Monthly and Quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2023-24 projections contained in the Official Revenue Estimate published by the IFO on June 20, 2023. Tags: estimates, monthly, quarterly, revenue |
Monthly and Quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2022-23 projections contained in the Official Revenue Estimate published by the IFO on June 23, 2022 and the statutory changes that were enacted with the FY 2022-23 state budget. Tags: estimates, monthly, quarterly, revenue |
Monthly and Quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2021-22 projections contained in the Official Revenue Estimate published by the IFO on June 22, 2021 and the statutory changes that were enacted with the FY 2021-22 state budget. Tags: estimates, monthly, quarterly, revenue |
Monthly and Quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2020-21 projections contained in the Official Revenue Estimate published by the IFO on June 22, 2020. They reflect the statutory changes that were enacted with the FY 2020-21 state budget. Tags: estimates, monthly, quarterly, revenue |
Natural Gas quarterly Update: 2024 Q2This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 09/05/2024 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2024-25 projections contained in the Official Revenue Estimate published by the IFO on June 20, 2024 and the statutory changes that were enacted with the FY 2024-25 state budget. 08/23/2024 |
Natural Gas quarterly Update, 2024 Q1This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 06/03/2024 |
More Older Pennsylvanians WorkingThis research brief uses the latest data from the U.S. Census Bureau quarterly Workforce Indicators to track the age composition of Pennsylvania payroll workers. Compared to data prior to COVID-19, there has been a large absolute (number) and relative (growth) increase in older workers. 04/17/2024 |
Natural Gas quarterly Update, 2023 Q4This document uses data from the Pennsylvania Department of Environmental Protection and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 02/26/2024 |
Natural Gas quarterly Update, 2023Q3This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 12/04/2023 |
Natural Gas quarterly Update, 2023Q2This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 09/07/2023 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2023-24 projections contained in the Official Revenue Estimate published by the IFO on June 20, 2023. 08/30/2023 |
Natural Gas quarterly Update, 2023Q1This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Bentek Energy to provide a quarterly update on recent trends in production volume, well counts and average spot prices. 05/31/2023 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2022-23 projections contained in the Official Revenue Estimate published by the IFO on June 23, 2022 and the statutory changes that were enacted with the FY 2022-23 state budget. 09/01/2022 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2021-22 projections contained in the Official Revenue Estimate published by the IFO on June 22, 2021 and the statutory changes that were enacted with the FY 2021-22 state budget. 08/31/2021 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2020-21 projections contained in the Official Revenue Estimate published by the IFO on June 22, 2020. They reflect the statutory changes that were enacted with the FY 2020-21 state budget. 08/27/2020 |
Monthly and quarterly Revenue EstimatesThis report provides revenue distributions based on the FY 2019-20 projections contained in the Official Revenue Estimate published by the IFO on June 21, 2019. They reflect the statutory changes that were enacted with the FY 2019-20 state budget. 08/08/2019 |
MONTHLY AND quarterly REVENUE ESTIMATESThis report provides revenue distributions based on the FY 2018-19 projections contained in the Official Revenue Estimate published by the IFO on June 18, 2018. They reflect the statutory changes that were enacted with the FY 2018-19 state budget. 07/30/2018 |
Updated Monthly and quarterly Revenue EstimatesThis report provides updated revenue distributions based on the estimates contained in the Official Monthly and quarterly Revenue Estimates for Fiscal Year 2017-18 published by the IFO on August 10, 2017. The updated distributions reflect the statutory changes enacted with the state budget. 12/21/2017 |
quarterly Revenue Review 2017 Q3The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. 11/03/2017 |
Monthly and quarterly Revenue EstimatesThis report provides preliminary revenue distributions based on the FY 2017-18 projections contained in the Official Revenue Estimate published by the IFO on June 15, 2017. They do not reflect any potential statutory changes that may be enacted with the state budget. 08/10/2017 |
quarterly Revenue Review 2017 Q2The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. 08/02/2017 |
quarterly Revenue Review 2017 Q1The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. 05/05/2017 |
quarterly Revenue Review 2016 Q4The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. 01/24/2017 |
quarterly Revenue Review 2016 Q3The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. Fiscal Year 2016-17 2016 Q3 (July to September 2016) 10/27/2016 |
quarterly Revenue EstimatesThis report provides quarterly revenue estimates for the General Fund, Motor License Fund and Lottery Fund. The quarterly estimates are based on: (1) the FY 2016-17 projections contained in the Official Revenue Estimate published by the Independent Fiscal Office on June 15, 2016 and (2) adjustments to reflect the impact of statutory changes that were enacted with the state budget. 08/24/2016 |
QRR_2013Q4.pdfOctober to December 2013 Quarterly Revenue Review Fiscal Year 2013-14 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context and analysis regarding any variances between the estimates and Hits: 52 |
NGPR-2020-Q1.pdfINDEPENDENT FISCAL OFFICE FIRST QUARTER 2020 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) from natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 51 |
NGPR-2019Q1.pdfIndependent Fiscal Office First Quarter 2019 Table 1: Production Volume (bcf) First Quarter Calendar Year 2018 2019 Growth 2018 2019 Growth Horizontal 1,441.3 1,653.9 14.7% 1,441.3 Hits: 49 |
NGPR-2018Q3.pdfIndependent Fiscal Office Third Quarter 2018 Table 1: Production Volume (bcf) Third Quarter Calendar Year-to-Date 2017 2018 Growth 2017 2018 Growth Horizontal 1,323.0 1,567.5 18.5% 3 Hits: 47 |
QRR_2014Q2.pdfApril to June 2014 Quarterly Revenue Review Fiscal Year 2013-14 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. The Hits: 46 |
NGPR-2018Q2.pdfIndependent Fiscal Office Second Quarter Table 1: Production Volume (bcf) Second Quarter Calendar Year-to-Date 2017 2018 Growth 2017 2018 Growth Horizontal 1,321.9 1,454.0 10.0% 2 Hits: 46 |
NGPR-2018Q1.pdfIndependent Fiscal Office First Quarter 2018 Table 1: Production Volume (bcf) First Quarter Calendar Year 2017 2018 Growth 2017 2018 Growth Horizontal 1,309.2 1,439.2 9.9% 1,309.2 Hits: 45 |
QRR_2015Q2.pdfApril to June 2015 Quarterly Revenue Review Fiscal Year 2014-15 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. The Hits: 44 |
NGPR-2020-Q2.pdfINDEPENDENT FISCAL OFFICE SECOND QUARTER 2020 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) from natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 44 |
NGPR-2018Q4.pdfIndependent Fiscal Office Fourth Quarter 2018 Table 1: Production Volume (bcf) Fourth Quarter Calendar Year 2017 2018 Growth 2017 2018 Growth Horizontal 1,400.3 1,648.8 17.8% 5,354.3 Hits: 44 |
QRR_2016Q1.pdfJanuary to March 2016 Quarterly Revenue Review Fiscal Year 2015-16 Page 1 Introduction Each fiscal year, the IFO publishes a quarterly breakdown of its annual estimates for the General Fund, Motor License Fund and Lottery Fund. The most recent publication detailing Hits: 41 |
NGPR-2017Q1.pdfQuarterly Production and Well Counts Independent Fiscal Office 2 First Quarter 2017 Table 2: Number of Wells First Quarter Calendar Year-to-Date 2016 2017 Growth 2016 2017 Growth Producing Wells Hits: 41 |
QRR_2015Q4.pdfOctober to December 2015 Quarterly Revenue Review Fiscal Year 2015-16 Page 1 Introduction Each fiscal year, the IFO publishes a quarterly breakdown of its annual estimates for the General Fund, Motor License Fund and Lottery Fund. The most recent publication detailing Hits: 40 |
QRR_2015Q3.pdfJuly to September 2015 Quarterly Revenue Review Fiscal Year 2015-16 Page 1 Introduction Each fiscal year, the IFO publishes a quarterly breakdown of its annual estimates for the General Fund, Motor License Fund and Lottery Fund. The most recent publications detailing Hits: 40 |
NGPR_2020_Q3.pdfINDEPENDENT FISCAL OFFICE THIRD QUARTER 2020 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 40 |
NGPR-2019Q3.pdfIndependent Fiscal Office Third Quarter 2019 Table 1: Production Volume (bcf) Third Quarter Calendar Year 2018 2019 Growth 2018 2019 Growth Horizontal 1,568.6 1,713.1 9.2% 4,466.1 Hits: 40 |
NGPR-2019Q2.pdfIndependent Fiscal Office Second Quarter 2019 Table 1: Production Volume (bcf) Second Quarter Calendar Year 2018 2019 Growth 2018 2019 Growth Horizontal 1,456.3 1,667.2 14.5% 2,897.6 Hits: 40 |
NGPR-2021-Q1.pdfINDEPENDENT FISCAL OFFICE FIRST QUARTER 2021 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 39 |
NGPR-2019Q4.pdfIndependent Fiscal Office Fourth Quarter 2019 Table 1: Production Volume (bcf) Fourth Quarter Calendar Year 2018 2019 Growth 2018 2019 Growth Horizontal 1,649.0 1,774.5 7.6% 6,115.1 Hits: 39 |
NGPR-2017Q3.pdfQuarterly Production and Well Counts 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 Q3 Q4 Q1 Q2 Q3 2015 2016 2017 Number of Producing Wells Production Volume (bcf) Independent Fiscal Office 2 Third Quarter 2017 Table 2: Number of Wells Third Quarter Calendar Year-to-Date 2016 2017 Growth 2016 2017 Growth Producing Wells Hits: 39 |
QRR_2013Q3.pdfJuly to September 2013 Quarterly Revenue Review Fiscal Year 2013-14 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context and analysis regarding any variances between the estimates and Hits: 38 |
NGPR-2017Q2.pdf400 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2015 2016 2017 Number of Producing Wells Production Volume (bcf) Quarterly Production and Well Counts Independent Fiscal Office 2 Second Quarter 2017 Table 2: Number of Wells Second Quarter Calendar Year-to-Date 2016 2017 Growth 2016 2017 Growth Producing Wells Hits: 38 |
NGPR_2020_Q4.pdfINDEPENDENT FISCAL OFFICE FOURTH QUARTER 2020 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 37 |
QRR_2015Q1.pdfJanuary to March 2015 Quarterly Revenue Review Fiscal Year 2014-15 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. The Hits: 36 |
QRR_2014Q4.pdfOctober to December 2014 Quarterly Revenue Review Fiscal Year 2014-15 Page 1 Introduction The Independent Fiscal Office (IFO) produces this report to facilitate comparison of its quarterly revenue estimates with actual revenue collections. The report also provides context for the variances between estimates and actual collections. The Hits: 36 |
NGPR_2021_Q2.pdfINDEPENDENT FISCAL OFFICE SECOND QUARTER 2021 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 36 |
NGPR-2017Q4.pdfQuarterly Production and Well Counts 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 Q4 Q1 Q2 Q3 Q4 2015 2016 2017 Number of Producing Wells Production Volume (bcf) Independent Fiscal Office 2 Fourth Quarter 2017 Table 2: Number of Wells Fourth Quarter Calendar Year 2016 2017 Growth 2016 2017 Growth Producing Wells Horizontal 7 Hits: 35 |
NGPR_2022_Q4.pdfINDEPENDENT FISCAL OFFICE FOURTH QUARTER 2022 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to compute statewide totals for production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production volume and well count data pertain only Hits: 34 |
NGPR_2022_Q2.pdfINDEPENDENT FISCAL OFFICE SECOND QUARTER 2022 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to compute statewide totals for production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production volume and well count data pertain only Hits: 33 |
NGPR_2021_Q3.pdfINDEPENDENT FISCAL OFFICE THIRD QUARTER 2021 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 32 |
QRR_2017Q2.pdfPage 1 QUARTERLY REVENUE REVIEW APRIL TO JUNE Fiscal Year 2016-17 The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual reve- nue collections. The report also provides context for the variances between estimates and actual collec- Hits: 31 |
QRR_2016Q4.pdfINDEPENDENT FISCAL OFFICE Page 1 QUARTERLY REVENUE REVIEW OCTOBER TO DECEMBER Fiscal Year 2016-17 The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual reve- nue collections. The report also provides context for the variances between estimates and actual collec- Hits: 31 |
NGPR_2022_Q3.pdfINDEPENDENT FISCAL OFFICE THIRD QUARTER 2022 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to compute statewide totals for production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production volume and well count data pertain only Hits: 31 |
