pension returns. Analysis from Milliman in April showed that during 2020 Hits: 4 |
Monthly_Economic_Update_March_2021.pdfwhich lead to larger mortgage payments, may lead buyers to consider lower-priced homes or dissuade them from entering the market. However, a Zillow survey found that homeowners’ willingness to move is expected to improve after the COVID-19 vaccine distribution could boost both demand and supply in the upcoming months, and new listings would enhance inventory in a tight housing market. 2020 Home Prices and Low Interest Rates Drove High Levels of Refinancing Rapidly rising home prices, which provides homeowners with Hits: 4 |
Initial_Estimate_May_2017_Presentation.pdfCommonwealth of Pennsylvania May 2, 2017 The Economic Forecast. General weakness. All forecasts underperform. An exception: PA labor market posts solid gains. Recent U.S. data confirm weak PA trends: 2017 Q1 Real GDP +0.7% growth, +0 IFO based on withholding tax revenues. Corporate domestic profits exclude the Federal Reserve. Home price index represents increase in average market value of existing homes. Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, U.S. Energy Hits: 4 |
IFO_Hearing_Materials_Feb_22_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE In addition to questions about the IFO’s budget, past hearings have included discussions regarding Pennsylvania’s economic outlook, labor market, revenue collections, demographics, long-term fiscal outlook and natural gas trends. This submission includes data, tables and graphs that have Hits: 4 |
IFO Five-Year Outlook.pdfand Budget Outlook Slide 13 15.Nov.2012 Economic Outlook Modest growth, very slow “recovery.” Weakness in labor market. Consumers still “unwinding.” Rebuilding home equity. Paying down debt. Much uncertainty. Concern now shifts to student loan debt Revenues Base Year Net Revenues and Expenditures as % of State Personal Income Summary of Findings Revenues Weak labor market. Slow wage growth. Tax base erosion: sales and use, cigarettes, gaming? Federal tax policy: income, payroll and capital Hits: 4 |
HAC testimony Feb 2019.pdfMore licenses issued for both sports wagering and iGaming. These gains are temporary. A significant decline in the stock market for 2018 Q4 reduced personal income tax estimated payments. The IFO also speculates that taxpayers likely had a large stock suggest policymakers should expect slower economic growth. They are as follows: There has been significant volatility in the stock market. Consumers are more reluctant to spend under such conditions. The latest readings of the consumer confidence index reveal that confidence Hits: 4 |
Five_Year_Outlook_2020_Presentation_Final.pdfQ3 and Q4 based on adjusted withholding. Change in Payroll Jobs and Labor Force is change from prior year. Labor market data are not seasonally adjusted. U.S. Labor Productivity is for All Nonfarm Businesses and is a quarterly annualized rate 21, 2021 10 Source: Various state and federal agency websites. See IFO Official Revenue Estimate Methodology (June 2020). Disconnect: Labor Market vs Other PA Indicators January 21, 2021 11 Economic Negatives Economic Positives Payroll Jobs -460k 2020 Q4 Cash Income +8 Hits: 4 |
Budget Hearings Packet.pdfUA R Y 2 1 2 0 1 7 INDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 February 13, 2017 Dear Chairmen and Members of the House and Senate Appropriations Committees: Thank you about the IFO’s budget, past hearings have included wide-ranging discussions regarding Pennsylvania’s economic and consumer outlook, labor market, revenue collections, demographics, long-term fiscal outlook and energy industry trends. The office has compiled some of the most frequently Hits: 4 |
Budget Hearings Packet- Web Version.pdfUA R Y 2 1 2 0 1 7 INDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 February 13, 2017 Dear Chairmen and Members of the House and Senate Appropriations Committees: Thank you about the IFO’s budget, past hearings have included wide-ranging discussions regarding Pennsylvania’s economic and consumer outlook, labor market, revenue collections, demographics, long-term fiscal outlook and energy industry trends. The office has compiled some of the most frequently Hits: 4 |
Senate_Appropriations_Committee_Response_Letter_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE 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 IFO’s Monthly Economic Update. Senator Hits: 3 |
Roundtable_Jan_2024_Final.pdf6.4% 5.2% 4.3% 4.3% Philadelphia CPI-U 6.9% 3.9% 3.9% 3.7% Housing Market FHFA Home Value Index 5.2% 5.3% 8.1% -- RedFin Home Sales -20.1% -17.6% -17.5% -5.9% 30-Yr Mortgage Rate 6.37% 6.51% 7.04% 7.30% Labor Market Unemployment Rate 4.3% 4.0% 3.5% 3.5% Change Payroll Jobs (000s) 142 115 108 85 Change All Hits: 3 |
Revenue_Estimate_Performance_2024_07.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel SUT ($1,456 million) primarily driving the underprediction. Many factors contributed to the forecast error, including: (1) a tight labor market that resulted in very strong wage growth (PIT and SUT), (2) much higher than expected inflation rates (PIT and SUT Hits: 3 |
Revenue-Update-2020-04.pdfimpacts are tracked separately and discussed later in this document. Table 3 displays the economic forecast recently published by IHS Markit for Pennsylvania and the U.S. The state forecast reflects the projected impact of the COVID-19 virus, but includes 7.9 4.3 Corporate Domestic Profits 2.4% -1.2% -32.8% 78.0% 1.9% Table 3 IHS Markit Economic Forecasts Source: IHS Markit state forecast released March 28, 2020 and U.S. forecast released April 4, 2020. Independent Hits: 3 |
Revenue-Estimate-2019-05-Presentation.pdfpermanent and temporary) Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating Evidence in labor market and consumer sales May 20, 2019 1 Economic Growth Close to Projections May 20, 2019 2 Forecast 2016 2017 2018 deposits will be received May sales tax June personal income and corporate net income (2nd payment) Does labor market maintain strength? Some deceleration in growth April jobs numbers look solid, withholding growth stable at 4% Economic factors Hits: 3 |
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdfa limited discussion regarding whether the infusion of significant federal monies into the state economy, when combined with temporary labor market conditions attributable to the pandemic, is conducive to raising the state minimum wage from its current level of $7.25 in July 2021 or July 2022? Which enactment date would cause less short- and long-term disruption to the labor market? Much will hinge upon outcomes in late summer and fall when the extra UC benefits expire, federal stimulus is removed Hits: 3 |
RB-10-2020-Economic_Development_Incentives.pdfeconomic development projects through partnerships with Local Development Districts, Small Business Development Centers and other entities, assisting businesses through workforce, market and real-estate development efforts. State Loan Programs In FY 2019-20, the Commonwealth issued $98.6 million in loans 0 5.6 PA Dairy Investment Program (CFA) 0.0 0.0 0.0 0.0 4.5 5.5 Marketing to Attract Tourists (advertising) 0.0 1.0 1.5 1.4 2.2 5.5 BFTDA - Venture Investment 1 Hits: 3 |
RB 2019 RACP.pdfareas in the future. In certain cases, the state spending could be viewed as a way to correct local market failures, where private incentives and returns are insufficient to result in outcomes that would, on net, be positive if all of the gains from the investment, and much of the benefit accrues to the general public. In the case of market failures, targeted government spending can lead to more efficient outcomes for the residents of the state compared to outcomes produced Hits: 3 |
RB 2019 Natural Gas Royalties.pdfwells located on a landowner’s property. Pennsylvania law mandates a minimum royalty rate of 12.5 percent of the market value of the sale. 1 Some contracts allow firms to deduct post-production costs from gross revenues prior to the gas from the wellhead to the point of sale and include costs related to gathering, processing and transporting gas to markets. Firms do not publish the dollar amount of royalties paid to Pennsylvania landowners, and those amounts must be inferred from Hits: 3 |
Presentation_PASBO_Annual_Conference_3-8-2018.pdffrom county assessment offices with help from the County Commissioners Association. Counties providing data comprised approximately 81% of real estate market value (2016). Computations for missing or incomplete entries. 5 March 8, 2018 Homestead Survey Results Estimates based on survey (statewide Source: Pennsylvania Department of Education. Forecast by IFO using data from the Pennsylvania Department of Labor and Industry and IHS Markit. March 8, 2018 IFO School Property Tax Forecast $7,151 $7,323 $7,539 $7,781 $8,042 $8,319 Hits: 3 |
PBB_Board_Hearing_Jan_26_2022.pdf7 FTEs Expenditures Activities Number Share Amount Share Food Safety and Animal Health 202 25.2% $69 17.8% Agriculture Marketing and Development 181 22.5% 25 6.5% Horse Racing Promotion and Regulation 133 16.5% 43 11.1% Plant in $ millions. AGR General Fund Appropriations (FY 2021-22) January 26, 2022 8 Appropriations Food Safety Food Assistance Admin. Ag. Marketing and Dev. Plant Ind. and Health Other Total GGO $20.4 $0.8 $7.4 $0.7 $4.0 $1 Hits: 3 |
PBB_2023_DOR_REPORT.pdfconfi Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen Analyst II Staff Contact: kmaynard@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 3 |
PBB_2022_PHMC_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Analyst II Staff Contact: rflaugh@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 3 |
PBB_2019_DOBS_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 3 |
PBB-Board Hearing Jan 23 2020.pptxIncludes all expenditures in $ millions. General Fund Appropriations (2019-20) January 23, 2020 15 Activities PA First Keystone Communities GGO Marketing to Attract Tourists Local Mun. Emerg. Relief Manu-facturing PA Other Total Comm. & Citizen Develop. $0.0 $21.1 $0 capita spend state campaign (9 cents per resident) ▪ U.S. average is $1.59 | PA share of U.S. tourism market declines over time Independent Authorities (CFA, PIDA, PEDFA and others) ▪ For FY 18-19, $ 540m in grants, loans, investments and Hits: 3 |