QRR_2017Q1.pdfINDEPENDENT FISCAL OFFICE Page 1 QUARTERLY REVENUE REVIEW JANUARY TO MARCH Fiscal Year 2016-17 The IFO produces this report to facilitate comparison of its quarterly revenue estimates with actual reve‐ nue collections. The report also provides context for the variances between estimates and actual collec‐ Hits: 30 |
NGPR_2021_Q4.pdfINDEPENDENT FISCAL OFFICE FOURTH QUARTER 2021 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 30 |
NGPR-2022-Q1.pdfINDEPENDENT FISCAL OFFICE FIRST QUARTER 2022 This report uses data reported to the Pennsylvania Department of Environmental Protection (DEP) by natural gas operators to develop statewide tabulations of production volume and well counts. These data are presented on a quarterly basis to show recent trends in natural gas activity in the Commonwealth. Production and well count data pertain only to Hits: 30 |
QRR_2017Q3.pdfPage 1 QUARTERLY REVENUE REVIEW JULY TO SEPTEMBER Fiscal Year 2017-18 Each fiscal year, the Independent Fiscal Office (IFO) publishes monthly breakdowns of its annual esti- mates for the General Fund (page 2), and quarterly breakdowns for the Motor License Fund and Lottery Fund (page 4). The most recent publication detailing these estimates is available Hits: 27 |
NGPR-2016Q3.pdfconjunction with DEP data on wells spud, to develop statewide tabulations of production volume and well counts for the third quarter of 2016 and the calendar year-to-date. These data are current as of November 21, 2016 and pertain only Utica formations. The final page provides definitions of the technical terms used throughout this report. Natural Gas Production Report Third Quarter 2016 Table 2: Well Count Third Quarter Calendar Year-to-Date 2016 2015 Growth 2016 2015 Growth Number of Producing Hits: 27 |
NGPR-2016Q4.pdfconjunction with DEP data on wells spud, to develop statewide tabulations of production volume and well counts for the fourth quarter of 2016 and the calendar year. These data are current as of February 22, 2017 and pertain only to gas Utica formations. The final page provides definitions of the technical terms used throughout this report. Natural Gas Production Report Fourth Quarter 2016 Table 2: Well Count Fourth Quarter Calendar Year 2016 2015 Growth 2016 2015 Growth Number of Producing Wells Horizontal Hits: 24 |
NGPR-2016Q1.pdfconjunction with DEP data on wells spud, to develop statewide tabulations of production volume and well counts for the first quarter of 2016 and the calendar year-to-date. These data are current as of May 20, 2016 and pertain only Utica formations. The final page provides definitions of the technical terms used throughout this report. Natural Gas Production Report First Quarter 2016 Table 2: Well Count First Quarter Calendar Year-to-Date 2016 2015 Growth 2016 2015 Growth Number of Producing Hits: 23 |
QRR_2016Q3.pdfINDEPENDENT FISCAL OFFICE Page 1 QUARTERLY REVENUE REVIEW JULY TO SEPTEMBER Fiscal Year 2016-17 INTRODUCTION Each fiscal year, the Independent Fiscal Office (IFO) publishes a quarterly breakdown of its annual esti- mates for the General Fund (page 2), Motor License Fund and Lottery Fund (page 4 Hits: 21 |
NGPR-2016Q2.pdfconjunction with DEP data on wells spud, to develop statewide tabulations of production volume and well counts for the second quarter of 2016 and the calendar year-to-date. These data are current as of August 23, 2016 and pertain only Utica formations. The final page provides definitions of the technical terms used throughout this report. Natural Gas Production Report Second Quarter 2016 Table 2: Well Count Second Quarter Calendar Year-to-Date 2016 2015 Growth 2016 2015 Growth Number of Producing Hits: 21 |
MQRE-FY19-20-Aug.pdfNov. 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - FY 2019-20 Monthly and Quarterly Estimates | Page 1 FY 2019-20 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense and Lottery Fund revenues for Hits: 21 |
2013 Appropriation Hearings Background Information.pdfReports The IFO publishes monthly reports highlighting the latest economic releases and revenue trends. In addition, the office publishes a quarterly report that reviews the performance of its own revenue estimates. Special reports are prepared at various times throughout the year of the estimate, tax changes affecting General Fund revenues were enacted into law. On July 31, 2012 the IFO published quarterly revenue estimates that adjusted the official revenue estimate for those statutory changes. No other changes were made. All revenue estimates Hits: 21 |
index.cfmincome growth, shares of transfer income and per capita amounts for all counties in the Commonwealth. ... (Full Report) Natural Gas Quarterly Update: 2024 Q2 Energy September 05, 2024 This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. ... (Full Report) August 2024 Revenue Update Revenue Hits: 21 |
PBB_2022_DLI_REPORT.pdfshare of the dollar value of payments. The figure above displays the backlog and timeliness of payments and decisions by quarter from March 2020 (onset of the pandemic) to September 2021 (latest available quarter, and end of federal benefit programs). The figure includes data for traditional UC and PUA claimants. The department began tracking Hits: 20 |
Budget Hearings Packet.pdfrequest of members of the General Assembly, provide economic, revenue or fiscal analysis. IFO Reports and Analyses Regular Monthly or Quarterly Reports • Monthly Trends Report. Provides a summary of recent economic trends for the U.S. and Pennsylvania. Displays monthly and Fee Update. Provides detail regarding impact fee revenues including the number of wells subject to the fee and their vintage. • Quarterly Natural Gas Production Report. Provides unconventional production volumes and well counts on a quarterly basis. Top producing counties also listed Hits: 20 |
Budget Hearings Packet- Web Version.pdfrequest of members of the General Assembly, provide economic, revenue or fiscal analysis. IFO Reports and Analyses Regular Monthly or Quarterly Reports • Monthly Trends Report. Provides a summary of recent economic trends for the U.S. and Pennsylvania. Displays monthly and Fee Update. Provides detail regarding impact fee revenues including the number of wells subject to the fee and their vintage. • Quarterly Natural Gas Production Report. Provides unconventional production volumes and well counts on a quarterly basis. Top producing counties also listed Hits: 20 |
MTR-2016-11.pdfAS PRODUCTION INCREASES Employment in the natural gas industry has been declining in Pennsylvania in recent years. Data from the Quarterly Census of Employment and Wages 1 show a significant reduction in natural gas drilling jobs through the first quarter of 2016. Conversely, data from the Pennsylvania Department of Environmental Protection reveal a significant increase in the production of natural Hits: 18 |
MQRE_FY24-25_08_2024.pdfRobyn Toth, Fiscal Analyst/Communications Rachel Flaugh, Fiscal Analyst I - This page intentionally left blank. - FY 2024-25 Monthly and Quarterly Estimates | Page 1 FY 2024-25 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense Fund (MLF) and Hits: 18 |
Revenue_Estimate_2023_06.pdfprojects higher job gains for the current year, and modest gains for next year. Table 1.3 displays the latest quarterly data for the state economy and the year-over-year (YOY) growth rate or change. (An exception is Real GDP, which is the quarterly annualized growth rate.) The data show the following recent trends: Real GDP increased by 3.2% in 2022 Q4 Hits: 17 |
Budget_Hearing_Background_Feb2016.pdfUpdate. Provides detail regarding impact fee revenues including the number of wells subject to the fee and their vintage. Quarterly Natural Gas Production Report. Provides unconventional production volumes and well counts on a quarterly basis. Top producing counties also listed. Quarterly Revenue Review. Published after each quarter to compare the IFO’s revenue Hits: 17 |
Revenue-Estimate-2023-05.pdfprojects higher job gains for the current year, but a modest contraction next year. Table 1.3 displays the latest quarterly data for the state economy and the year-over-year (YOY) growth rate or change. (An exception is Real GDP, which is the quarterly annualized growth rate.) The data show the following recent trends: Real GDP increased by 3.2% in 2022 Q4 Hits: 16 |
MQRE_FY22_23_August.pdfI Frank Lill, Budget Analyst I Kara Hale, Office Manager - This page intentionally left blank. - FY 2022-23 Monthly and Quarterly Estimates | Page 1 FY 2022-23 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense and Lottery Fund Hits: 16 |
IFO_Hearing_8-30-2017.pdfof members of the General Assembly, provide various economic, revenue or fiscal analyses. IFO Reports and Analyses Regular Monthly or Quarterly Reports • Monthly Trends Report. Provides a summary of recent economic trends for the U.S. and Pennsylvania. Displays monthly and Fee Update. Provides detail regarding impact fee revenues including the number of wells subject to the fee and their vintage. • Quarterly Natural Gas Production Report. Provides unconventional production volumes and well counts on a quarterly basis. Top producing counties also listed Hits: 16 |
PBB_2022_AGING_REPORT_Addendum.pdfpoverty level. The states with higher income limits than Pennsylvania include Nevada, Massachusetts and New York. Given that nearly one-quarter of program drug expenditures is used for various antidiabetic agents, the table above details the crude death rate per 100 poor health had not kept them from doing their usual activities in last 30 days. 5 Average share in each quarter. FY 20-21 only includes the first two quarters. Program enrollees canceled during year due to qualifying for Medical Assistance Hits: 15 |
Five_Year_Outlook_2020.pdfof funds or payment delays. Table 3.2 displays published state economic and U.S. labor productivity data for recent quarters. Notable trends include: In 2020 Q3, real GDP growth offset much of the loss from the prior quarter. Personal income recorded strong growth due to special unemployment compensation programs, economic impact payments and Paycheck Protection Program (PPP Hits: 15 |
RB-2020-COVID-19 Local Revenue Impact.pdf2) EIT remittances received during the calendar year, which are attributable to wage compensation and certain net profits earned one quarter prior (i.e., 2019 Q4 to 2020 Q3) and (3) gaming local share assessment distributions on a one quarter delay (i.e., 2019 Q4 to 2020 Q3). Hence, COVID-19 will affect only two quarters of revenues received by Hits: 14 |
QRR_2015Q3_preliminary.pdfIFO General Fund Revenue Estimate Comparison to Actual Revenues October 1, 2015 The Independent Fiscal Office recently published quarterly estimates for fiscal year (FY) 2015-16 General Fund, Motor License Fund and Lottery Fund revenues. The office provides a detailed comparison of actual versus estimated revenues in the Quarterly Revenue Review, which is published after the end of each quarter. This document provides preliminary results for the General Fund Hits: 14 |
MQRE_FY21_22_August.pdfNov. 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - FY 2021-22 Monthly and Quarterly Estimates | Page 1 FY 2021-22 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense and Lottery Fund revenues for Hits: 14 |
Revenue-Estimate-2024-05.pdfis an estimate based on preliminary or partial-year data. Red shading is a forecast. Economic Forecast | Page 2 Pennsylvania Quarterly Economic Trends Table 1.2 displays the latest quarterly data for the state economy and the year-over-year (YOY) growth rate or change. (An exception is Real GDP Hits: 13 |
Budget_Hearing_Background-Feb2014.pdfRevenue Estimates: • Initial Revenue Estimate. Due by May 1 each year. • Official Revenue Estimate. Due by June 15 each year. • Quarterly Revenue Estimates. Issued after the beginning of the fiscal year. Provides a quarterly breakdown of the IFO’s official estimate with adjustments for tax law changes enacted in conjunction with the state budget Hits: 13 |
Revenue_Estimate_2024_06.pdfis an estimate based on preliminary or partial-year data. Red shading is a forecast. Economic Forecast | Page 2 Pennsylvania Quarterly Economic Trends Table 1.2 displays the latest quarterly data for the state economy and the year-over-year (YOY) growth rate or change. (An exception is Real GDP Hits: 12 |
NGQU_2024_Q2.pdfINDEPENDENT FISCAL OFFICE SECOND QUARTER 2024 This document uses data from the Pennsylvania Department of Environmental Protection (DEP), the U.S. Energy Information Administration (EIA) and Natural Gas Intelligence to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 12 |
NGQU_2023_Q1.pdfINDEPENDENT FISCAL OFFICE FIRST QUARTER 2023 This document uses data from the Pennsylvania Department of Environmental Protection (DEP), the U.S. Energy Information Administration and Bentek Energy to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 12 |
MTR-2016-02.pdfU.S. Department of Commerce, domestic profits of non-financial corporations decreased $56.5 billion (-4.3%) in the third quarter of 2015 on a year-over-year basis. 1 For the fourth quarter, analysts project that earnings will continue to decline by 2% to 10% compared to the prior year. If these projections Hits: 12 |
MQRE_FY23-24_08_2023.pdfRachel Flaugh, Fiscal Analyst I Frank Lill, Fiscal Analyst I - This page intentionally left blank. - FY 2023-24 Monthly and Quarterly Estimates | Page 1 FY 2023-24 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense and Lottery Fund Hits: 12 |
IFO - Economic and Budget Outlook - January 2012.pdfrecession levels of approximately $40 billion. Recent data show that bad loan write-offs have declined for the past four quarters and will total roughly $130 billion for 2011. In response to these write-downs, financial institutions tightened lending standards and show that net loans to businesses decreased at an average rate of -5.8 percent per annum from the third quarter of 2008 through the third quarter of 2011. However, recent data also show that net loans to businesses have increased Hits: 12 |
ACN_SB1071_A10803_text.pdfthe Deaf, Scotland School for Veterans' Children[,] and [the] The Pennsylvania State University, shall make payments to the fund each quarter in an amount equal to one-half the sum of the percentages, as determined under section 8328 (relating to actuarial cost method), applied to the total compensation during the pay periods in the preceding quarter of all its employees who were members of the system during such period, including members on activated military service leave Hits: 12 |
Revenue_Estimate_2021_05.pdfDue to telework policies, Motor License Fund revenues are permanently reduced by the pandemic. Table 1.2 contains the latest quarterly data for the state economy. The real GDP and personal income data are published with a lag and the latest U.S. Bureau of Labor Statistics. Table 1.2 Recent Pennsylvania Economic Growth Rates or Change Note: Real GDP is quarterly annualized growth rate. All other rates are year over year. Wage growth for 2020 based on QCEW release on May Hits: 11 |
Revenue-Estimate-2020-05.pdfservices dropped by roughly 40 percent. Business employment services (e.g., temporary workers) declined by roughly one-quarter. Couriers-messengers (e.g., package delivery) and the federal government were the only subsectors to record employment gains at the national their job, but are not eligible to file for UC. Based on data from the U.S. Census Quarterly Workforce Indicators, roughly 140,000 14- to 18-year-olds were employed in CY 2019. The analysis assumes that one-half lose Hits: 11 |
Revenue-Estimate-2019-05.pdfwill increase by 1.6 percent and 2.0 percent. Table 1.2 displays economic trends for recent quarters based on the latest state data published by the U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics all net jobs created, and the two subsectors devoted to care of the elderly-disabled comprised roughly one-quarter of all net jobs created. Other sectors that recorded notable gains include food service (both limited- and full-service restaurants and drinking Hits: 11 |
Official-Revenue-Estimate-2020-06.pdfArea Employment. Economic Outlook | Page 8 Business employment services (e.g., temporary workers) declined by roughly one-quarter. Couriers-messengers (e.g., package delivery) and the federal government were the only subsectors to record employment gains at the national their job, but are not eligible to file for UC. Based on data from the U.S. Census Quarterly Workforce Indicators, roughly 140,000 14- to 18-year-olds were employed in CY 2019. The analysis assumes that one-half lose Hits: 11 |
Official-Revenue-Estimate-2019-06.pdfby 1.7 percent (2019) and 2.0 percent (2020). Table 1.2 displays economic trends for recent quarters based on the latest state data published by the U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics all net jobs created, and the two subsectors devoted to care of the elderly-disabled comprised roughly one-quarter of all net jobs created. Other sectors that recorded notable gains include food service (limited- and full-service restaurants and drinking establishments Hits: 11 |
Official-Revenue-Estimate-2018-06.pdfcosts for con- sumers (includes deductions from paychecks) and does not reflect insurance premiums paid by businesses. The quarterly data reveal a clear deceleration of inflation on a year-over-year basis since the first quarter of 2017. Only the fuels-utilities and gasoline components show infla- tionary pressures for the Philadelphia metro region. For the first quarter Hits: 11 |
NGQU_2024_Q1.pdfINDEPENDENT FISCAL OFFICE FIRST QUARTER 2024 This document uses data from the Pennsylvania Department of Environmental Protection (DEP), the U.S. Energy Information Administration (EIA) and Natural Gas Intelligence to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 11 |
MTR-2017-07.pdfIn June, the U.S. Bureau of Economic Analysis (BEA) updated the Quarterly State Personal Income series for the first quarter of 2017. The data include personal income and its components, which can be decomposed into net earnings (64% of total Hits: 11 |
MTR-2017-01.pdfSALES STRONG Pennsylvania home sales continued a pattern of strong growth in 2016. The Pennsylvania Association of Realtors (PAR) releases quarterly reports on home sales and prices in the Commonwealth. The data include single-family units, townhomes and condominiums through the fourth quarter of 2016. Data from PAR indicate that there were 9,000 more homes sold in 2016 than in 2015, a Hits: 11 |
MQRE-FY20-21-Aug.pdfNov. 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - FY 2020-21 Monthly and Quarterly Estimates | Page 1 FY 2020-21 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly estimates for Motor Li- cense and Lottery Fund revenues for Hits: 11 |
MQRE-FY18-19-July.pdfNov. 23, 2010 (P.L.1269, No.120). ___________________________________________________________ - This page intentionally left blank. - FY 2018-19 Monthly and Quarterly Estimates | Page 1 FY 2018-19 Monthly and Quarterly Estimates This report provides monthly estimates for General Fund revenues and quarterly esti- mates for Motor License and Lottery Fund revenues for Hits: 11 |
June_Revenue_Estimate_2021.pdfDue to telework policies, Motor License Fund revenues are permanently reduced by the pandemic. Table 1.2 contains the latest quarterly data for the state economy. The real GDP data are published with a lag and the latest data are for U.S. Bureau of Labor Statistics. Table 1.2 Recent Pennsylvania Economic Growth Rates or Change Note: Real GDP is quarterly annualized growth rate. All other rates are year over year. Wage growth for 2020 based on QCEW release on May Hits: 11 |
2013-02 Monthly Economic Report.pdf0 1 3 Dec 7.9% 2.3 3.0% -3.3% 28.2% 4.6 3.52 1.8% Quarterly United States Economic Indicators 2012.4 0.1% 5.0% n.a. n.a. 6.3% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 11 |
Revenue-Proposal-Analysis-2019-03.pdfDube et al. (2015) 13 The authors use U.S. data for teens and restaurant workers from the Quarterly Workforce Indicators data- base and focus on the period from 2000 to 2011. The paper exploits differences between border counties in states workers fall substantially following a minimum wage increase — with most of the reductions coming within the first three quarters of the higher minimum (p. 2).” For both teens and restaurant workers, the authors could not identify a statistically significant negative effect Hits: 10 |
Official_Revenue_Estimate_Methodology_2021.pdf2) basic tax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression Hits: 10 |
Official-Revenue-Estimate-Methodology-2020-6.pdftax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression models described Hits: 10 |
Official-Revenue-Estimate-Methodology-2019-06.pdftax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression models described Hits: 10 |
NGQU_2023_Q2.pdfINDEPENDENT FISCAL OFFICE SECOND QUARTER 2023 This document uses data from the Pennsylvania Department of Environmental Protection (DEP), the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 10 |
MER-2014-05.pdfare published on a bi‐monthly basis. 8 May 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 10 |
Initial-Revenue-Estimate-2018-05.pdfcosts for con- sumers (includes deductions from paychecks) and does not reflect insurance premiums paid by businesses. The quarterly data reveal a clear deceleration of inflation on a year-over-year basis since the first quarter of 2017. Only the fuels-utilities and gasoline components show infla- tionary pressures for the Philadelphia metro region. For the first quarter Hits: 10 |
Economic_and_Revenue_Update_2020_10.pdfthat the program has been subject to widespread identity and other fraud. 2 Figure 1.1 shows the quarterly breakdown of the data in Table 1.2 and illustrates the concentration of federal transfer payments in the second and third quarters. For 2020 Q2, lost labor income is estimated at $11.7 billion, while offsetting state and federal unemployment compensation plus economic stimulus Hits: 10 |
REU-2020-02.pdfpercent). The result was primarily driven by an overage in withholding ($22.4 million) and annual payments ($12.2 million). Quarterly payments came in as expected. FYTD PIT collections are exceeding the forecast by $55.4 million (0.6 percent). The surplus is caused by the combination of higher than anticipated annual and withholding payments and reduced by lower than expected quarterly payments. Non-tax revenues were $6.2 million below estimate (-54.8 percent) for February, mainly due to lower than Hits: 9 |
MTR-2016-04.pdf2.5% -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 Commonwealth. 1 The data do not provide coverage of 2015. Although Pennsylvania home sales were considerably stronger in 2015, the average price increase was much lower. For the first quarter of 2016, data from PAR reveal continued strength for Pennsylvania, as sales increased by 9.8% and average prices increased Hits: 9 |
MER-2014-11.pdfare published on a bi‐monthly basis. 8 November 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 9 |
IFO_Hearing_Packet_Feb2018.pdfanalysis to the extent that staff resources are available for that purpose. 1 IFO Reports and Analyses Regular Monthly or Quarterly Reports Monthly Trends Report. Provides a summary of monthly and fiscal‐year‐to‐date General Fund revenues. Compares actual revenues to IFO estimates. Tracks various monthly and quarterly economic metrics for Pennsylvania and the U.S. Impact Fee Update. Provides detail regarding impact fee revenues, including the Hits: 9 |
Five_Year_Outlook_2022.pdfinflation to target rates. Table 3.3 moves back to the Pennsyl- vania forecast and displays economic data for recent quarters. Notable trends include: ▪ Real GDP contracted by 0.9% on an annualized basis in 2022 Q2. ▪ Wages and Salaries paid Economic Growth Rates or Change Notes: All growth rates or changes are year-over-year except Real GDP, which is quarterly annualized. 2022 Q3 Wages and Salaries growth rate based on withholding revenues. Sources: U.S. Bureau of Economic Analysis and Hits: 9 |
Five_Year_Outlook_2021.pdfmeasures such as temporary borrowing, shifting of funds or payment delays. Table 3.2 displays state economic data for recent quarters. Recent trends include: ▪ Real GDP growth surged by 11.5% from the prior year in 2021 Q2. ▪ Personal Income recorded of federal stimulus compared to 2020 Q2. ▪ Wages and Salaries grew by more than 10% in the second and third quarters. ▪ Inflation as measured by the Consumer Price Index (CPI-U) accelerated rapidly in 2021 Q2 and maintained its high rate Hits: 9 |
QRE_FY14-15.pdfFiscal Year 2014-15 August 14, 2014 Quarterly Revenue Estimates About the Independent Fiscal Office The Independent Fiscal Office (IFO) provides revenue projections for use in the state P.L.1269, No.120). __________________________________________________________ - This page intentionally left blank.- Independent Fiscal Office Page 1 FY 2014-15 Quarterly Revenue Estimates This report provides quarterly revenue estimates for the General Fund, Motor License Fund and Lottery Fund. The quarterly estimates are Hits: 8 |
Official_Revenue_Estimate_Methodology_2023_06.pdf2) basic tax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression Hits: 8 |
Official_Revenue_Estimate_Methodology_2022.pdf2) basic tax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression Hits: 8 |
NGQU_2023_Q3.pdfINDEPENDENT FISCAL OFFICE THIRD QUARTER 2023 This document uses data from the Pennsylvania Department of Environmental Protection (DEP), the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 8 |
MTR-2019-09.pdfin July (-$115.3 million). That shortfall is offset by higher than expected collections ($38.1 million). For the first quarter of the fiscal year, total SUT base growth was 5.1 percent over the prior year, which excludes the impact of the one-time transfer. Monthly PIT collections outpaced the estimate by $34.9 million, largely due to quarterly payments exceeding expectation ($28.7 million). Those payments increased by 11.1 percent compared to the prior year. Annual payments Hits: 8 |