Official-Revenue-Estimate-2018-06.pdfdata sources and assump- tions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - INDEPENDENT FISCAL OFFICE Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 June 18, 2018 The Honorable Members of the Pennsylvania General Assembly: The Independent Fiscal Office hereby submits its Hits: 3 |
NGIFE-2018.pdfall wells in operation during the year. The ETR is equal to annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional price of natural gas net of post-production Hits: 3 |
NGIFE-2015.pdfbrief computes an annual average ETR. The ETR is equal to the annual impact fee revenues divided by the total market value of unconventional natural gas production. The market value is equal to the product of (1) the annual average regional price of natural gas net of post‐production Hits: 3 |
Newsstand_2018_June.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News New Data Show Strong PA Labor Market On May 23, the U.S. Bureau of Labor Statistics released state and county employment data for the fourth quarter published state employment and wage income trends will 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 Hits: 3 |
MTR-2017-05.pdfcredit card, auto and student loan debt 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 Hits: 3 |
MQRE-FY23-24_Revised_Jan.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Matthew reduce FY 2023-24 cigarette tax revenues by $115.3 million. Table Games Tax Transfer to the Sports Tourism and Marketing Account (Act 34) The act requires a transfer of 5% of sports wagering tax, or $2.5 million, whichever is Hits: 3 |
MER-2015-03.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Mar‐14 Jan‐ with low incomes, and becoming more so. 5 One possible reason is the large influx of individuals into the rental market, due to declining homeownership rates. Therefore, Penn‐ sylvanians aged 20‐30, who typically earn less than the statewide median, are Hits: 3 |
MER-2014-01.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Jan‐13 Nov‐ unemployment rate since January 2009 (6.8%). Viewing this Ðigure exclusively, it would ap‐ pear that the Commonwealth’s labor market is Ðinally recovering. However, the labor news is not all posi‐ tive. The BLS also reported that the number of Hits: 3 |
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 the pool of potential workers who may seek to re-enter the workforce this summer and fall. For 2021 at an all-time high and quit rates at the highest level since 2000. Both factors reflect a tight labor market and strong demand for workers, which does not align with ongoing job loss or the large number of UC claims Hits: 3 |
Labor_Market_Update_July_2021.pdfPayroll Jobs Record Strong Gains in June This document provides a monthly update on the status of the state labor market and the pool of potential workers who may re-enter the workforce this summer and fall. Based on the latest employment options, that issue will likely moderate as federal benefits approach expiration and former childcare workers return to the labor market. Labor Market Update July 2021 Apr May Jun Apr May Jun Total Employment -446.9 -432.3 -394.5 49 Hits: 3 |
jackson ppt.pdfconsumption gains to about 2%. • Fiscal policies will tighten, although the timing and scope is uncertain. • A recovery in housing markets is key to more robust economic growth in 2013-15. • The Eurozone sovereign-debt crisis is the biggest threat to will lead the recovery, reflecting a shift from owner- occupied to rental housing. A Much-Delayed Recovery in US Housing Markets 15 © 2012, IHS Inc. No portion of this presentation may be reproduced, reused, or otherwise distributed in any form without Hits: 3 |
Initial-Revenue-Estimate-2018-05.pdfdata sources and assump- tions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - INDEPENDENT FISCAL OFFICE Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 May 1, 2018 The Honorable Members of the Pennsylvania General Assembly: The Independent Fiscal Office hereby submits its Hits: 3 |
Five_Year_Outlook_Presentation_2021.pdfSales - Non-Motor 13.5% PIT - Withholding 10.4% beginning to decelerate slightly Inheritance 20.9% strong stock and housing markets PIT - Non-Withheld 17.7% small business profits and capital gains All Taxes 14.9% Note: YOY is year-over- Remote work – productivity ▪ Higher profit margins (less travel, higher productivity) ▪ Shift to taxable purchases ▪ Lower gasoline consumption Inflationary ▪ Assets: Stock market and home values ▪ Higher prices (cars, durables) ▪ Potential wage-price spiral (too early, not assumed) November 15, 2021 16 COVID Hits: 3 |
EPLC-2-19-21.pdfand 2020 Q4 are estimates by IFO. Change in Payroll Jobs and Labor Force is change from prior year. Labor market data are not seasonally adjusted. U.S. Labor Productivity is for All Nonfarm Businesses and is a year-over-year strong, includes $100m from PPP All Tobacco 693 -0.3% Inheritance 707 -1.5% Realty Transfer 371 12.4% housing market very strong All Other 1,186 -1.8% Note: Millions of dollars. Growth rates adjusted to reverse the shift of Hits: 3 |
Demographics_Outlook_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen Miller, Fiscal Analyst II Frank Lill, Fiscal Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 3 |
Budget_Roundtable_Response_Letter_02_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE period from 2019 Q3 to 2023 Q3 (latest published data). Real Deposit, Savings Equities and Pension Age Group Estate Money Market Mutual Fund and IRA Total Age 70 plus $146,411 $38,056 $191,449 -$17,104 $358,812 Age 55 Hits: 3 |
2024_Mid_Year_Update_Final.pdf6.4% 5.2% 4.3% 4.3% Philadelphia CPI-U 6.9% 3.9% 3.9% 3.7% Housing Market FHFA Home Value Index 5.2% 5.3% 8.1% -- RedFin Home Sales -20.1% -17.6% -17.5% -5.9% 30-Yr Mortgage Rate 6.37% 6.51% 7.04% 7.30% Labor Market Unemployment Rate 4.3% 4.0% 3.5% 3.5% Change Payroll Jobs (000s) 142 115 108 85 Change All Hits: 3 |
2013-07 Monthly Economic Summary.pdfreve- nue, trailing only Nevada ($10,860 million). The state also claimed three of the top 20 U.S. casino markets in 2012: Philadelphia (ranked sixth with $1,167 million), the Poconos (ranked ninth with $902 million) and Pittsburgh (ranked sev- enteenth with $636 million). Philadelphia also led all U.S. racetrack casino markets with $835 million in revenue. Pennsylvania’s casinos also generate significant tax revenue. The state led the nation in 2012 Hits: 3 |
2013-05_Monthly_Economic_Summary.pdfand referenced indicators relating to the status of the economy. However, this metric provides an incomplete picture of the labor market and should be viewed in con- junction with other employment and economic data to ensure a more comprehensive (and accurate time positions, are accepting part- time positions. In this way, underemployment offers a better representation of slack in the labor market. The graph below shows the Pennsylvania unemployment rate (U3) alongside the Pennsylvania underemployment rate (U6) since the fourth quarter of Hits: 3 |
2013-04 Monthly Economic Report.pdf5.1% 5.3% 5.6% Snapshot: Consumer Savings Independent Fiscal Office Commonwealth of Pennsylvania Recently, the stock and housing markets have rec- orded strong gains, increasing consumers’ percep- tions of their personal wealth. From March 2012 to March 2013, the of 2013. These changes likely affect consumers’ saving or spending decisions. Research suggests that for each $1 change in stock market wealth, consump- tion rises or falls about 2.5 cents. Changes in housing wealth tend to have a greater effect Hits: 3 |
2012-07 Monthly Economic Summary10.pdfmer, when the household survey found that the number of residents employed declined in four consecutive months (April - July). June marked the first month since July 2011 that the Pennsylvania unemployment rate increased. Many analysts have made comparisons to last summer, when labor market growth also decel- erated. Are the underlying dynamics the same? The unemployment rate is based on the US De- partment Hits: 3 |
2006_surviving_spouse_healthcare_study.pdfof the calculations. The projections are primarily based on the experience of the REHP and overall changes in the healthcare market. The calculation of the contribution rate to be charged to participating employers is designed to include all healthcare and administra- Historical and Museum Commission Insurance Labor and Industry Liquor Control Board Lt. Governor's Office Military and Veterans Affairs Milk Marketing Board PA Emergency Management Agency PA Gaming Control Board PA Higher Education Assistance Agency PA Infrastructure Investment Authority PA Municipal Hits: 3 |
2002_drop_report.pdfthese accounts will be held for a short period of time, they will tend to be more sensitive to abrupt market changes. For this reason, a fixed interest rate or a smoothed market rate based upon the earnings of the pension plan is sometimes used. Distribution Options. DROP accounts are often paid in Hits: 3 |
Witgert Nov 15, 2012.pdfhealth-benefits • What benefits are included in prevalent plans? • What benefits must be supplemented? • Cost vs comprehensiveness • How will the market respond? EHB EHB EHB More ACA implementation coming… • Delivery system reforms – Value based purchasing demonstrations – Medical homes – Health homes – ACOs care – Quality reporting 18 State Implementation Priorities 1. Be strategic with the insurance exchange 2. Regulate the commercial health insurance market effectively 3. Simplify & integrate eligibility systems 4. Expand provider & system capacity 5. Attend to benefit design 6. Promote care coordination Hits: 2 |
TC_2023_Manufacturing.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
TC_2022_Mixed_Use_Development.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
TC_2022_Educational_Tax_Credits.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Robyn Analyst I Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