MTR-2018-04.pdfestimate for the year. Personal income tax (PIT) April collections were $47 million below estimate. Monthly withholding ($6 million) and quarterly ($19 million) payment gains partially offset annual payments, which were $73 million below estimate. The weak April annual payment is due to the acceleration of payments into December and January (quarterly payments for tax year 2017) as taxpayers attempted to maximize the benefits of federal tax law changes. For the fiscal Hits: 8 |
MTR-2016-12.pdfCONTRACTS The U.S. Bureau of Economic Analysis recently released real gross domestic product (GDP) by state for the second quarter of 2016. The release includes revised quarterly statistics for 2005 to 2016. The table below shows real GDP growth at annualized rates (first and second quarters and Hits: 8 |
MER-2013-12.pdfconstruction was initiated during the latest three-month period. Monthly Economic Report Independent Fiscal Office - Commonwealth of Pennsylvania December 2013 Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of Hits: 8 |
Initial_Revenue_Update_May_2023_Final.pdfU.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecasts by IFO or IHS Markit. Pennsylvania Quarterly Economic Trends May 24, 2023 5 Year-Over-Year Growth Rate, Change or Level 2022.2 2022.3 2022.4 Force Part. Rate 61.6% 61.7% 61.7% 61.9% 62.0% Note: All growth rates relative to same quarter in prior year except Real GDP which is quarterly annualized rate. Wage-Salaries growth for 2023.1 and 2023.2 Hits: 8 |
Initial_Revenue_Estimate_Presentation_May_2023_Final.pdfU.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecasts by IFO or IHS Markit. Pennsylvania Quarterly Economic Trends May 24, 2023 5 Year-Over-Year Growth Rate, Change or Level 2022.2 2022.3 2022.4 Force Part. Rate 61.6% 61.7% 61.7% 61.9% 62.0% Note: All growth rates relative to same quarter in prior year except Real GDP which is quarterly annualized rate. Wage-Salaries growth for 2023.1 and 2023.2 Hits: 8 |
House_Appropriations_Committee_Response_Letter_2022.pdfIndependent Fiscal Office. Representative Bullock requested data on job loss and recovery by race. The U.S. Census Bureau’s Quarterly Workforce Indicators reports quarterly employment figures by state and various demographic characteristics. The attached table summarizes the latest data for Pennsylvania employment by race Hits: 8 |
TC_2020_Research and Development Tax Credit.pdfstates that allows tax credits to be transferred or sold. Historical data show that one-fifth to one-quarter of tax credits are sold for 93 to 94 cents on the dollar. Brokers also receive a fee for their services that liability, they may sell the credit to other firms. Historical data suggest that roughly one-fifth to one-quarter of tax credits are sold for an average of 93 to 94 cents per $1 of tax credit. Purchasers must use the Hits: 7 |
Single-Use Plastics Report-2020_06.pdf2019, the Hartford Courant reported that updated projections from the state were reduced to approximately $7 million, a quarter of the initial estimate. 13 The Budget Office noted that the reduction stemmed from a decline in consumer demand for LWPBs, combined reported that they are not willing to pay for a plastic retail bag. Slightly more than one quarter (26.5 percent) are willing to pay 10 cents or less. These figures inform how Pennsylvanians might respond to policy scenarios 2 Hits: 7 |
Revenue_Estimate_2022_05.pdfnotably lower than its recent historical average of 1.6% for non-recession years. Table 1.2 displays the latest quarterly data for the state economy. The data show the following year-over- year (YOY) trends: ▪ Real GDP increased by 4 contract by 45% for tax year 2022, but still exceed the latest actual value from tax year 2019 by one-quarter. Largely due to inflation, net business profits are assumed to expand by 2% in 2022 while dividend income contracts by Hits: 7 |
Revenue-Proposal-Analysis-2020-04.pdfDube et al. (2016) 23 The authors use U.S. data for teens and restaurant workers from the Quarterly Workforce Indicators data- base and focus on the period from 2000 to 2011. The paper exploits differences between border counties in states workers fall substantially following a minimum wage increase — with most of the reductions coming within the first three quarters of the higher minimum (p. 2).” For both teens and restaurant workers, the authors could not identify a statistically significant negative effect Hits: 7 |
REU-2019-10.pdfmonth surpassed the forecast by $29.1 million (2.6 percent), primarily driven by an overage in both annual and quarterly payments ($15.5 million and $12.6 million, respectively). Withholding collections nearly hit estimate. FYTD PIT collections continue to outpace projections by $99.7 million (2.4 percent) mainly due to strong quarterly (for tax year 2019) and annual (for tax year 2018) payments. Monthly CNIT collections exceeded projections by $28.7 million Hits: 7 |
Official_Revenue_Estimate_Methodology_2024_06.pdf2) basic tax liability and (3) full tax liability. For each method, projections might be made on an annual or quarterly basis. The choice of periodicity depends on the time patterns of data and whether quarterly data allow regression models to exploit pertinent information that might be masked by aggregation to an annual basis. All regression Hits: 7 |
NGQU_2023_Q4.pdfINDEPENDENT FISCAL OFFICE FOURTH QUARTER 2023 This document uses data from the Pennsylvania Department of Environmental Protection (DEP) and Natural Gas Intelligence to provide a quarterly update on natural gas production and prices. The table below shows recent trends in quarterly unconventional production volume, well counts Hits: 7 |
Newsstand_2018_December.pdfHousing Finance Agency (FHFA) released purchase-only index data for 2018 Q3. For Pennsylvania, seasonally adjusted data show that third quarter home prices grew by 1.8% on a quarterly annualized basis. Pennsylvania home price growth has slowed significantly since earlier in the year (Q1: 6.1%, Q2: 3.1% Hits: 7 |
MTR-2018-09.pdfmillion). Personal income tax (PIT) collections for September came in below estimate (-$9.6 million), attributable to lower than anticipated quarterly collections (-$14.4 million). Total FYTD PIT collections are below estimate (-$12.2 million) due to quarterly (-$7.3 million) and withholding (-$7.7 million) payments that were partially offset by annual payments ($2.8 million). Non- Hits: 7 |
MTR-2016-09.pdfgraph, the average U.S. price for a gallon of reduced fat milk declined from $3.81 in the fourth quarter of 2014, to $3.10 in the third quarter of 2016. 1 For Pennsylvania, the average price for a gallon of reduced fat milk declined from $4.09 to Hits: 7 |
MER-2014-03.pdfwas initiated during the latest three‐month period. March 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 7 |
Five_Year_Outlook_2019.pdffrom the Federal Housing and Finance Agency (FHFA) showed strong gains in 2018. Data for the first two quarters of 2019 reveal a slight deceleration, likely due to relatively weak home sales in the spring. The Zillow Median Home Price the value of existing homes, as opposed to only homes that have been sold. Growth rate through second quarter. The Zillow Home Sales figure is not a repeat sales index and only represents values for homes sold during therelevant timeperiod. The30- Hits: 7 |
2020_Mid_Year_Update.pdfof 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 2019.4 United States Real GDP 500 Index (prior year) -6.2% 7.3% 8.2% 2.2% 29.5% Note: Real GDP growth rates are quarterly annualized rates. All others are year-over-year. Interest rates are levels. Corporate Domestic Profits for non-financial firms only Hits: 7 |
Revenue_Estimate_2022_06.pdfnotably slower than its recent historical average of 1.6% for non-recession years. Table 1.2 displays the latest quarterly data for the state economy. The data show the following year-over- year (YOY) trends: ▪ Real GDP increased by 4 2019 Q1. ▪ Average rents are up significantly in all metro areas. ▪ Auto loans recorded strong growth for the latest four quarters. The data also reveal recent strong growth in credit card debt. Mortgage refinancing trends are not shown in Table 1 Hits: 6 |
REU-2020-01.pdfestimate. PIT collections for January were lower than predicted by $49.3 million, due to a combination of withholding and quarterly payments, which were $17.2 million (-1.6 percent) and $38.8 million (-7.4 percent) below estimate, respectively. Annual which are $59.1 million (25.4 percent) above estimate. This overage is partially offset by the lower than expected quarterly payments (-$41.6 million, -3.4 percent). Monthly SUT collections of $1,079.3 million were $25.0 million (2 Hits: 6 |
REU-2019-12.pdfof $38.6 million. Monthly PIT collections missed the estimate by -$47.9 million, largely due to lower than projected quarterly payments (-$53.2 million). Prior to the implementation of the cap on state and local tax (SALT) deductions under the federal Tax Cuts and Jobs Act (TCJA), taxpayers had an incentive to pay their last PIT quarterly payment for the current tax year in December (in advance of the January due date). It is unclear whether the Hits: 6 |
RB_2024_04_Older_Workers.pdfThe U.S. Census Bureau recently released data for the 2023 Q3 Quarterly Workforce Indicators (QWI). 1 The dataset uses administrative data and tracks workers over time to determine various characteristics such as It is noted that the database excludes self-employed individuals and includes roughly 88% of all payroll jobs in a quarter due to various criteria that are applied for inclusion in the database. The table shows the change in payroll employment Hits: 6 |
QRE_FY15-16.pdfFiscal Year 2015-16 September 17, 2015 Quarterly Revenue Estimates Independent Fiscal Office Page 1 FY 2015-16 Quarterly Revenue Estimates This document provides quarterly revenue estimates for the General Fund, Motor License Fund and Lottery Fund. The quarterly Hits: 6 |
MTR-2019-07.pdf6 million (19.2 percent) from the prior year. Withholding revenues increased significantly due to an extra major deposit day. Quarterly and annual payments also recorded gains, albeit on a much smaller base. SUT collections were $925.4 million for the Consumer Sentiment Index 6 97.2 100.0 98.2 98.4 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.3 2018.4 2019.1 2019.2 2018.3 2018.4 2019.1 2019 Hits: 6 |
MTR-2019-02.pdfslightly below estimate (-$3.0 million). The shortage was driven by withholding (-$8.7 million), which was partially offset by quarterly ($4.3 million) and annual ($1.4 million) payments. FYTD collections are below estimate (-$200.0 million), due to lower than anticipated collections in quarterly payments (-$186.8 million) and withholding (-$26.9 million). Other tax revenues came in over estimate ($2.9 million) in Hits: 6 |
MTR-2018-1.pdfpayments likely reflects income and deduction shifting by taxpayers in response to federal tax law changes. Personal income tax (PIT) quarterly payments were again exceptionally strong in January, exceeding estimate by $81 million. It is expected that tax filers are taking tax law changes is likely to result in weaker non-withholding payments in March through June. Year-to-date PIT quarterly payments exceed estimate by $128 million, while annual payments and employer withholding are largely meeting expectations for the year. Non- Hits: 6 |
MTR-2018-06.pdfJune personal income tax (PIT) collections were below estimate by $9 million, due to slightly weaker than anticipated withholding and quarterly payments. Fiscal year PIT collections exceeded estimate (0.9 percent), driven by an overage for quarterly payments (7.8 percent). Non-tax revenues for June were $127 million below estimate. The lack of the JUA transfer Hits: 6 |
MTR-2018-05.pdfPIT) May collections were $10 million above estimate. Monthly withholding ($10 million) and annual ($2 million) payments more than offset quarterly payments (-$2 million), which were below estimate. For the fiscal year, PIT collections are $127 million above estimate. Overages in quarterly ($149 million) and withholding ($56 million) payments for the fiscal year are partially offset by a shortfall in annual payments Hits: 6 |
MTR-2018-02.pdfwere all above estimate. Personal income tax (PIT) withholding payments exceeded estimate by $19 million (2.4 percent) in February. Quarterly payments came in as expected, but year-to-date quarterly payments remain strong and exceed estimate by $128 million (11.0 percent). Annual payments and employer withholding are largely meeting Hits: 6 |
MTR-2017-11.pdfCNIT), were roughly at estimate through November. PIT revenues were $7.1 million (-0.2 percent) below estimate, driven by quarterly payments that were $32.6 million (-6.3 percent) below estimate. SUT revenues were $8.6 million (-0.2 percent) below estimate, while CNIT revenues were $8.9 million (1.2 percent) above estimate. Fourth-quarter estimated payments for PIT (non-withholding) and CNIT liabilities are remitted each December and January. These payments represent significant contributions Hits: 6 |
MTR-2017-06.pdf753 $917 Growth 2.5% 1.6% 42.4% Dollar amounts are in millions. SERVICE SECTOR DRIVES JOB GAINS The Quarterly Census of Employment and Wages (QCEW), issued by the U.S. Bureau of Labor Statistics, publishes quarterly data on employment and wages by sector, as reported by employers. In June, state data were released for the fourth Hits: 6 |
MTR-2015-11.pdfis Pennsylvania’s largest export. Pharmaceuticals and medicines (10.7% AAGR) and basic chemicals (5.4% AAGR) comprise roughly three- quarters of this commodity. Transportation equipment is the next largest export. Aerospace products and parts (10.3% AAGR) comprises 43% of New Building Permits 7 11.2% 9.4% 8.3% n.a. 2.3% -0.8% -7.9% n.a. Quarterly Economic Indicators United States Pennsylvania 2014.4 2015.1 2015.2 2015.3 2014.4 2015.1 2015.2 2015 Hits: 6 |
MTR-2015-10.pdfcan have a noticeable impact on the CPI-W. In Pennsylvania, the CPI-W declined 0.2% in the third quarter of 2015 (year-over-year), and is near the national inflation rate, which declined 0.4% over the same period Overall, energy costs in Pennsylvania declined 17.2%. Excluding energy costs, the CPI-W increased 1.7% in the third quarter of 2015. The impact of low gasoline and natural gas prices will also be reflected in COLAs for 2017. The Hits: 6 |
Monthly_Economic_Update_October_2020.pdfEconomic Analysis (BEA) released state personal income data for 2020 Q2. Pennsylvania personal income grew 12.0% in the second quarter compared to the prior year. Transfer receipts increased by 83.8% driven by an increase in state and federal unemployment compensation. Wages and salaries declined in the second quarter for Pennsylvania and the United States -5.7% and -4.6% (year-over-year), respectively. The accommodation and food services Hits: 6 |
Monthly_Economic_Update_August_2020.pdfhousehold debt and credit data for 2020 Q2. Total household debt and credit card balances both declined from the previous quarter, $34 billion (-0.2%) and $76 billion (-8.5%), respectively. This is the largest drop in household debt since 2013 Q2, and the first quarterly decline since 2014 Q2. The drop in credit card balances is the steepest quarterly decline in the history of the Hits: 6 |
Five_Year_Outlook_2023.pdfand workers under age 19. Workers age 80+ removed from employment totals due to nominally low labor force participation. Source: Quarterly Workforce Indicators, U.S. Census Bureau. Demographic Outlook | Page 10 - This page intentionally left blank. - Economic Outlook | Page 11 Economic 1.9% for 2023 Q1. The latest data for the U.S. is for 2023 Q3 and shows 4.5% quarterly annualized growth. The forecast projects that average state growth for CY 2023 will be 2.6%, which exceeds historical rates Hits: 6 |
Economic_and_Revenue_Update_2021.pdfCOVID Job Losses Affect Younger PA Workers Most Source: U.S. Bureau of Labor Statistics and U.S. Census Bureau, Quarterly Workforce Indicators. ▪.The preliminary data are incomplete because it only reflects jobs losses at the very beginning of 2020 Q2. ▪.Hence, the data only reflect job losses of -7.2%, whereas data for entire quarter show job losses of -14.0%. Note: Excludes self-employed. Independent Fiscal Office 5 March 2021 Recent Pennsylvania Economic Trends Hits: 6 |
2012-12 Monthly Economic Summary FINAL.pdf1 2 Nov-12 7.8% 11.8 1.4% 0.4% 18.1% -10.7 3.66 2.2% Quarterly United States Economic Indicators 2011.4 4.1% 4.1% 9.2% -2.5% 7.2% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 6 |
TC_2019_New_Jobs_Tax_Credit_Report.pdfbe signed and returned to DCED within 60 days. Throughout the job creation period, the firm must file quarterly employment affidavits with DCED. Base employment is calculated by averaging employment over the three years preceding the firm’s program start date the start date, whichever number is larger. Job creation for year one is calculated by averaging the four quarterly employment affidavits for that year and subtracting base employment. Job creation for year two is calculated by averaging the four quarterly employment Hits: 5 |
RB_2022_12_Worker_Reduction_By_Age.pdfstates, and average annual data are available only several months after the year ends. An alternative data source is the Quarterly Workforce Indictors (QWI) published by the U.S. Census Bureau, which includes state employment data by age group. The QWI is a longitudinal dataset based on administrative records such as tax returns and quarterly filings by firms in the Unemployment Insurance system. The database includes approximately 90% of payroll employment, but excludes self-employed Hits: 5 |
RB_2022_08_Worker_Shortage.pdfJuly 2022 to show data for two more recent months (job openings, jobs, unemployment rates and labor force) or one quarter (employment by age group). Otherwise, the text is largely the same. Many employers have noted ongoing challenges hiring and retaining To examine employment trends by age at the state level, a different data source is used. The source is the Quarterly Workforce Indicators (QWI) published by the U.S. Census Bureau. The data source is based on tax and administrative returns Hits: 5 |
Newsstand_2018_June.pdfMarket On May 23, the U.S. Bureau of Labor Statistics released state and county employment data for the fourth quarter of 2017. These administrative data provide the final benchmark upon which all published state employment and wage income trends will in 2018 Q1 On May 17, the Federal Reserve Bank of New York released consumer debt data for the first quarter of 2018. On a year-over-year basis, the data reveal the following growth rates for total Pennsylvania consumer debt Hits: 5 |
MTR-2018-10.pdfestimate. FYTD PIT collections are below estimate by only $8.0 million (-0.2 percent), with shortfalls in withholding and quarterly payments partially offset by higher than expected annual payments. Non-tax collections were below estimate for October (-$23.9 million amounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | October 2018 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Hits: 5 |
MTR-2018-07.pdfand other miscellaneous collections. July and August are smaller revenue collections months. September collections will include both CNIT and PIT quarterly estimated payments and should be a better indicator of how collections are performing relative to revenue estimates for the fiscal Dollar amounts in millions. See final page for detail. MONTHLY TRENDS July 2018 - INDEPENDENT FISCAL OFFICE - 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Hits: 5 |
MTR-2018-03.pdfutility prices and demand for calendar year 2017. Personal income tax (PIT) collections came in as expected. Year-to-date quarterly payments remain strong and exceed estimate by $132 million (10.9 percent). Non-withholding PIT collections will likely be weaker tax law changes, authorized transfers and borrowing. The original baseline estimates did not change from June 2017. See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/ download.cfm?file=/Resources/Documents/MQRE_FY17-18_Update.pdf. FY Hits: 5 |
MTR-2017-10.pdftax (SUT), were below estimate through October. PIT revenues were $16.8 million (-0.4 percent) below estimate, driven by quarterly payments that were $34.9 million (-7.0 percent) below estimate. SUT revenues were $35.9 million (-1.0 percent 2.8% 22.6% Dollar amounts are in millions. MONTHLY TRENDS OCTOBER 2017 - INDEPENDENT FISCAL OFFICE - 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE_FY17-18.pdf. FY Hits: 5 |
MTR-2017-09.pdftax (SUT), were below estimate through September. PIT revenues were $13.6 million (-0.5 percent) below estimate, driven by quarterly payments that were $32.4 million (-7.3 percent) below estimate. SUT revenues were $21.8 million (-0.8 percent 4.8% 4.5% Dollar amounts are in millions. MONTHLY TRENDS SEPTEMBER 2017 - INDEPENDENT FISCAL OFFICE - 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE_FY17-18.pdf. FY Hits: 5 |
MTR-2017-03.pdf3% Dollar amounts are in millions. PA CONSUMER DEBT OUTPACES REGION The Federal Reserve Bank of New York (FRBNY) publishes quarterly state data on consumer debt. The data span major loan types, such as mortgage, auto, credit card and student loan 9% PA 0.5% 1.5% 7.0% 7.3% 2.5% Note: Data are per capita for the fourth quarter of each calendar year and multiplied by the number of consumers with a credit report in each state to yield Hits: 5 |
MTR-2016-10.pdfquality employees, which caused the average wage to increase by 3.1% for both years. Data for the first three quarters of 2016 reveal a clear deceleration of average wage growth, and imply a growth rate of roughly 1.8% for New Building Permits 7 4.4% 5.5% 5.4% n.a. 8.7% 3.5% -2.4% n.a. Quarterly Economic Indicators United States Pennsylvania 2015.4 2016.1 2016.2 2016.3 2015.4 2016.1 2016.2 2016 Hits: 5 |
MTR-2016-06.pdfcan be used to assess the probability of a recession (i.e., a decline in real GDP in two consecutive quarters) within the next year. A recent Wall Street Journal survey of economists placed that probability at 21%, an increase of necessary to evaluate the implications of recent economic trends. The release later this month of June employment growth and second quarter GDP will provide key insights to the U.S. economic outlook. June 2016 Monthly Trends Report 1 The Wall Street Hits: 5 |
MTR-2016-05.pdfHome Depot Inc., reported that customers spent $60 per trip this year, which is the highest level since the first quarter of 2006. 1 Sales at department stores have declined due to strong growth in the non-store sector (e.g New Building Permits 7 12.3% 15.1% 14.1% n.a 10.4% 25.9% 31.2% n.a. Quarterly Economic Indicators United States Pennsylvania 2015.2 2015.3 2015.4 2016.1 2015.2 2015.3 2015.4 2016 Hits: 5 |
MTR-2016-01.pdfsector contracted by 24,100 jobs (-9.2%) while local government contracted by 36,500 jobs (-7.5%). Roughly three- quarters of the contraction in the local government sector was related to education; the residual was related to municipal functions. These New Building Permits 7 8.3% 10.5% 10.7% n.a. -7.9% -10.1% -12.4% n.a. Quarterly Economic Indicators United States Pennsylvania 2015.1 2015.2 2015.3 2015.4 2015.1 2015.2 2015.3 2015 Hits: 5 |
MTR-2015-09.pdfNew Building Permits 7 10.5% 9.3% 11.2% n.a. -15.3% -11.0% 2.3% n.a. Quarterly Economic Indicators United States Pennsylvania 2014.3 2014.4 2015.1 2015.2 2014.3 2014.4 2015.1 2015 single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the Hits: 5 |
MTR-2015-07.pdfNew Building Permits 7 10.0% 9.4% 10.5% n.a -18.7% -24.1% -15.3% n.a. Quarterly Economic Indicators United States Pennsylvania 2014.3 2014.4 2015.1 2015.2 2014.3 2014.4 2015.1 2015 single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the Hits: 5 |
MRU_2021_03.pdf37 billion in March exceeded estimate by $72.5 million (5.6 percent) mainly due to overages in withholding and quarterly payments. Withholding revenues were over estimate by $37.8 million (3.4 percent), while quarterly payments exceeded estimate by $28.0 million (56.0 percent). FYTD PIT collections total $11.21 billion and are $157 Hits: 5 |
Monthly_Economic_Update_Nov_2023.pdfper capita debt balances for the population of residents who have a credit report. Based on data for the third quarter, total Pennsylvania debt balances increased 3.0% from the prior year, somewhat slower than the U.S. (4.3%). The Year (YOY) Growth Rates for Pennsylvania Debt Balances by Type Note: 2023 is the YOY growth rates for the third quarter. Source: Federal Reserve Bank of New York. -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 2015 2016 2017 Hits: 5 |
Monthly_Economic_Update_June_2021.pdfsectors. PA COVID-19 Job Loss Disproportionately Impacted Young and Female Workers The U.S. Census Bureau recently released the Quarterly Workforce Indicators dataset for 2020 Q3. These data provide new detail on the type of workers who lost jobs during 2% Share of UC Claims 12% 44% 34% 9% 46% 54% 79% 17% 3% 1% Source: U.S. Census Bureau Quarterly Workforce Indicators Explorer, Pennsylvania Department of Labor and Industry. Pennsylvania COVID-19 Job Loss by Demographic Characteristic Age Race 1 Hits: 5 |
Monthly_Economic_Update_January_2021.pdfcommercial vehicle traffic on the Turnpike remained relatively flat compared to the prior year, increasing 1.2% in the fourth quarter. Passenger vehicle trips, which comprised 80% of Turnpike traffic in 2020, did not experience the same rebound. For the fourth quarter of 2020, passenger vehicle trips declined 28.1% from 2019 levels. Pennsylvania Education Jobs Not Recovered as Pandemic Persists A Hits: 5 |
MER-2015-03.pdfare published on a bi‐monthly basis. 8 March 2015 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 5 |
MER-2015-01.pdfData are published on a bi-monthly basis. 8 January 2015 Monthly Economic Report Independent Fiscal Office - Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of Hits: 5 |
IFO_Hearing_Materials_02_2024.pdf5.8 Liquor 270 1 0.3 Personal Income 9,377 -48 -0.5 Withholding 7,612 308 4.2 Quarterly 1,369 -302 -18.1 Annuals 396 -53 -11.9 Realty Transfer 301 -106 -26.1 Inheritance 875 23 2 Independent Fiscal Office 13 February 2024 Revenues, Economics and Demographics Revenue Trends Revenues – PA Revenue Trends Latest Years (YOY) Latest Quarters (YOY) 21-22 22-23 23-24 2023.1 2023.2 2023.3 2023.4 15.6% 2.6% 0 Hits: 5 |