TC_2021_Neighborhood_Assistance_Program.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Michaela Analyst I Staff Contact: mmiller@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
TC_2020_Organ and Bone Marrow Donation Tax Credit.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 16 Hits: 2 |
TC_2019_New_Jobs_Tax_Credit_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us sent to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 2 |
State_Tax_Comparison_2022_01.pdfTax Revenues A 50 State Comparison JANUARY 2022 Independent Fiscal Office Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Flaugh, Revenue Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
State_Tax_Comparison_2020_11.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE November 23 Hits: 2 |
State-Tax-Comparison-2020-01.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 29 Hits: 2 |
SR2017-06.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE IFO estimated the missing values based on data from other sources. The responding counties represented approximately 80 percent of the market value of taxable property in Pennsylvania for 2016, and we believe the survey provides a solid basis for analysis. While Hits: 2 |
SERS_Stress_Test_Impact_Analysis_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst III Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
Senate_Appropriations_Committee_Response_Letter_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE that the gap between the two series has reverted to pre-pandemic levels as job openings and a tight labor market result in fewer discouraged workers. Senator Brown asked several questions related to the proposal to legalize recreational marijuana. To the Hits: 2 |
SD_Prop_Tax_Update_Jun_2023.pdfto the base index or an adjusted index, depending upon the district’s aid ratio. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the projections for education-specific employment costs, so the forecast uses the U.S. ECI for all private workers from IHS Markit, with adjustments by the IFO for sector-specific factors. Estimates by Property Type The estimates for revenues remitted by property Hits: 2 |
SD_Prop_Tax_Update_Aug_2022.pdfto the base index or an adjusted index, depending upon the district’s aid ratio. The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the projections for education-specific employment costs, so the forecast uses the U.S. ECI for all private workers from IHS Markit, with adjustments by the IFO for sector-specific factors. Estimates by Property Type The estimates for revenues remitted by property Hits: 2 |
SD_Property_Tax_Forecast_Nov_2021.pdfSpecial Session 1, P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 4 The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the are no available projections for education-specific employment costs, so the U.S. ECI for all private workers from IHS Markit is used, with adjustments by the IFO. This component of the index remains relatively flat, increasing from 2.9% in Hits: 2 |
Revenue_Estimate_Performance_2023_08.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel SUT ($1,456 million) primarily driving the underprediction. Many factors contributed to the forecast error, including: (1) a tight labor market that resulted in very strong wage growth (PIT and SUT), (2) much higher than expected inflation rates (PIT and SUT Hits: 2 |
Revenue-Estimate-Performance_2022_10.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel SUT ($1,456 million) primarily driving the underprediction. Many factors contributed to the forecast error, including: (1) a tight labor market that resulted in very strong wage growth (PIT and SUT), (2) much higher than expected inflation rates (PIT and SUT Hits: 2 |
Revenue Conference Presentation Jan 2013 FINAL.pdfthe first half of FY 2012‐13. Trends in the RTT can point to underlying trends in the housing market (price or volume), which can have implications for overall economic growth in PA. 12.3 12.4 13.1 13 sector spills over to the rest of the economy (e.g., wealth effects). • Flat profits forecast translates into minimal stock market gains. • Lower debt burdens support additional consumer spending. • Continued Eurozone weakness. Potential housing crisis realized. FY 2013‐14 Outlook Economic Hits: 2 |
RB_2024_02_Jobs_Revised.pdfpre-Covid average of 55,000 job gains per annum (dotted line). 1 This outcome implies that the state labor market is less robust than current published data suggest, and that is supported by real-time data on withheld income tax That rate of average wage growth is notably slower than recent years and implies more slack in the state labor market. 1 For a discussion of this issue based on QCEW data through 2023 Q2, see the Philadelphia Federal Reserve analysis Hits: 2 |
RB-2015-02-annual_vs_lifetime_ETR.pdfto one (or both) of the following tax bases: Value. The rate is expressed as a percentage of the market value of gas extracted. Volume. The rate is expressed in cents per thousand cubic feet (Mcf) of gas extracted rates and special provisions are taken into account. For severance taxes, the effective tax rate is equal to: taxes paid ÷ market value of gas. There are two ways to measure the effective tax rate. The appropriate measure will depend upon the Hits: 2 |
Publicity - Economic and Budget Outlook - 2014.pdfThursday, November 13, 2014; 1:30 p.m. Location: Harrisburg University of Science and Technology Conference Center, Fourteenth Floor 326 Market Street, Harrisburg (enter from Market Street, Fourth Street or Strawberry Square) Agenda: A detailed discussion by IFO staff on the Commonwealth’s structural imbalance and Hits: 2 |
PSERS_Stress_Test_Impact_Analysis_2024.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst III Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
Presentation_Rotary_Club_of_York_7-15-2015.pdf25% • PSERS: 7.5% Investment earnings. • Assumed 7.5% long-term rate of return. Actual earnings are based on market conditions. • Significant losses during the 2008-2009 recession. Employer contributions. • Determined actuarially after accounting for fund liabilities, employee contributions PA liquor system. 7/15/2015 16 Pension Proposals Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230-8293 contact@ifo.state.pa.us www.ifo.state.pa.us 7/15/2015 Hits: 2 |
Presentation_Pension_Town_Hall_3-26-2015.pdf25% • PSERS: 7.5% Investment earnings. • Assumed 7.5% long‐term rate of return. Actual earnings are based on market conditions. • Significant losses during the 2008‐2009 recession. Employer contributions. • Determined actuarially after accounting for fund liabilities, employee contributions 15 to 2019‐20, Independent Fiscal Office, November 2014. Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230‐8293 contact@ifo.state.pa.us www.ifo.state.pa.us 3/26/2015 Hits: 2 |
Presentation_Harrisburg_Rotary_4-11-2016.pdf25% • PSERS: 7.50% Investment earnings. • Assumed 7.5% long‐term rate of return. Actual earnings are based on market conditions. • Significant losses during the 2008‐2009 recession. Employer contributions. • Determined actuarially after accounting for fund liabilities, employee contributions 6/30 Annual Increase Cumulative Increase from FYE 2016 Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230‐8293 contact@ifo.state.pa.us www.ifo.state.pa.us 4/11/2016 Hits: 2 |
Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdfKeystone Rail Freight Seminar May 13, 2016 May 13, 2016 2 Economic Outlook • Stable Economic Growth • Low Inflation • Solid Labor Market • Some Wage Weakness Sources: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics 2015 Q2 2015 0% 4.5% 5.0% 5.5% Expenditures Revenues Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230‐8293 contact@ifo.state.pa.us www.ifo.state.pa.us May 13, 2016 Hits: 2 |
Presentation-2018-06-PICPA.pdf4.2%. Federal tax cut continues to flow into economy. Corporate base expansion enhances revenues. Tight labor market sustains wage growth. Inflation accelerates above 2%. Helps pricing power. June.12.2018 2 Optimistic Revenue Outlook Wage income Base growth rate: +5.1% last seven months. Compare to +1.0% for FY 16-17. Strong Labor Market = Income Gains June.12.2018 3 PA Consumer Income vs. Spending 0.0% 1.0% 2.0% 3.0% 4 Hits: 2 |
PMTA_Presentation_April_2023.pdfwork published on website ▪ Office does not make recommendations unless required 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 7.6% of CPI-U. Sources: U.S. Bureau of Labor Statistics and U.S. Energy 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 Hits: 2 |
PICPA_Presentation.pdfIFO based on withholding tax revenues. Corporate domestic profits exclude the Federal Reserve. Home price index represents increase in average market value of existing homes. Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, U.S. Energy 3.14 $1.43 $1.53 $2.44 $2.62 17-18 18-19 19-20 20-21 Tax on Market Value $574 $952 $1,017 $1,216 Less Impact Fee $225 $240 $262 $285 Net Tax Revenues $349 $712 $755 Hits: 2 |
PBB_2023_DDAP_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Frank Analyst II Staff Contact: flill@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2023_DCNR_REPORT.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Jesse Analyst II Staff Contact: jbushman@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2022_PDE_REPORT_Amended.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Kathleen Analyst II Staff Contact: rtoth@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2022_AGING_REPORT_Addendum.pdfDraft Document 12-17-21 Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen August 2021) Staff Contact: kmaynard@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2021_PSP_REPORT_ADDENDUM.pdfDRAFT REPORT: Data may change prior to public release. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Kathleen Analyst II Staff Contact: khall@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2021_PennDOT_REPORT_ADDENDUM.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Mathieu Analyst II Staff Contact: mtaylor@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2021_DMVA_REPORT_ADDENDUM.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen Analyst I Staff Contact: kmaynard@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2021_DHS_REPORT_ADDENDUM.pdfDraft Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Lesley Analyst I Staff Contact: lmclaughlin@ifo.state.pa.us - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