Econ_Budget_Outlook_Hearing_Response_Letter_02_2023.pdfYork Federal Reserve released an analysis that examined average credit card balances by income and age group through the third quarter of 2022. The analysis used borrowers’ zip codes to group balances into equal-population quartiles. The analysis found that all balances during the onset of the COVID-19 pandemic, but balances for all groups have been increasing since the second quarter of 2021. During that period, the lowest income quartile group recorded the strongest relative increase (see table below). These data Hits: 5 |
2013-04 Monthly Economic Report.pdf2.0 1.3 3.93 3.74 3.73 3.58 2.0% 1.8% 1.8% n.a. Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 (2013.1 value is 2.5%) Personal Income Hits: 5 |
2013-03b Monthly Economic Summary.pdf0 1 3 Jan 8.2% 4.0 0.3% -1.8% 24.6% -5.8 3.51 1.8% Quarterly United States Economic Indicators 2012.4 0.4% 5.0% 3.1% 5.5% 6.3% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 5 |
TC_2019_Film_Production_Tax_Credit_Report.pdf The location and type of any qualified post-production expenses. Applications are approved (or disapproved) on a quarterly basis. Upon approval, DCED will issue an FPTC contract, which specifies the maximum amount of tax credit for which the applicant is that data are available. The employment data are from the U.S. Bureau of Labor Statistics through the Quarterly Census of Employment and Wages (QCEW). 9 The data are based on returns filed by firms covered by the national unemployment insurance Hits: 4 |
SUT Exemption for Aircraft - January 2013.pdfwholesalers, retailers and providers of MRO services. The data are from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW). The QCEW data provide quarterly employment and wage data by six- digit North American Industry Classification System (NAICS) at the state level, provided that certain disclosure restrictions Hits: 4 |
Revenue_Estimate_2021_05_Presentation.pdfQ1 only. Source: U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis, FHFA. Forecasts by IFO. Recent Quarterly Trends May 26, 2021 4 Annual Growth Rate or Change 2020.2 2020.3 2020.4 2021.1 2021.2 96 -160 -231 -216 -150 Home Price Index 4.7% 8.4% 11.0% 11.9% -- Note: Real GDP is quarterly annualized growth rate. All other rates or change relative to same quarter in prior year. Wages- Salaries for CY 2021 Hits: 4 |
REU-2019-11.pdfConsumer Sentiment Index 6 89.8 93.2 95.5 96.8 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.4 2019.1 2019.2 2019.3 2018.4 2019.1 2019.2 2019 Bureau of Labor Statistics—Survey of Households. 2. U.S.: Increase in payroll employment compared to the previous month or quarter. PA: Average year-over-year increase in payroll employment based on latest three months of data. Source: U.S. Bureau Hits: 4 |
RB_2024_03_Jobs_Revised.pdfOn February 22, 2024, the U.S. Bureau of Labor Statistics (BLS) released 2023 Q3 state-level data for the Quarterly Census of Employment and Wages (QCEW) database. The data include all employers that are part of the state unemployment insurance system and reflect jobs and wage data reported in monthly and quarterly administrative filings. These data are used to “benchmark” more timely jobs data published monthly by the BLS in their Current Hits: 4 |
RB_2023_02_ChildCare.pdf9% 5.4% 4.9% $1,244 Child Care and Statewide Average Weekly Wage Growth Source: Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Notes: Calendar year 2022 data through June. Calendar years 2019 to 2021 are year-over-year growth rates for Quarter 4. 2022 is year-over-year growth from Quarter 2. Independent Fiscal Office Page 3 per hour (44%). Additional funds Hits: 4 |
RB_2022_07_Worker_Shortage.pdfTo examine employment trends by age at the state level, a different data source is used. The source is the Quarterly Workforce Indicators (QWI) published by the U.S. Census Bureau. The data source is based on tax and administrative returns and reflects nearly 90% of total payroll employment (but excludes self-employed and federal government workers) included in the published Quarterly Census of Employment and Wages (QCEW). Given the broad coverage, the data source is best used to examine payroll employment Hits: 4 |
Presentation-2018-06-PICPA.pdftransfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Year-Over-Year Growth Rates Non-motor sales tax Wages (withholding) June.12.2018 4 FY 16-17 deficit PA 2% 2.0% 2.5% Note: Net job gains exclude self-employed. Values for 2018 reflect data for the first quarter of 2018 (house price index and consumer debt), data through May (gasoline) or are forecasts by the IFO (all other Hits: 4 |
PBB_2022_PDE_REPORT_Amended.pdfgain 4 46% 44% 44% 29% 33% -- % Attaining high school diploma or equivalent 86% 44% 44% 29% 33% -- % Employed 4th quarter after program exit -- 50% 51% 52% 47% -- % increased involvement in children's edu. 74% 68% 47% 35% 50% -- Median quarterly earnings in Q2 after program 4 -- $4,285 $4,775 $5,121 $5,421 -- Notes: FTE is full time equivalent Hits: 4 |
Newsstand_2018_October.pdfGrowth in 2018 Q3 Four real-time data sources suggest that the Pennsylvania economy recorded robust growth for the third quarter of 2018. Based on non-motor sales tax collections, taxable consumer and business spending increased 8.3% compared to the figure for motor vehicle sales tax was 9.9%. The preliminary annual rate of net payroll job creation for the quarter was 68,000, compared to 62,900 in 2017 and 50,000 for 2016. Finally, tax remit- tances based on Hits: 4 |
Newsstand_2018_November.pdfthe U.S. Bureau of Economic Analysis released preliminary state real Gross Domestic Product data for 2018 Q2. On a quarterly annualized basis, the Pennsylvania economy expanded by 3.6%. That rate is con- siderably higher than the prior two quarters: 2017 Q4 (0.1%) and 2018 Q1 (0.6%). The second quarter growth rate was higher than some surrounding states Hits: 4 |
MTR-2019-08.pdfConsumer Sentiment Index 6 100.0 98.2 98.4 89.3 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.3 2018.4 2019.1 2019.2 2018.3 2018.4 2019.1 2019 Bureau of Labor Statistics—Survey of Households. 2. U.S.: Increase in payroll employment compared to the previous month or quarter. PA: Average year-over-year increase in payroll employment based on latest three months of data. Source: U.S. Bureau Hits: 4 |
MTR-2019-06.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | June 2019 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/Resources/ Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 98.4 97.2 100.0 98.2 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.2 2018.3 2018.4 2019.1 2018.2 2018.3 2018.4 2019 Hits: 4 |
MTR-2019-05.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | May 2019 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/Resources/ Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 93.8 98.4 97.2 100.0 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.2 2018.3 2018.4 2019.1 2018.2 2018.3 2018.4 2019 Hits: 4 |
MTR-2019-04.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | April 2019 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/Resources/ Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 91.2 93.8 98.4 97.2 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.2 2018.3 2018.4 2019.1 2018.2 2018.3 2018.4 2019 Hits: 4 |
MTR-2019-03.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | March 2019 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 98.3 91.2 93.8 98.4 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.1 2018.2 2018.3 2018.4 2018.1 2018.2 2018.3 2018 Hits: 4 |
MTR-2019-01.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | January 2019 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 98.6 97.5 98.3 91.2 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2018.1 2018.2 2018.3 2018.4 2018.1 2018.2 2018.3 2018 Hits: 4 |
MTR-2018-12.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | December 2018 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 100.1 98.6 97.5 98.3 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2017.4 2018.1 2018.2 2018.3 2017.4 2018.1 2018.2 2018 Hits: 4 |
MTR-2018-11.pdfamounts in millions. See final page for detail. MONTHLY TRENDS REPORT Independent Fiscal Office | November 2018 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 96.2 100.1 98.6 97.5 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2017.4 2018.1 2018.2 2018.3 2017.4 2018.1 2018.2 2018 Hits: 4 |
MTR-2018-08.pdfDollar amounts in millions. See final page for detail. MONTHLY TRENDS August 2018 - INDEPENDENT FISCAL OFFICE - 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/ Resources/Documents/MQRE-FY18-19-July Consumer Sentiment Index 6 98.0 98.2 97.9 95.3 n.a. n.a. n.a. n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2017.3 2017.4 2018.1 2018.2 2017.3 2017.4 2018.1 2018 Hits: 4 |
MTR-2017-12.pdfDollar amounts in millions. See final page for detail. MONTHLY TRENDS December 2017 - INDEPENDENT FISCAL OFFICE - 1 See Official Monthly & Quarterly Revenue Estimates for more information: http://www.ifo.state.pa.us/download.cfm?file=/Resources/ Documents/MQRE_FY17-18_Update.pdf. 2 New Building Permits 7 8.6% 9.2% 10.4% n.a. 25.7% 10.7% 3.9% n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2016.4 2017.1 2017.2 2017.3 2016.4 2017.1 2017.2 2017 Hits: 4 |
MTR-2017-08.pdfsingle-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth New Building Permits 7 9.3% 7.8% 11.4% n.a. 9.2% 2.3% 16.6% n.a. QUARTERLY ECONOMIC INDICATORS United States Pennsylvania 2016.3 2016.4 2017.1 2017.2 2016.3 2016.4 2017.1 2017 Hits: 4 |
MTR-2017-05.pdf2016. Moreover, withholding tax revenues show solid growth in take home pay, growing roughly 3.5% for the first three quarters of FY 2016-17. Third, consumers could be impacted by “wealth effects” if the stock market is performing poorly or New Building Permits 7 11.8% 13.4% 8.3% n.a. 5.8% 6.7% 0.1% n.a. Quarterly Economic Indicators United States Pennsylvania 2016.2 2016.3 2016.4 2017.1 2016.2 2016.3 2016.4 2017 Hits: 4 |
MTR-2017-02.pdfNew Building Permits 7 7.5% 8.6% 13.4% n.a. 18.8% 20.7% 16.9% n.a. Quarterly Economic Indicators United States Pennsylvania 2016.1 2016.2 2016.3 2016.4 2016.1 2016.2 2016.3 2016 single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth Hits: 4 |
MTR-2016-08.pdfNew Building Permits 7 11.8% 8.3% 4.4% n.a. 24.8% 25.6% 8.7% n.a. Quarterly Economic Indicators United States Pennsylvania 2015.3 2015.4 2016.1 2016.2 2015.3 2015.4 2016.1 2016 single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth Hits: 4 |
MTR-2016-03.pdfto weak year-end bonuses or seasonal hiring. March 2016 Monthly Trends Report 1 See Table SQ5N under the “State Quarterly Personal Income” link at http://www.bea.gov/regional/index.htm. 2 Capital gains income is excluded. Pennsylvania Gross Earnings New Building Permits 7 10.7% 11.5% 12.3% n.a. -12.4% -3.1% 10.4% n.a. Quarterly Economic Indicators United States Pennsylvania 2015.1 2015.2 2015.3 2015.4 2015.1 2015.2 2015.3 2015 Hits: 4 |
MTR-2015-08.pdfNew Building Permits 7 9.4% 10.5% 9.3% n.a -24.1% -15.3% -11.0% n.a. Quarterly Economic Indicators United States Pennsylvania 2014.3 2014.4 2015.1 2015.2 2014.3 2014.4 2015.1 2015 single-housing units authorized for construction based on latest three month of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the U.S. economy. Excludes inflation. For PA, values are annual growth rates for the Hits: 4 |
Monthly_Economic_Update_September_2020.pdfQ2. Compared to the prior year, data show that U.S. personal income grew by 10.4% in the second quarter. Wages and salaries declined by 4.6% but was more than offset by an increase in transfer payments (83.6% 34 $1.31 $1.25 $1.07 Home Sales 6 -13.0% 4.3% 32.7% 13.8% n.a. Quarterly Data 2019.2 2019.3 2019.4 2020.1 2020.2 Gross Domestic Product 7 1.7% 2.1% 2 Hits: 4 |
Monthly_Economic_Update_November_2020_Final.pdf2020. For 2020 Q3, mortgage and auto loan originations reached record highs with $168 billion in auto loan originations (highest quarter on record) and $1.05 trillion in mortgage originations (second only to the refinance boom of 2003 Q3). COVID-19 22 $1.17 $0.94 $1.93 Home Sales 6 32.7% 13.8% 16.2% 4.7% n.a. Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5 Hits: 4 |
Monthly_Economic_Update_May_2020.pdfMilliman in April showed that during 2020 Q1 the top 100 public pension plans in the nation saw the largest quarterly drop on record of $419 billion, but the April market rebound helped recover $200 billion of those losses. 2020 Q1 60 $1.37 $1.42 $1.35 Home Sales 6 10.5% 9.7% n.a. n.a. n.a. Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2 Hits: 4 |
Monthly_Economic_Update_March_2021.pdfreleased 2020 Q4 home price index data. Pennsylvania home values grew 10.9% in 2020 Q4 compared to the same quarter of the prior year. National 2020 Q4 home values also grew by 10.9% over the prior year. The strong 9% -27.6% -35.1% PA Turnpike Traffic (commercial) 7 -1.6% 0.7% 5.1% -1.6% -4.9% Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34 Hits: 4 |