PBB_2020_PEMA_REPORT.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 16 Hits: 2 |
PBB_2020_DOS_REPORT.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 16 Hits: 2 |
PBB_2020_DHS_REPORT_Final_Updated.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE January 21 Hits: 2 |
PBB_2020_DEP_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 2 |
PBB_2019_PCCD_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 2 |
PBB_2019_JCJC_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 2 |
PBB_2019_Criminal_Justice_Report.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us submitted to contact@ifo.state.pa.us. Sincerely, MATTHEW J. KNITTEL Director Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us - This page intentionally left blank Hits: 2 |
PA_Turnpike_Toll_Projections_May_31_2013.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 E-mail: contact@ifo.state.pa.us Website: www.ifo.state.pa 1269, No.120). - This page was intentionally left blank. - INDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 May 28, 2013 To: The Honorable Senator John C. Rafferty This report presents the results from Hits: 2 |
PA_Economy_League_Presentation.pdfmills), moderate (15 mills) and higher (20 mills). Assumes full elimination of school district property tax. Assumes assessed value equals market value of home and is $200,000 for all cases. Working earns $80,000 of taxable income. Retired earns $60 benefit to renters. If property taxes are 10% of rent, then rent falls by ~-3%. Results sensitive to local market conditions. Will vary considerably across state. More developed = more benefit to homeowners/landlords. 19.May.2017 Homeowners vs Hits: 2 |
PA_Chamber_June_17_2021.pdfis out | vaccinations available to nearly all ▪ Job openings rate highest on record | quit rate highest since 2000 ▪ Implies labor market is“tight”| highly unusual given pool of available workers Two studies: extra UC benefits have minor impact on employment ▪ San benefits would have been better (e.g., $200-$100-$0) June 17, 2021 8 Potential Asset Bubbles: Stock and Housing Markets June 17, 2021 9 0.90 1.00 1.10 1.20 1.30 1.40 1.50 2019.2 Hits: 2 |
PACB_Presentation_2021_8.pdfmonth with only CTC payments, no federal UC Higher inflation unlikely to be transitory ▪ Delayed response in housing and rental markets ▪ Pressures remain in both markets in short-term due to lags ▪ Food prices beginning to rise rapidly | continued supply chain issues ▪ Strong wage gains show Hits: 2 |
NFIB_Feb_2024.pdfto preliminary figures based on research published by Federal Reserve Bank of Philadelphia. Payroll Jobs excludes self-employed. PA Labor Market: Pre vs Post-Covid Slide 2 Feb 2024 Economic Forum Pre Post Change Change 2019 Q4 2023 Q4 Number Percent PA home values +32% checking and saving Philly CPI +19% +48% +38% Downshift in Late Spring or Early Summer Labor Market Reversion to mean: create 30-40k jobs per annum Consumers Remaining “excess” savings depleted for many Federal Feb 2024 Economic Hits: 2 |
NewsStand_2019_December.pdfTrends 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 to cycles and explores factors that increase cyclical sensitivity. While national and state unemployment rates have reached historic lows, regional labor market conditions vary greatly across the United States. In April 2019, the U.S. unemployment rate was 3.6%, but ranged Hits: 2 |
Newsstand_2018_December.pdfFor the U.S., annualized growth for the third quarter was 5.1%. - December 2018 - National News U.S. Housing Market in Third Largest Boom Based on data from the Case-Shiller Home Price Index, a December 7 article written by it is not possible to know when the boom will end, but there are signs of weakness in the current market as leading indicators for building permits and sales of new and existing homes have declined in recent months. U.S Hits: 2 |
MTR-2016-08.pdfFYTD $3,988 $3,930 $58 Growth -0.4% -0.4% 1.1% Dollar amounts are in millions. PA ELECTRICITY MARKET TRENDS The U.S. Energy Information Administration (EIA) releases an Electricity Monthly Update 1 , which provides historical revenues, retail sales rate of 2.4% per annum. Sales from the first half of 2016 reveal a downturn in the PA electricity market. Total retail sales of electricity declined by 5.7% compared to the same period in 2015, as demand contracted in Hits: 2 |
MQRE-FY19-20-Aug.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us The credit is equal to (1) five percent of the lesser of the sale price or the fair market value up to a maximum of $32,000, or (2) ten percent of the gross rental income in each of the first Hits: 2 |
Monthly_Economic_Update_Oct_2023.pdfmay defer relocation and better pay to retain a low-rate mortgage. ▪ First-time home buyers priced out of the market. The NAR home affordability index is at its lowest level since 1985. The index includes the impact of current home amounts are shown in dollar millions and prior to transfers. Source: Redfin, FreddieMac and the Independent Fiscal Office. Pennsylvania Housing Market Indicators Monthly Data May-23 Jun-23 Jul-23 Aug-23 Sep-23 Unemployment Rate (U3) 1 4.0% 3 Hits: 2 |
Monthly_Economic_Update_October_2021.pdfnatural gas prices would need to collapse to $0.95 per MMBtu for that scenario to not hold. Given current market conditions, that outcome is highly unlikely. Futures markets suggest that prices will remain elevated for the remainder of the year due to global supply and demand pressures. Renter Hits: 2 |
Monthly_Economic_Update_Nov_2023.pdfQ3 (14.2% YOY). Balances are now 12.4% higher than pre-pandemic. In 2021, higher prices hit the automobile market and contributed to a 6.2% growth in auto loan debt for Pennsylvania consumers, the strongest YOY increase since 2015 nearly 75% of all consumer debt, and these categories have been relatively stable due primarily to (1) a slow housing market coupled with surging home prices (mortgages) and (2) the suspension of interest accrual during the COVID-19 pandemic federal moratorium Hits: 2 |
Monthly_Economic_Update_August_2021.pdfJuly. The large price increase is the result of greater demand for rental vehicles and supply constraints in new vehicle markets, rather than a rebound from the previous summer (prices fell just 3.3% from July 2019 to July 2020). Recently most renters enter leases for at least one full year. Landlords may also be hesitant to raise prices to the market rate for tenants who renew leases if they are current with their monthly payments. Hence, housing and rental price pressures Hits: 2 |
MER-2015-04.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Apr‐14 Feb‐ program in the next three months, then oil‐related sanctions could be lifted. This would usher more oil into world markets, further depress‐ ing prices in 2016. 1 In their baseline reference case, the EIA estimates that the price of crude Hits: 2 |
MER-2015-02.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Feb‐14 Dec‐ for February is delayed due to the annual bench‐ marking that BLS completes every year.) Although the Commonwealth’s labor market has regained the total number of jobs lost during the recession, the composi‐ tion of new jobs created are somewhat Hits: 2 |
MER-2014-11.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Nov‐13 Sep‐ Second, tighter lending standards, student loan debt and relatively Ðlat wages may prevent younger, Ðirst‐ time homebuyers from entering the market. For cur‐ rent homeowners, there may be a “lock‐in” effect that discourages sales. These homeowners may be reluctant to Hits: 2 |
MER-2013-12.pdfAssociation of Realtors. 5/ University of Michigan - Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor - Bureau of Labor Statistics. Dec-12 Oct- in 2013 Q3. In addition, consumers have experienced positive wealth effects due to consistent gains in the housing and stock markets. Consumers are more confident and, as a result, have shifted back spending to big ticket items. In 2013 Q3, consum- Hits: 2 |
Labor_Market_Update_Sept_2021.pdfAugust as Federal UC Benefits Neared Expiration This document provides a monthly update on the status of the state labor market and the pool of potential workers who may re-enter the workforce this fall. Based on the latest data for of extra federal UC benefits, the monthly data will provide important insights into the state of the Pennsylvania economy. Labor Market Update September 2021 June July August June July August Total Payroll Employment -389.1 -358.3 -362.0 28.5 Hits: 2 |
Labor_Market_Update_June_2021.pdfFederal Stimulus on Pennsylvania Job Creation Stalls This document provides a monthly update on the status of the state labor market and the pool of potential workers who may seek to re-enter the workforce this summer and fall. For 2021 traditional) per week. The IFO will update these data once the May jobs figures are released later this month. Labor Market Update June 2021 Feb Mar Apr Feb Mar Apr Total Employment -443.5 -431.5 -444.5 42.8 39 Hits: 2 |
Labor_Market_Update_Aug_2021.pdfContinue to Recover, but Significant Shortfall Remains This document provides a monthly update on the status of the state labor market and the pool of potential workers who may re-enter the workforce this fall. Based on the latest data for that assessment as traditional UC claims fell by roughly 18%, but only 5% for PUA. Continued on next page. Labor Market Update August 2021 May June July May June July Total Payroll Employment -432.3 -389.1 -362.5 44.8 Hits: 2 |
Ironman_Triathlon_Impact_Analysis_2024_04.pdfthe $50,000 Host City Fee charged by the Ironman Group. 1 See: Ironman 70.3 Pennsylvania Happy Valley. Sports Marketing and Tourism Series | April 2024 Independent Fiscal Office Page 2 Economic Impact To project the economic impact of the event in thousands. 2023 Ironman Triathlon Independent Fiscal Office Page 4 Background and Methodology Act 54 of 2022 established the Sports, Marketing and Tourism Account which provides competitive grants to local partners to attract high-quality amateur and professional sporting and e- Hits: 2 |