Monthly_Economic_Update_July_2022.pdfspread across the economy and that lasts more than a few months.” It is no longer defined as two consecutive quarters of real GDP contraction. Monthly Economic Update July 2022 Pre-COVID Jan Feb Mar Apr May Jun Change Payroll Jobs 4% 8.3% -1.0% PA Turnpike Traffic (commercial) 7 12.7% 3.1% -0.4% 4.2% 3.4% Quarterly Data 2021.1 2021.2 2021.3 2021.4 2022.1 Gross Domestic Product 8 2.7% 4.7% 2 Hits: 4 |
Monthly_Economic_Update_December_2020.pdfin 2019 Q3.) The estimated average cash out was $51,600 and total equity withdrawn was $37 billion for the quarter. Data from Freddie Mac show that the dollar amount of cash-out refinancings was the largest since 2007. Other data 17 $1.07 $0.98 $2.37 Home Sales 6 13.8% 16.2% 4.7% n.a. n.a. Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5 Hits: 4 |
Monthly_Economic_Update_April_2022.pdf2021 Q1, average wage growth appeared very high due to the disproportionate contraction of lower-wage workers. The latest three quarters of data show that average wages are growing at a rate similar to the CPI-U. Because labor costs comprise 8% n.a. n.a. PA Turnpike Traffic (commercial) 7 9.0% 6.6% 1.4% n.a. n.a. Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4 Hits: 4 |
MER-2015-06.pdfData are published on a bi-monthly basis. 8 June 2015 Monthly Economic Report Independent Fiscal Office - Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of Hits: 4 |
MER-2015-04.pdfare published on a bi‐monthly basis. 8 April 2015 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2015-02.pdfare published on a bi‐monthly basis. 8 February 2015 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2014-12.pdfare published on a bi‐monthly basis. 8 December 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2014-08.pdfare published on a bi‐monthly basis. 8 August 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2014-07.pdfare published on a bi‐monthly basis. 8 July 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Value for 2014.2 is 4.0%. Personal Hits: 4 |
MER-2014-04.pdfare published on a bi‐monthly basis. 8 April 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 (Preliminary rate for 2014.1 is 0.1% Hits: 4 |
MER-2014-02.pdfwas initiated during the latest three‐month period. February 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2014-01.pdfwas initiated during the latest three‐month period. January 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 4 |
MER-2013-11.pdf3.39 3.35 2.2% 1.1% 1.1% n.a. Commonwealth of Pennsylvania www.ifo.state.pa.us Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 4 |
2023_Mid_Year_Update.pdfU.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecasts by IFO or IHS Markit. Pennsylvania Quarterly Economic Trends January 31, 2023 4 Year-Over-Year Growth Rate, Change or Current Level 2021.4 2022.1 2022 Force Part. Rate 61.0% 61.1% 61.6% 61.7% 61.7% Note: All growth rates relative to same quarter in prior year except Real GDP which is quarterly annualized rate. Wage-Salaries growth for 2022.3 and 2022.4 Hits: 4 |
2022_Mid_Year_Update.pdfdata from U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics. Forecasts by IFO. Federal Stimulus - Quarterly Pattern January 31, 2022 3 2020.2 2020.3 2020.4 2021.1 2021.2 2021.3 2021.4 Expanded and C corporations. Source: US Department of Labor, US Treasury Department, Small Business Administration and PA Department of Labor. Recent Quarterly Trends for PA Economics January 31, 2022 4 Year-Over-Year Growth Rate or Change 2020.4 2021.1 2021 Hits: 4 |
2013-06 Monthly Economic Summary - FINAL.pdf5.2 12.5 3.51 3.58 3.54 3.53 1.3% 1.1% 1.1% n.a. Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 4 |
2013-05_Monthly_Economic_Summary.pdf1.3 -5.2 3.74 3.73 3.58 3.53 2.0% 1.8% 1.0% 1.0% Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 4 |
2012-09 Monthly Economic Summary 7.pdfmonths, values held constant. Monthly Economic Report S e p t e m b e r 2 0 1 2 Quarterly United States Economic Indicators 2011.4 4.1% 4.1% 9.2% -2.5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of Hits: 4 |
2012-08 Monthly Economic Summary_Final.pdfBank of Philadelphia. 7/ Energy Information Administration. 8/ U.S. Department of Labor. For non-release months, values held constant. Quarterly United States Economic Indicators 2011.4 4.1% 4.1% 9.2% -2.5% 7.2% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes inflation. 1 Personal Income The year-over-year growth rate of Hits: 4 |
2007_divestment_complete_report.pdfto make its “best efforts” to identify and create a list of “scrutinized companies” and update that list on a quarterly basis. Under the bill, “best efforts” include reviewing and relying on publicly available information regarding companies having business operations in a 8 scrutinized companies list. 9 (c) Update.--The public fund shall update the scrutinized 10 companies list on a quarterly basis based on evolving 11 information from, among other sources, those listed in 12 subsection (a). 13 Section 6. Required Hits: 4 |
TC_2023_Waterfront_Development.pdfurban development and enhanced public access to waterfront areas. Projects located in Delaware and Montgomery counties received about three-quarters of all WDTC contributions. For FY 2021-22, WDTC program demand exceeded the annual program cap of $1.5 the same WDTC contributions distributed by county where the project site is lo- cated. The data show that about three-quarters of contributions went to Montgomery ($1.7 million) and Delaware ($1.5 million) coun- ties. Contributions to projects lo- cated Hits: 3 |
TC_2022_Coal_Refuse_Energy_and_Reclamation.pdfan initial inspection by DEP staff to measure pollution outflow prior to any mining activity and is monitored on a quarterly or annual basis after operations begin, depending on permit require- ments. Additional monitoring takes place each year for up to Data for 2021 are prelimi- nary and for larger firms are based on published EIA data for the first three quarters of the year. By 2021, four plants had ceased operations: Wheelabrator Frackville Energy, Cambria Cogen, Kimberly Clark Chester (converted to Hits: 3 |
RTR-2014-12.pdfby $122 million (11.0%) for the fiscal year. Estimated payments for December, which are largely comprised of the last quarterly payment from corporations that file their taxes on a calendar year basis, increased by $37 million (9.6%). For the growth was affected by a due date in late December that occurred in early January in the prior fiscal year. Quarterly estimated payments increased by $26 million (25.9%) for the month and $37 million (6.8%) for the fiscal year Hits: 3 |
RTR-2014-09.pdfincreased by $276 million (4.6%). • Corporate net income tax deposits increased by $96 million (25.2%) for the month. Quarterly and final payments increased by $81 million (25.4%) and $15 million (24.2%), respectively. For the fiscal year, total 3.9%), bringing fiscal year-to-date growth to 3.8% and the twelve-month average to 2.9%. September quarterly payments grew by $5 million (1.6%), and annual payments declined by $1 million (-4.5%). • Sales and use tax Hits: 3 |
Roundtable_Jan_2024_Final.pdf85 Change All Jobs (000s) 44 41 74 83 Note: Figures are year-over-year growth rates, except Real GDP (quarterly annualized) and Unemployment Rate (average rate for quarter). Change Payroll Jobs assumes a -40k revision to preliminary data based on research published by the Federal Reserve Bank of Hits: 3 |
Revenue_Proposal_Analysis_2021_04.pdfThe same is true for older workers, but the gap is much smaller. Overall, the data show that roughly one-quarter of workers that would have been directly impacted by a $12.00 minimum wage were under age 20 and one- 9 59.7 12.4 Source: Data for 2019 based on OES, Social Security Administration and U.S. Census Bureau Quarterly Workforce Indicators (QWI). 2022 is a projection by IFO based on assumptions in text. Table 3.3 Share by Gender Hits: 3 |
Revenue-Update-2020-04.pdfreturn to work after the six-week closure while the other half remain unemployed through June. For 2020 Q3, three-quarters of affected workers are rehired by the end of the quarter. For 2020 Q4, all affected workers are rehired by the end of the quarter. The same pattern holds for Scenario Hits: 3 |
RB_2024_02_Jobs_Revised.pdfOn February 22, 2024, the U.S. Bureau of Labor Statistics (BLS) released 2023 Q3 state-level data for the Quarterly Census of Employment and Wages (QCEW) database. These data include the full population of firms that are part of the state unemployment insurance system and reflect jobs and wage data reported in monthly and quarterly administrative filings. These administrative data are used to “benchmark” more timely jobs data published monthly by the BLS in their Hits: 3 |
RB_2021_11_Wage_Growth.pdfpublication of that series (2001) with 4.2% year-over-year (YOY) growth and 1.5% growth from the prior quarter (6.0% annualized). The total wages data show that wages paid in September grew 9.3% on a YOY basis losses, most growth in 2021 Q3 and Q4 is wages gains and, to a lesser extent, signing bonuses. If those quarterly growth rates are accurate, then total Pennsylvania wages will grow by slightly over 8% for the full calendar year, the Hits: 3 |
Presentation_PICPA_9-24-2013.pdfindicator of PA economy. Often a disconnect between economic forecast and real time revenue data. Look at data from first quarter of FY 2013-14. 24 . Sept . 2013 10 Are PA Consumers Spending? Sales Taxes nearly one-third of General Fund. Non-Motor Sales Tax collections remain weak. o For first quarter of FY 2013-14, revenues up 1.5%. o Inflation is approximately 1.5%. But, Motor Vehicle Sales Tax up Hits: 3 |
Presentation-2019-01-Mid-Year-Update.pdfof 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 2019.1 United States Real GDP 500 Index (prior qtr) -1.2% 2.9% 7.2% -14.0% 5.5% Notes: Real GDP growth rates are quarterly annualized rates. S&P 500 Index uses values from end of quarter. Value for 2019.1 is close for Jan Hits: 3 |
PICPA_Presentation.pdftransfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. 3.0% 2.4% 3.5% 0.9% 3.7% 3.4% Wages (Withholding) Non-Motor Sales Tax Wages (Withholding but decent. Business profits continue to lag. Limited borrowing by PA consumers. Mortgage debt falls in first quarter. Increases to credit card, auto and student loans. Recent PA Economic Trends Recent Economic Trends June 7, 2017 11 Hits: 3 |
PICA_Presentation_2020_11.pdfEconomic and Revenue Update PICA Fall Conference 2020 Matthew Knittel, IFO Director November 18, 2020 PA Economic Forecast and Latest Quarterly Data November 18, 2020 1 October 2020 Annual Forecast 2018 2019 2020 2021 Real GDP 1.9% 2.4% -4 Net Job Gains (000s) 68 54 -450 100 Philadelphia CPI-U 1.3% 2.0% 0.9% 1.5% Latest Quarterly Data 2020.1 2020.2 2020.3 2020.4 Real GDP -5.8% -34.0% -- -- Wages-Salaries Paid 3.7% Hits: 3 |
PBB_2022_DHS_REPORT_ADDENDUM.pdfoutcome measures. However, more than two-thirds of children in FY 2020-21 improved social emotional skills and nearly three-quarters of children improved acquisition and use of knowledge and use of behaviors to meet needs. See page 41 for more early childhood education through contracts with partnering institutions of higher education. ▪ PDOs were established in October 2019 and must track quarterly benchmarks, such as completion rates for early childhood education (ECE) programs. There is no standard target for the bench- marks Hits: 3 |
PA_Assoc_of_Community_Bankers_Presentation_2020_12.pdfand Revenue Update Pennsylvania Association of Community Bankers Matthew Knittel, IFO Director December 9, 2020 PA Economic Forecast and Latest Quarterly Data December 9, 2020 1 Annual Forecast 2018 2019 2020 2021 Real GDP 1.9% 2.4% -4.5% 3 Net Job Gains (000s) 68 54 -450 120 Philadelphia CPI-U 1.3% 2.0% 0.8% 1.5% Latest Quarterly Data 2020.1 2020.2 2020.3 2020.4 Real GDP -5.8% -34.0% Dec 23 -- Wages-Salaries Paid Hits: 3 |
NewsStand_2019_August.pdfof full-time, non-seasonal health care workers grew from 5 million to 9 million since 2000. In 2017, three-quarters of these health care jobs were filled by women. Registered nurses were the most common job in health care in gains in nationwide production. Pennsylvania, the nation’s second-largest producer of natural gas, produced more gas in the second quarter (April to June) than in any quarter in the state’s history. For August, the average price of gas on Hits: 3 |
Newsstand_2019_April.pdfble slowdown in the number of jobs created for 2019 Q1. The annualized pace of net jobs creation for that quarter show an increase of 44,600 jobs (not seasonally adjusted) compared to the same quarter in the prior year. That latest data point is consistent with the pattern of net jobs creation during calendar year Hits: 3 |
MTR-2017-04.pdfNew Building Permits 7 13.4% 11.8% 13.4% n.a. 16.9% 5.8% 6.7% n.a. Quarterly Economic Indicators United States Pennsylvania 2016.2 2016.3 2016.4 2017.1 2016.2 2016.3 2016.4 2017 single-housing units authorized for construction based on latest three months of data. Source: U.S. Census Bureau. 8. The quarterly, annualized real growth rate of the economy. Excludes inflation. Source: U.S. Bureau of Economic Analysis. 9. The annual growth Hits: 3 |