IFO_Testimony_RGGI_Nov_4_2022.pdfto 2020. CO2 emissions fell dramatically across all states while net generation increased only for Pennsylvania and Virginia. RGGI Auction Market Clearing Prices RGGI auction prices much higher than assumed in the most recent February 2021 modeling. • Market clearing prices were $13.00 (Dec 2021) and $13.50 (Mar 2022). • The prices assumed for the model are $3 Hits: 2 |
IFO_PASBO_Presentation_Nov_2021.pdf22-23 published by PDE. For later years, SAWW is projected by the IFO and ECI is projected by IHS Markit with minor adjustments by the IFO. November 16, 2021 CY 2021 wage growth Outlook - Uncertainty and Risks Unusually High Significant economic risks ▪ Workers eventually return ▪ No wage-price spiral that further broadens inflation ▪ No major stock or housing market correction Significant Policy Risks ▪ Stimulus impact lingers, but how much longer? ▪ Some remains | child tax credit and SNAP Property Taxes Hits: 2 |
IFO ppt.pdf2% 1.2% 0.9% January 18, 2012 Independent Fiscal Office Economic & Budget Outlook 2012 Revenue Conference Cause: Unexpected Labor Market Weakness 6% 7% 8% 9% 10% 11% Budget US PA March 2010 Unemployment Rate January 18, 2012 Independent Fiscal Office flushed out. – Profits and Balance Sheets strong. Ready to expand. • Consumer Sentiment/Confidence key. Base much of outlook on labor market reports, especially unemployment rate. • For PA, state-local govt reductions appear to have abated for now. • Some room for guarded Hits: 2 |
HTAE_2019_05_15.pdfindependent contractors. Source: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics. U.S. forecasts by IHS Markit. PA forecasts by IFO. Recent Quarterly Economic Trends May 15, 2019 2 2018.1 2018.2 2018.3 2018.4 Tax 2,456 769 -1,687 -68.7% Note: Millions of dollars. PIT is personal income tax. The Pennsylvania Labor Market May 15, 2019 5 Annual Growth Rate, Change or Level 2015 2016 2017 2018 2019 Net Jobs Created (000s) 46 Hits: 2 |
House_Maj_Policy_Com_Testimony_June_8_2022.pdf2018-19 (latest pre-pandemic year) and (2) the overall state economy. • Revenue sources tied to business profits or stock markets (i.e, dividends and capital gains) are shaded red and recorded very strong growth due to inflated asset markets and unusually high profit margins. • Sales and use taxes easily outperformed the overall growth of the Pennsylvania economy (nominal GDP Hits: 2 |
House_Appropriation_Response_Letter_3_17_2021.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE including: marijuana substance abuse treatment, workplace incidents involving marijuana, drug-free workplace policies and unemployment, home growing and marijuana grey market enforcement, and certain long-term negative health impacts due to increased marijuana use. 3 See Benjamin Hansen et al., “Early Hits: 2 |
House Appropriation Response Letter 2-28-2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Represented Employees. 2 Other includes Environmental Hearing Board, Ethics Commission, Governor's Office, Health Care Cost Containment, Lieutenant Governor, Milk Marketing Board, PA Infrastructure Investment, PA Municipal Retirement Board, PA Port Authorities, PA School Employees Retirement System (PSERS), Patient Safety Authority Hits: 2 |
GPNP July 10, 2012 final.pdfGPNP Conference June 2011 1.8% June 2012 2.7% Feb 2012 7.5% But, Some Positive Fundamentals Housing Market Forecast: 2011 is bottom of PA housing market. Mortgage rates at historic lows. PA mortgage delinquencies declining rapidly. Consumers Vehicle sales remain strong. Some Hits: 2 |
Five_Year_Outlook_Presentation_2022.pdfGDP includes inflation. “premium” is worth +$5.1 billion Revenues / GDP measures the revenue “capacity” of economy profits and stock market federal stimulus and spending patterns Baseline Forecast: Big 3 Tax Revenues November 15, 2022 14 Corp Net Income +1.7% Factors Unknown: short-term economic trends ▪ How quickly does inflation decelerate? ▪ Foreign economies: much of Europe likely in recession ▪ Housing market’s rapid decline: does it spread? ▪ Residual stimulus: can consumers sustain spending? ▪ Student loans (moratorium and forgiveness)? Known: long-term Hits: 2 |
Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdfeconomy 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 CPI-U) “We Never high share of economy Consumer spending bump dissipates Inflation pads bottom lines, profit margins Notable Slow Down in PA Labor Market • Very high rate of recent jobs creation • Depletion of excess savings, delayed interest rate impact • Real-time: withholding tax revenues Hits: 2 |
Demographics_Outlook_2022.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Karen Miller, Revenue Analyst II Frank Lill, Budget Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
Demographics_Outlook_2021.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Lesley Maynard, Budget Analyst II Michaela Miller, Revenue Analyst I - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 2 |
Demographics_Outlook_2020.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 phone: 717-230-8293 email: contact@ifo.state.pa.us website: www.ifo.state.pa.us 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - Rachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE September 8 Hits: 2 |
CNIT-Rate-Cut-2018-04.pdfcapital owners will benefit from tax rate reductions (or bear the burden of a tax increase). However, as firms and markets adjust to the rate cut over time, workers and consumers could also benefit. In the recent debate regarding the Tax This report was motivated by a request from Representatives Jason Ortitay and Martina White. Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Staff Acknowledgments: Rachel Flaugh Hits: 2 |
Boyd PA IFO November 2016.pdfencourage risk taking •U.S. public plans calculate liabilities and contributions using earnings assumption based on plan portfolio rather than market rates (unlike U.S. private plans, generally unlike other countries). Higher earnings assumption: •Keeps contributions lower in the short run poorly if can’t-happen-again events like the Great Recession, the dot-com bust, or the 1973-1974 bear market continue to happen or if there is a sustained period of low returns. •Already public pension plans generally have bad Hits: 2 |
2024_Initial_Revenue_Estimate_Presentation_Final.pdf4.6% 6.0% 4.5% 4.2% Philadelphia CPI-U 3.9% 3.7% 3.4% 4.1% Housing Market FHFA Home Value Index 7.9% 6.9% 5.7% -- RedFin Home Sales -18.1% -5.5% -4.1% -- 30-Yr Mortgage Rate 7.04% 7.30% 6.80% 7.05% Labor Market Unemployment Rate 3.3% 3.4% 3.4% 3.4% Change Payroll Jobs (000s) 81 85 72 81 Change All Hits: 2 |
2022_Mid_Year_Update.pdfissues ▪ What happened to the labor force? ▪ Inflation for 2022 | wage-price spiral taking hold? Unknown factors (mostly negative) ▪ Stock market correction | S&P 500 down 7% in January ▪ Fed tightening and raising interest rates ▪ Expiration of remaining relief: student loans forward | record corporate profits 2 Consumers do not switch back from durable goods to services 3 Strong house and stock markets through December (wealth effects) 4 More stimulus $$ (EIPs) makes their way into economy ▪ Original Surveys: ~25% spent | ~75% saved or Hits: 2 |
2021-SD-Property-Tax-Forecast.pdfSpecial Session 1, P.L. 1873, No. 1, known as the “Taxpayer Relief Act.” 4 The aid ratio is the market value/personal income aid ratio (MV/PI AR) calculated in accordance with section 2501(14) and (14.1) of the available projections for education-specific employment costs for Pennsylvania, so the U.S. ECI for all private workers from IHS Markit is used, with adjustments by the IFO. This component of the index remains relatively flat, increasing from 2.7 in Hits: 2 |
2013-03b Monthly Economic Summary.pdfratio will continue to decline once consumers absorb the 2013 tax increases and spend- ing cuts. A rapidly improving housing market and strong stock market gains should bolster consumer confidence and thereby encourage additional borrowing and spend- ing. This will be an important outcome if Hits: 2 |
Wage_Contracts_PDA.pdfRachel Carson State Office Building, 400 Market Street Harrisburg, PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Wage Contract SEIU-FINAL.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 September 27, 2016 The Honorable Joseph B. Scarnati, III The Honorable Mike Turzai President Pro Tempore Hits: 1 |
Wage Contract PFBC-FINAL.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 1 February 2, 2017 The Honorable Joseph B. Scarnati, III The Honorable Mike Turzai President Pro Hits: 1 |
Wage Contract AFSCME-FINAL.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 September 27, 2016 The Honorable Joseph B. Scarnati, III The Honorable Mike Turzai President Pro Tempore Hits: 1 |
UGSOA_Wage_Contract_Analysis_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
UGSOA_Wage_Contract_Analysis_2021.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
UGSOA_Wage_Contract_ Analysis_2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
UFCW_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
The Payroll Tax Cut Extension FINAL.pdfthe first round. Employment would also increase in response to the additional spending, but the potential impact on the labor market is less certain, and any positive impact might be temporary. 1 U.S. Social Security Administration, Office of Retirement and Hits: 1 |
TC_2021_Keystone_Special_Development_Zones_Update.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Hits: 1 |
State_Tax_Comparison_2024_02.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Hits: 1 |
State_Tax_Comparison_2023_02.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Hits: 1 |
State and Local Tax Burden Study.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 E-mail: contact@ifo.state.pa.us Website: www.ifo.state.pa Hits: 1 |
SR2014-03-presentation.pdfleast 9 current districts. 16.Dec.2014 18 Findings Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717)230-8293 contact@ifo.state.pa.us www.ifo.state.pa.us 16.Dec.2014 Hits: 1 |
Sen_Maj_Pol_Comm_Brain_Drain_Workshop_04_30_2019.pdfStudent Flight (Brain Drain) from Pennsylvania April 30, 2019 Submitted by: Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 1 Year Population Estimate Population Change 1 Births Deaths Natural Increase Net International Migration Net Domestic Hits: 1 |
Senate_Appropriations_Committee_Response_Letter_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Senate_Appropriations_Committee_Response_Letter_2021.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Senate Budget Hearing Request.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 March 7, 2017 The Honorable Patrick M. Browne Chairman Senate Appropriations Committee 281 Main Capitol Building Hits: 1 |
SEIU_Local_668_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
SEIU_Local_668_UC_Referees_Wage_Contract_Analysis_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
SEIU_HCPA_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
SEIU Local 668 UC Referees Analysis- 2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
SEIU Healthcare Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
SD_Prop_Tax_Update_Jun_2024.pdfto the base index or an adjusted index, depending upon the district’s aid ratio. The aid ratio is the market value/personal income aid ratio (MV/PI AR) based on section 2501(14) and (14.1) of the Public School Hits: 1 |
Revenue_Estimate_Performance_Dec_2017.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building Second Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
Revenue_Estimate_2014-06-16_Snapshot.pdfUse Tax – The forecast projects a moderate increase in non-motor collections consistent with higher consumer confidence, an improving labor market and increased disposable income. Receipts are restrained by low inflation for taxable consumer goods. Motor vehicle receipts are projected to Hits: 1 |
Revenue_Estimate_2014-06-16_Release.pdftechnical factors,” Knittel said. “Projections for FY 2014-15 anticipate a return to growth due to improvements in the labor market and consumer spending.” A copy of the official revenue estimate, including a brief discussion of the economic outlook, is posted Hits: 1 |
Revenue-Estimate-Performance-2021-09.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Rachel Hits: 1 |
Revenue-Estimate-Performance-2020-09.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
Revenue-Estimate-Performance-2019-07.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
Revenue-Estimate-Performance-2018-07.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building Second Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
Response_Letter_9_23_2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response_Letter_2021_April.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-9-30-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-2-27-2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-11-08-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-10-7-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-09-19-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-09-12-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-09-12-2019-Part-2.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-09-06-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Response-Letter-08-16-2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
RB_2024_06_Revenues_Spending.pdf8.99% (2023) and 8.49% (2024). Inheritance tax revenue growth (56%) was also strong due to housing and stock market gains. All Other Tax revenues were largely flat (2%) due to a contraction in cigarette (-41%) and flat realty transfer Hits: 1 |
RB_2024_03_Jobs_Revised.pdfdata for February 2024 will be released March 22, and those data will provide further insights into the state labor market. 1 This brief uses non-seasonally adjusted data. Because comparisons are year-over-year, the computations will largely match those Hits: 1 |
RB_2023_07_Inflation_Impact.pdfof the four-year 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 Hits: 1 |
RB_2022_06_PA_Gasoline_Tax.pdfremaining price components include the federal gasoline tax (18.4 cents per gallon (cpg)), cost of crude oil, refining, distribution, marketing and profits. 4 1 Includes non-restricted and restricted Oil Company Franchise Tax (OCFT) revenues as defined by statute. The Hits: 1 |
RB_2022_06_Act_105_Pre-Funding_Impact.pdfBased on preliminary computations, system employers received a substantial benefit from the two pre- funding agreements due to very strong market returns the past two years. In 2020 (actual return 11.11%) and 2021 (preliminary 17.24%), SERS exceeded the actuarially Hits: 1 |
RB_2021_10_Inflation_Impact_Wages.pdffederal unemployment compensation benefits, which ended the first week of September. That expiration could alleviate some pressures in the labor market and reduce nominal wage growth. The table also shows detail for four sectors. For the leisure and hospitality sector, which Hits: 1 |
RB_09_2023_Treasury.pdfsecurities, primarily of a short duration, with a goal of generating a competitive return while preserving capital (e.g., money market funds). (See the Pennsylvania Treasury website for more information.) Treasury earnings are posted monthly as General Fund revenue and those Hits: 1 |
RB-2015-04.pdfnot retain employment. Independent Fiscal Of Ðice November 2015 7 Rachel Carson State Of Ðice Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 E‐mail: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Independent Fiscal Of Hits: 1 |
QRE_FY14-15.pdfsources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 E-mail: contact@ifo.state.pa.us Website: www.ifo.state.pa Hits: 1 |
PSEA_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PSEA Wage Contract Analysis- 2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PSCOA Wage Contract Analysis- 2020.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PSBA_January_19_2022.pdf22-23 published by PDE. For later years, SAWW is projected by the IFO and ECI is projected by IHS Markit with minor adjustments by the IFO. January 19, 2022 CY 2021 wage growth School District Property Tax Burden by County Hits: 1 |
Property-Tax-Update-August-2018.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Presentation_PICPA_9-24-2013.pdfbillion for FFY 2013 (US total). Debt Ceiling debate – possibility of gov’t shut down. o Temporary hit to financial markets. o More lasting hit to consumer confidence. Monetary Policy – start of the Fed “taper”? o In June, Fed says taper Hits: 1 |
Presentation_PICPA_12-3-2014.pdf1% 99.3% of growth age 65 or older 10 Economic Outlook A Reversion to Historical Growth The Pennsylvania Labor Market 3.Dec.2014 11 Economic Forecast Provides Neutral Benchmark. • Assumes growth rates return to historical averages. • Reflects non-recession years Hits: 1 |
Presentation_Lancaster_Chamber_2017-07-14.pdfstate.pa Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230-8293 Author: Mark Ryan Company: Microsoft CreationDate: 2017-07-13 20:27:29 Creator Hits: 1 |
Presentation_2016-06-08_GPNP_Budget_Outlook.pdf5.5% Expenditures Revenues 8.Jun.2016 22 Independent Fiscal Office Rachel Carson State Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717) 230‐8293 contact@ifo.state.pa.us www.ifo.state.pa.us Thank You 23 Hits: 1 |
Presentation_2016-05-12_PaDUC_Impact_of_Demographics.pdfpatterns. Major Take Aways 32 12.May.2016 Independent Fiscal Office Rachel Carson State Office Building, 2 nd Floor 400 Market Street Harrisburg, PA 17105 (717)230‐8293 contact@ifo.state.pa.us www.ifo.state.pa.us Thank You 33 Hits: 1 |
Presentation-2018-10-Performance-Based-Budget-Board.pdfthe IFO website http://www.ifo.state.pa.us/ Independent Fiscal Office Rachel Carson State Office Building Second Floor 400 Market Street Harrisburg, PA 17105 (717) 230-8293 contact@ifo.state.pa.us Author: Tessa Dorr CreationDate: 2018-10-12 19 Hits: 1 |
Presentation-2018-08-PA-State-Association-Boroughs.pdfstate.pa.us/ Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building Second Floor 400 Market Street Harrisburg, PA 17105 (717) 230-8293 August.08.2018 26 Thank You Author: Lesley Rompalo CreationDate: 2018-08-08 Hits: 1 |
PLEA_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PLEA Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PICPA Presentation_ June 11, 2019.pdftemporary) Income shifting and gaming expansion (temporary) Economic fundamentals remain solid, but decelerating Evidence in labor and housing markets June 11, 2019 1 Economic Growth Close to Projections June 11, 2019 2 Forecast 2016 2017 2018 2019 Real GDP Hits: 1 |
PICA_Presentation_2020_11.pdfremote working Gasoline consumption down ~10% | ~$1.5 billion spending (redirected) Excess supply in commercial real estate rental market Less business travel, accommodation and dry cleaning services New spend patterns, more on-line sales and productivity gains = job Hits: 1 |
PDA_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PDA Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PBB_Board_Hearing_Request_May_4_2021.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
PBB_Board_Hearing_Mar_09_2022.pdfwww.ifo.state.pa.us/ Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 contact@ifo.state.pa.us March 9, 2022 7 CreationDate: 2022-03-09 14:36:57 Hits: 1 |
PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdfremote working Gasoline consumption down ~10% | ~$1.5 billion spending (redirected) Excess supply in commercial real estate rental market Less business travel, accommodation and dry cleaning services New spend patterns, more on-line sales and productivity gains = job Hits: 1 |
PACBI_Presentation_March_13_2023.pdfstate and local government units and higher education institutions. Childcare includes stabilization funds ($820m) and block 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 Hits: 1 |
OPEIU_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
OPEIU Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
novak ppt.pdf11 PA US Percent Unemployment • Unemployment rates remain high. • PA is below the national rate. • Recession in all areas was marked by large increases. Shrinking Government • Government spending usually increases as stabilizers kick-in • The recession was too long for the Hits: 1 |
NewsStand_2019_September.pdfin home prices. The article states that homebuyers can expect lower typical mortgage payments through June 2020. According to IHS Markit, personal disposable income increased for the first two quarters of 2019. Moderate income gains and falling mortgage rates have reduced Hits: 1 |
Newsstand_2019_March.pdfExcluding consumer purchases related to en- ergy, the CPI-U increase was 1.9%. - March 2019- National News Tight Labor Market Begins to Translate to Wage Gains On March 8, the U.S. Department of Labor released average hourly earnings for Hits: 1 |
NewsStand_2019_July.pdfNBER Digest summarized a working paper that explored the link between student debt, other forms of credit utilization and labor market outcomes. Using a natural experiment created by recent collections lawsuits, the study followed two cohorts and found that debt cancellation Hits: 1 |
NewsStand_2019_August.pdfhomeowners rely less on the value of their home to access new credit and home- buyers return to the mortgage market after a surge in all-cash home purchases in the years following the last recession. Author: Tessa Dorr CreationDate: 2019- Hits: 1 |
Newsstand_2019_April.pdf(717) 230-8293 | | www.ifo.state.pa.us Pennsylvania News Labor Market Slows in 2019 Q1 On April 19, the U.S. Bureau of Labor Statistics released state employment data for March Hits: 1 |
Newsstand_2018_November.pdfcites 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 at the state of the economy Author: Tessa Hits: 1 |
NAP-2018-03.pdfEconomic Development for their assistance in providing the information necessary to complete this report. Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Staff Acknowledgments: Tessa Dorr Hits: 1 |
Municipal_Analysts_Presentation.pdfare we? How did we get here? Demographic Outlook. Suggests economic and budgetary challenges. Economic Outlook. Solid labor market, but consumption tepid. Budget Outlook. Revenue and expenditures. Pensions. Gaming. General Fund Balance Sheet Growth Rates 13-14 14- Hits: 1 |
MTR-2019-08.pdfsharp decline in March 2019. Unex- pectedly low mortgage rates are likely providing support to the state and national housing markets. INDEPENDENT FISCAL OFFICE AUGUST 2019 Note: Dollar amounts in millions. Growth rates computed from same time period in previous year Hits: 1 |
MTR-2017-07.pdfat an annual rate of roughly 2.7% in the second quarter of 2017. Analysts expect that the tight labor market could provide a further boost to wage growth during the next few quarters. PA PERSONAL INCOME GROWTH STEADY General Fund Hits: 1 |
MTR-2017-04.pdfrecorded a net inflow. Relative to Pennsylvania, these states both generally have higher tax rates and a less affordable housing market. Despite the tendency for individuals with a higher education to move to urban or coastal areas, this inflow could reflect Hits: 1 |
MTR-2016-06.pdfinternational trends also affect the potential for recession. These include: (1) the deceleration of growth in China and other emerging markets, (2) the U.K.’s vote to exit the European Union and (3) appreciation of the U.S. dollar, which Hits: 1 |
MTR-2016-05.pdfwell below its pre-recession share of roughly 10%. However, sales have picked up recently, due to the improving housing market, and have been particularly strong through April 2016 (9.2% annual growth). One of the larger retailers in this sector Hits: 1 |
MTR-2015-07.pdfTrend In 2014 Labor force participation rates (LFPRs) are often viewed as a measure of the strength of the labor market. The Bureau of Labor Statistics (BLS) defines the LFPR as the labor force as a share of the civilian non- Hits: 1 |
MRU_2024_06.pdfdebt balances continue to rise and pandemic savings have largely been depleted. ▪ Inheritance tax collections were boosted by continued stock market gains and rapid home price appreciation throughout the fiscal year. Monthly Revenue Update June 2024 FY 2023-24 Revenue Performance Hits: 1 |
MRU-2020-3.pdfby 13.8 percent relative to the prior year. This strength is likely the result of months of strong stock market performance prior to the outbreak. Gaming tax collections were impacted by the March closure of all Pennsylvania casinos. The impact Hits: 1 |
MQRE_FY24-25_08_2024.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Matthew Hits: 1 |
MQRE_FY23-24_08_2023.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Matthew Hits: 1 |
MQRE_FY21_22_August.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
MQRE_FY20_21_Revised_Feb.pdfIndependent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 717-230-8293 | contact@ifo.state.pa.us | www.ifo.state.pa.us Staff Acknowledgements Stacey Hits: 1 |
MQRE-FY20-21-Aug.pdfmethodologies, data sources and assumptions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
MQRE-FY18-19-July.pdfand assump- tions used in published reports and estimates. Independent Fiscal Office Rachel Carson State Office Building Second Floor 400 Market Street Harrisburg, PA 17105 Telephone: 717-230-8293 Email: contact@ifo.state.pa.us Website: www.ifo.state.pa.us Hits: 1 |
Monthly_Economic_Update_May_2021.pdfindex used in the CPI-U computation (most is imputed rent to current homeowners) and actual conditions in the housing market. For example, the latest data from the Federal Housing Finance Agency show that the home price index increased by 12 Hits: 1 |
Monthly_Economic_Update_June_2021.pdfData for May will be released on June 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 Hits: 1 |
Monthly_Economic_Update_July_2021_Final.pdfare not imputed. Moreover, analysts have noted the disconnect between the Shelter component and very strong gains in the housing market. Impact Fee Revenues Could Increase Significantly in 2022 As noted in a WSJ article, natural gas prices have risen to Hits: 1 |
Monthly_Economic_Update_April_2022.pdfrecession is how entrenched inflation has become in the economy and expectations. To provide insight, economists look to the labor market and wage growth. For Pennsylvania, data suggest that inflation is now affecting year-over-year (YOY) wage growth (see graph Hits: 1 |
Mid_Year_FY16-17_Presentation.pdfQ4 forecast from IHS Economics. 25.Jan.2017 8 U.S. Profits and Business Investment 25.Jan.2017 9 Financial Markets Recover Note: Dividend data for 2016 Q4 is an estimate. Sources: Yahoo Finance and Factset. Year-Over-Year Growth Rates Hits: 1 |
MidYear_PublicBriefing_Jan2018.pdfDate: Monday, January 29 at 2:30 PM Location: Room 105, Rachel Carson State Office Building, 400 Market St, Harrisburg The Independent Fiscal Office will release a mid-year update for General Fund revenues for FY 2017-18 Hits: 1 |
mid-year-FY14-15-presentation.pdfDoes This Matter? • Higher Personal Income Tax revenues. • Bolsters consumer confidence. Encourages spending. • A sign of economic recovery. Less labor market slack? 28.Jan.2015 12 Low Inflation = Real Wage Growth (?) 28.Jan.2015 13 Average Wage vs. Inflation ‐1.0% Hits: 1 |
MGMT Nonrepresented Wage Contract.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
MER-2015-06.pdfAssociation of Realtors. 5/ University of Michigan - Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor - Bureau of Labor Statistics. Jun-14 Apr- Hits: 1 |
MER-2015-01.pdfAssociation of Realtors. 5/ University of Michigan - Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor - Bureau of Labor Statistics. Jan-14 Nov- Hits: 1 |
MER-2014-12.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Dec‐13 Oct‐ Hits: 1 |
MER-2014-10.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Oct‐13 Aug‐ Hits: 1 |
MER-2014-09.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Sept‐13 Jul‐ Hits: 1 |
MER-2014-08.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Aug‐13 Jun‐ Hits: 1 |
MER-2014-07.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Jul‐13 May‐ Hits: 1 |
MER-2014-06.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Jun‐13 Apr‐ Hits: 1 |
MER-2014-05.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. May‐13 Mar‐ Hits: 1 |
MER-2014-04.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Apr‐13 Feb‐ Hits: 1 |
MER-2014-03.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Mar‐13 Jan‐ Hits: 1 |
MER-2014-02.pdfAssociation of Realtors. 5/ University of Michigan ‐ Survey of Consumers. 6/ Institute of Supply Management. 7/ Energy Information Administration. 8/ Market data compiled by the Wall Street Journal. 9/ U.S. Department of Labor ‐ Bureau of Labor Statistics. Feb‐13 Dec‐ Hits: 1 |
MER-2013-11.pdfassert that the abundance of cheap natural gas in Pennsylvania creates a comparative advantage for the industry and its downstream markets. Currently, data suggest that the petrochemical manufacturing industry employs relatively few Pennsylvanians. For 2012, data from the U.S. Bu- Hits: 1 |
May_1_Revenue_Update.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Like-Kind_Exchange_Analysis.pdfonly a few years after the original purchase. A firm that sells a four-year old vehicle with a fair market value of $10,000 would need to report a $10,000 gain if no basis remained. However, if the firm Hits: 1 |
Letter_to_JSGC.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 March 13, 2017 Mr. Glenn Pasewicz Executive Director Joint State Government Commission 108 Finance Building Harrisburg Hits: 1 |
Lancaster_Chamber_Presentation_ Oct_6_2021.pdfDemographic and Labor Market Update Lancaster Chamber of Commerce Matthew Knittel, IFO Director October 6, 2021 Pennsylvania Demographics October 6, 2021 1 Age Cohort Hits: 1 |
Labor_Market_Update_October_2021.pdfwhile the overall labor force participation rate declined from 61.5% to 61.0% despite strong demand for workers. Labor Market Update October 2021 July August Sept July August Sept Total Payroll Employment -358.3 -365.5 -384.8 -11.6 Hits: 1 |
Kling_Presentation.pdfby category, along with tax parameters and effective marginal tax rates 10-year projections of economic output, prices, labor market measures, interest rates, income, and other economic factors Details of projections and underlying parameters for Social Security, Medicare, student Hits: 1 |
ISSU_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
ISSU Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Testimony_CR_June_29_2023.pdfmillion • These include rate reduction, which reduces incentives to shift profits to other states, the codification of economic nexus and market sourcing, which expand the tax base. Potential Revenue Impact from Combined Reporting • A filing method that effectively expands the tax Hits: 1 |
IFO_Revenue_Estimate_2013-14_Mid-Year_Update.pdfperformance of the Pennsylvania 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 Hits: 1 |
IFO_Response_Letter_May_16_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Response_Letter_March_7_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Response_Letter_Jan_20_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Response_Letter_Feb_21_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Response_Letter_April_5_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Response_Letter_April_12_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Public_Briefing_May_2018_19.pdfDate: Tuesday, May 1st Time: 2:00 PM Location: Room 105, Rachel Carson State Office Building, 400 Market Street, Harrisburg The Independent Fiscal Office will release updated revenue forecasts for fiscal years 2017-18 and 2018-19. The Hits: 1 |
IFO_Presentation_HB1379_Sept_2023.pdfwww.ifo.state.pa.us/ Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 (717) 230-8293 September 7, 2023 8 CreationDate: 2023-09-07 18:53:39 Creator: Microsoft Hits: 1 |
IFO_Letter_to_the_SCC.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
IFO_Job_Opportunity_Revenue_Analyst.pdfto use statistical software (e.g., SAS or Stata) is a plus. Work Location: Rachel Carson State Office Building, 400 Market Street, Harrisburg, Pennsylvania Work Hours: Full-time salaried, Monday through Friday, two/three days remote Salary Range: $55K-$65K based Hits: 1 |
IFO_Job_Opportunity_Fiscal_Analyst.pdfto use statistical software (e.g., SAS or Stata) is a plus. Work Location: Rachel Carson State Office Building, 400 Market Street, Harrisburg, Pennsylvania Work Hours: Full-time salaried, Monday through Friday, two/three days remote Salary Range: $55K-$65K based Hits: 1 |
IFO_Job_Opportunity_Deputy_Director.pdffunding sources • Has experience reviewing and analyzing government budgets and tax policies Work Location: Rachel Carson State Office Building, 400 Market Street, Harrisburg, Pennsylvania Work Hours: Full-time salaried, Monday through Friday, two/three days remote Salary Range: $130K-$155K based Hits: 1 |
IFO_Hearing_8-30-2017.pdffive-year budget projections in November. 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 Hits: 1 |
IFO-Presentation-11-14-2019.pdf1% | PA at +4.5% (prelim) PA wage growth highest since 2007 | Lowest UE rate on record PA labor market shows signs of slowing Minor deceleration of wage growth in 2019 Q3 (prelim) Net job gains down notably Hits: 1 |
House_Appropriations_Committee_Response_Letter_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
House Budget Hearing Request.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 March 7, 2017 The Honorable Stan Saylor Chairman House Appropriations Committee 245 Main Capitol Building Harrisburg Hits: 1 |
FTA_Student_Loan_Presentation_Oct_2023.pdf0.24% growth Technical Notes and Caveats Factors that (could) overstate impact ▪ Impacts muted during COVID? | supply chains, tight labor market, other stimulus programs ▪ Sales tax includes tobacco, gross receipts, insurance premiums, gaming…. Factors that clearly understate impact (could be large Hits: 1 |
FTA_Presentation_Oct_24_2022.pdfwww.ifo.state.pa.us/ Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 (717) 230-8293 October 24, 2022 12 CreationDate: 2022-10-25 15:16:29 Creator: Microsoft Hits: 1 |
FOSCEP_Wage_Contract_Analysis_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
FOSCEP Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
FOP_Wage_Contract_Analysis_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Five_Year_Outlook_Presentation_2023_final.pdf7.1% 6.9% 3.9% 3.9% RedFin Home Sales -24.5% -20.1% -17.6% -17.5% Labor Market Unemployment Rate 4.4% 4.3% 4.0% 3.5% Change Payroll Jobs (000s) 189 172 155 148 Change All Hits: 1 |
Five_Year_Outlook_2017_PSERS_State_Share_Update.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
EPLC_3_4_2022_update.pdfwww.ifo.state.pa.us/ Follow the IFO on Twitter @ind_fisc_office Independent Fiscal Office Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 (717) 230-8293 March 4, 2022 31 CreationDate: 2022-03-18 17:14:24 Creator: Microsoft Hits: 1 |
Electricity_Update_Sep_2021.pdfThe Independent Fiscal Office (IFO) publishes this research brief to provide a general overview of the Pennsylvania electricity market. According to data from the U.S. Energy Information Administration (EIA), Pennsylvania is the top exporter of electricity in the Hits: 1 |
Electricity_Update_March_2022.pdfThe Independent Fiscal Office (IFO) publishes this research brief to provide a general overview of the Pennsylvania electricity market. This is an update of a research brief published by the IFO in September 2021 and incorporates the latest data Hits: 1 |
Electricity_Update_2024.pdfThis update displays recent trends for the Pennsylvania and regional electricity markets. The latest data show that Pennsylvania remained the top electricity export state and reached a new low for CO 2 Hits: 1 |
Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Economic_and_Revenue_Update_Presentation_August_2020.pdfdata 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 Hits: 1 |
DOC_Performance_Measures_Final.pdfc t i o n s Independent Fiscal Office INDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 February 23, 2017 Dear Chairmen and Members of the House and Senate Appropriations Committees: In September Hits: 1 |
CompetePA_March_11_2021.pdfat ~$2.5 billion | consensus it is significant Significant monies now available 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 Hits: 1 |
CIVEA_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
CIVEA Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Briefing_Info_May_3_2016.pdfhold a 1:30 p.m. briefing on the release in the fourteenth floor conference center of Harrisburg University, 326 Market Street. The session is open to the public. After the briefing, a report discussing the revenue projections and Pennsylvania’s Hits: 1 |
BEFC_Response_Letter_12_19_23.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
April_1_Revenue_Update.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Announcement-Updated_Revenue_Estimates_and_Report.pdfDate and Time: Wednesday, January 27, 2016; 2:00 p.m. Location: 14 th Floor Conference Center, Harrisburg University, 326 Market Street, Harrisburg The new revenue estimates include: (1) a mid-year revision to the IFO’s fiscal year (FY) 2015- Hits: 1 |
Analysis of Recent Collective Bargaining Agreements.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 January 12, 2017 The Honorable Joseph B. Scarnati, III The Honorable Mike Turzai President Pro Tempore Hits: 1 |
ALES_Wage_Contract_Analysis_2024.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
ALES Wage Contract Analysis- 2019.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
AFSCME_Wage_Contract_Analysis_2023.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
Act_25_Letter_Feb_2022.pdfRachel Carson State Office Building, 400 Market Street, Harrisburg PA 17105 www.ifo.state.pa.us | (717) 230-8293 | contact@ifo.state.pa.us INDEPENDENT FISCAL OFFICE Hits: 1 |
ACN_SB1_technical_corrections_2017_06_05.pdfINDEPENDENT FISCAL OFFICE Second Floor, Rachel Carson State Office Building 400 Market Street Harrisburg, Pennsylvania 17105 June 5, 2017 The IFO made the following technical changes to the Actuarial Note Transmittal for Hits: 1 |
2019-Pub-2.pdfPresenters Thursday, November 14, 2019 at 1:30 pm Harrisburg University of Science and Technology Conference Center, 14th Floor 326 Market Street, Harrisburg PA The IFO will present the results from its annual report on the fiscal outlook for the Commonwealth Hits: 1 |
2015_Economic_and_Budget_Outlook.pdfTime: Wednesday, December 9, 2015; 2:00 p.m. Location: 2 nd Floor Auditorium Rachel Carson State Office Building 400 Market Street, Harrisburg Agenda: A detailed discussion by IFO staff on the economic, demographic and fiscal trends that will affect the Hits: 1 |
2013-09 Monthly Economic Summary-FINAL.pdfing that Pennsylvania has gained 21,200 nonfarm jobs since the start of 2013. Although the Com- monwealth’s labor market continues to slowly gain back jobs since the recession, questions remain on the type of the jobs being created. While Hits: 1 |
2013 Appropriation Hearings Background Information.pdfEurozone and Asian weakness drags down the global economy and hurts U.S. exports. The sovereign debt crisis and housing market downturn in Europe, and increasing volatility in China’s growth rates are the primary factors here. 14 Suggested Reading The Hits: 1 |
2004_srpvffinal.pdfof Pennsylvania. The funds are allocated using a formula that distributes the state aid based upon municipal population and the market value of real estate in a municipality. As a result, there is no direct relationship between the amount of state Hits: 1 |
2001_hr266.pdfplans have been established in 8 every state, and defined contribution (DC) plans have become 9 more popular following the market strength of the last two 10 decades; and 11 WHEREAS, The features of DC plans make them attractive to 12 Hits: 1 |
Contact USIFO - Contact US 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 • • Contact US Address Independent Fiscal Office 2nd Floor Rachel Carson State Office Building 400 Market Street Harrisburg, PA 17105 Contact Info (717) 230-8293 contact@ifo.state.pa.us Follow on Twitter 1726210804487 Full Name Hits: 1 |