MSC_March_31_2022.pdf701 13,003 13,090 301 87 0.2% 0.1% Source: U.S. Census Bureau. Forecast by IFO. Recent Quarterly Trends for PA Economics March 31, 2022 10 Year-Over-Year Growth Rate or Change 2020.4 2021.1 2021 378 -337 -285 -262 -222 Labor Force (000s) -- -123 -115 -168 -212 -168 Note: All growth rates relative to same quarter in prior year. Job Loss and Labor Force data not seasonally adjusted. Source: U.S. Bureau of Labor Statistics, U Hits: 3 |
MRU_2024_3.pdflower than anticipated annual (-$26 million, -13.8%) and withholding (-$4 million, -0.3%) payments offset by higher than expected quarterly payments (+$37 million, +43.1%). FYTD PIT collections are $12.07 billion, $312 million (-2.5%) below estimate, due to shortfalls in quarterly (-$274 million, -15.3%) and withholding (-$44 million, -0.4%) payments. Other tax and non-tax revenues for March were Hits: 3 |
MRU_2024_2.pdfabove estimate, due to higher than anticipated withholding (+$18.8 million, +1.8%), annual (+$11.0 million, +21.9%) and quarterly (+$4.5 million, +18.1%) payments. FYTD PIT collections are $10.54 billion, $319.1 million (-2.9%) below estimate, due to shortfalls in quarterly (-$310.2 million, -18.2%) and withholding (-$40.2 million, -0.5%) payments. Other tax and non-tax revenues for Hits: 3 |
MRU_2024_1.pdfPIT collections were $1.85 billion, $200.8 million (-9.8%) below estimate, primarily the result of lower than anticipated quarterly payments (-$172.9 million, -23.7%). Withholding (-$9.5 million, -0.7%) and annual (-$18.4 million, -36.5%) collections FYTD PIT collections are $9.38 billion, $353.5 million (-3.6%) below estimate, primarily due to a shortfall in quarterly payments (-$314.7 million, -18.7%) for tax year 2023. ▪ CNIT collections for the month were $210.4 million, $45 Hits: 3 |
MRU_2024_07.pdffrom the prior year. Non-motor (NMV) revenues of $1.17 billion decreased $34 million (-2.8%). July includes a quarterly due date for NMV taxpayers, and those deposits have declined in the current calendar year as more firms were converted 2%). Adjusted for an extra Wednesday due date and new transfers this year, the growth rate was +2.2%. Quarterly payments increased (+$15 million, +33.8%); annual payments increased (+$3 million, +9.0%). Corporate net income tax (CNIT) collections totaled Hits: 3 |
MRU_2024_06.pdfbillion were above estimate by $9 million (+0.6%) due to higher than expected withholding (+$8 million, +0.8%) and quarterly (+$10 million, +2.1%) payments. Fiscal year PIT collections were $17.86 billion, or $416 million (-2.3%) below estimate, primarily due to shortfalls in quarterly (-$262 million, -9.5%) and annual (-$131 million, -5.7%) payments. Fiscal year withholding collections were $24 million (-0.2% Hits: 3 |
MRU_2024_04.pdfbillion were below estimate by $95 million (-3.1%) due to lower than expected annual (-$79 million, -5.3%) and quarterly (-$20 million, -4.1%) payments. FYTD PIT collections are $15.02 billion, or $407 million (-2.6%) below estimate, due mainly to a shortfall in quarterly payments (-$293 million, -12.9%). Other tax and non-tax revenues of $818 million for April were $172 million (+26 Hits: 3 |
MRU_2023_11.pdfAdjusting for the processing issue that occurred in November 2022, withholding revenues increased 1.3% from the prior year. Combined quarterly and annual PIT collections for the month exceeded estimate by $5.3 million (+8.9%). FYTD PIT collections are $6.27 billion, $100.0 million ( -1.6%) below estimate due to shortfalls in quarterly ( -$108.7 million, -13.4%) and withholding payments ( -$48.0 million, -0.9%) that are partially offset by an overage Hits: 3 |
MRU_2023_10.pdfestimate, but 17.1% below the prior year. Withholding collections exceeded the estimate by $11.2 million (+1.1%) and quarterly payments essentially met estimate for the month. FYTD PIT collections are $59.8 million (-1.2%) below estimate due primarily to a shortfall in quarterly payments (-$112.4 million, -14.3%) that is partially offset by an overage in annual payments (+$55.2 million, +$22 Hits: 3 |
MRU_2023_06.pdfPIT) collections of $1.44 billion for June were $37.5 million (-2.5%) below estimate, primarily the result of quarterly payments (-$33.6 million, -7.6%). Fiscal year PIT collections were $17.63 billion, or $261.7 million (1.5%) above the forecast. For the fiscal year, the combined strength of quarterly (+$206.6 million, 8.3%) and annual (+$165.0 million, 7.8%) payments exceeded the shortfall in withholding (-$109.9 Hits: 3 |
MRU_2023_05.pdfmillion, 20.8%) payments. PIT collections of $1.30 billion for May were $0.5 million (0.0%) above projections. Quarterly (+$6.4 million, 25.5%) and annual (+$46.6 million, 59.9%) payments came in stronger than expected and offset are $16.19 billion, which is $299.2 million (1.9%) above the forecast. For the FYTD, the strength in quarterly (+$240.2 million, 11.8%) and annual (+$166.3 million, 8.0%) payments exceed the shortfall in withholding (-$107.3 Hits: 3 |
MRU_2022_04.pdf1.53 billion (58.6%) above estimate. The result was driven by final payments (+$1.33 billion, 104.5%), with quarterly (+$147.6 million, 34.4%) and withholding (+$53.2 million, 5.8%) payments contributing to the overage. FYTD PIT revenues 2.26 billion (17.2%) due to final (+$1.42 billion, 81.4%), withholding (+$458.6 million, 4.8%) and quarterly (+$380.5 million, 20.8%) payments. Adjusting for transfers and due date shifts, withholding revenues are up 10.2% from Hits: 3 |
MRU_2021_11.pdfby $53.9 million (5.7%) for the month, largely the result of withholding (+$37.8 million, 4.2%) and quarterly (+$11.8 million, 53.7%) payments. November annual payments were $4.3 million (16.8%) above projections. FYTD PIT collections 5.56 billion are $225.5 million (4.2%) higher than expected due to withholding (+$113.6 million, 2.5%), quarterly (+$86.3 million, 13.6%) and annual (+$25.7 million, 11.5%) payments. Other tax revenues for November were $35 Hits: 3 |
MRU_2021_10.pdfthe estimate by $38.4 million, largely due to withholding payments exceeding expectations (+$39.4 million, 4.6%). Annual and quarterly payments essentially met estimate for the month. FYTD PIT collections of $4.56 billion are $171.6 million (3.9%) above the forecast. The overage is the result of withholding (+$75.8 million, 2.1%), quarterly (+$74.4 million, 12.1%) and annual (+$21.4 million, 10.8%) payments. Other tax revenues of $353.0 million Hits: 3 |
MRU_2021_09.pdfPIT collections of $1.54 billion were $119.0 million (8.4%) above estimate. The overage was largely due to quarterly payments (+$73.8 million, 16.8%), but was aided by withholding (+$40.1 million, 4.2%) and annual payments (+$5 16.0%). FYTD PIT collections of $3.47 billion are $133.2 million (4.0%) above projections due primarily to quarterly payments (+$73.6 million, 13.8%). After adjusting for an extra due date in July 2020, withholding collections for the Hits: 3 |
MRU_2021_07.pdffor the month, $55.0 million below collections from the prior year because July 2020 included an extra due date. Quarterly and annual payments also recorded declines (-$414.2 million and -$884.2 million, respectively). PIT collections in the prior year were impacted by virus- related due date extensions. After adjusting for the shift and extra due date, quarterly payments exceeded prior year collections by $5.8 million (12.5%), annual payments increased by $10.8 million (38.2% Hits: 3 |
MRU_2021_05.pdfMay 17 to coincide with the change in the federal due date for tax year (TY) 2020 returns. In addition, quarterly (+$76.8 million, 307.1%) and withholding (+$15.6 million, 1.9%) payments surpassed estimate for the month. Although the due date for the first quarterly payment for TY 2021 was in April, some taxpayers likely paid late (i.e., with their annual return for TY Hits: 3 |
MRU_2021_02.pdfmillion (0.8 percent). February PIT collections recorded a $340.0 million (33.5 percent) overage almost entirely due to quarterly payments that were shifted from January to February after the temporary, COVID-related closure of a payment processing facility. Annual than anticipated. The PIT overage is expected to be partially offset in April to the extent small business owners made quarterly payments related to forgiven PPP loans, which are now non-taxable. Cigarette tax collections exceeded estimate by $15.7 million Hits: 3 |
MRU-2023-04.pdfbillion fell below projections by $33.9 million (-1.2%), due to non-withholding (-$82.4 million, -4.2%). Both quarterly (-$31.7 million, -6.5%) and annual (-$50.7 million, -3.4%) payments came in below estimate while withholding (+$48 collections are $14.89 billion, which is $298.7 million (2.0%) above projections. For the FYTD, the strength in quarterly (+$233.8 million, 11.6%) and annual (+$119.7 million, 6.0%) payments exceed the shortfall in withholding (-$54.8 Hits: 3 |
MRU-2023-03.pdfpersonal income tax (PIT) collections of $1.63 billion were over estimate by $35.5 million (2.2%), due to quarterly payments (+$55.4 million, 123.2%). FYTD PIT collections total $11.99 billion, which is $332.6 million (2.9%) above expectations. For the FYTD, the strength in quarterly (+$265.5 million, 17.3%) and annual (+$170.5 million, 33.5%) payments exceed the shortfall in withholding (-$103.3 Hits: 3 |
MRU-2023-01.pdfto the previously mentioned processing delay and was partially offset by overages in annual (+$21.0 million, 82.5%) and quarterly (+$4.9 million, 0.7%) payments. FYTD collections total $9.20 billion, which is $203.2 million (2.3%) above expectations. For the fiscal year, the strength in quarterly (+$210.2 million, 14.4%) and annual (+$150.4 million, 50.3%) payments offsets the shortfall in withholding (-$88.4 Hits: 3 |
MRU-2022-09.pdf9.6%). Withholding revenues were marginally higher than expected ($4.0 million, 0.4%), while there were larger overages in quarterly (+$120.1 million, 23.6%) and annual (+$16.8 million, 54.9%) payments. (Withholding revenues increased at a rate of 5%) above estimate. A shortfall in withholding revenues (-$49.7 million, -1.7%) is more than offset by strength in quarterly (+$145.2 million, 24.6%) and annual (+$30.2 million, 34.9%) payments. Monthly sales and use tax (SUT) collections Hits: 3 |
MRU-2022-06.pdfwere $1.64 billion, $191.1 million (13.2%) above projections. The difference was a result of stronger than expected quarterly, withholding and annual payments. PIT collections for the fiscal year totaled $18.13 billion and were $2.61 billion (16 more than half the fiscal year overage (+$1.51 billion, 82.5%), but withholding (+589.8 million, 5.2%) and quarterly (+$508.0 million, 22.6%) payments also outperformed expectations. CNIT revenues reached $970.0 million in June which exceeded the Hits: 3 |
MRU-2022-05.pdfoverage was primarily led by withholding (+$74.7 million, 8.5%) and final payments (+$67.5 million, 146.1%), with quarterly payments (+$15.4 million, 51.4%) contributing marginally. FYTD PIT revenues exceed estimate by $2.42 billion (17.2%) due to final (+$1.49 billion, 83.1%), withholding (+$533.3 million, 5.1%) and quarterly (+$395.9 million, 21.3%) payments. Corporate net income tax revenues for May of $476.6 million exceeded forecasts by Hits: 3 |
MRU-2021-06.pdfbillion (+$54.3 million, 3.9%) as a result of stronger than expected annual (+$33.2 million, 101.9%) and quarterly (+$27.9 million, 8.0%) payments. The overage was offset by a slight shortfall in withholding (-$6.8 million, -0 fiscal year totaled $16.28 billion and were $476.3 million (3.0%) over estimate due entirely to annual and quarterly payments. Withholding collections met estimate for the year. SUT collections for June of $1.20 billion continued to exhibit unusual Hits: 3 |
MRU-2020-3.pdfto the virus. The IFO estimates that roughly $30 million is permanently lost due to reduced economic activity (withholding and quarterly payments), $30 million is tied to processing delays that will reverse this fiscal year and $60 million is delayed until less than $10 million). FYTD PIT collections are $60.5 million (-0.6 percent) below estimate, with a shortfall in quarterly payments (-$80.3 million) partially offset by overages in withholding and annual payments ($16.3 million and $3.5 million Hits: 3 |
Monthly_Economic_Update_Table_December_2020.pdf17 $1.07 $0.98 $2.37 Home Sales 6 13.8% 16.2% 4.7% n.a. n.a. Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 7 2.5% 1.4% -5 7.7% 15.3% 13.4% 10-Year Note 12 0.69 0.68 0.86 0.84 0.89 Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 7 2.6% 2.4% -5 Hits: 3 |
Monthly_Economic_Update_September_2022.pdf0% -4.2% n.a. PA Turnpike Traffic (commercial) 7 -0.4% 4.2% 3.4% -2.2% n.a. Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 4.7% 2.4% 6 11.9% -3.7% -14.8% 10-Year Note 13 2.89 2.84 2.97 2.97 3.45 Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 6.7% 2.3% 6 Hits: 3 |
Monthly_Economic_Update_September_2021_Indicators.pdf0% 26.6% n.a. PA Turnpike Traffic (commercial) 7 41.6% 20.3% 11.6% 6.0% n.a. Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -34.0% 35.5% 3 38.6% 34.4% 29.2% 10-Year Note 13 1.63 1.58 1.44 1.24 1.30 Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4 Hits: 3 |
Monthly_Economic_Update_September_2021.pdf0% 26.6% n.a. PA Turnpike Traffic (commercial) 7 41.6% 20.3% 11.6% 6.0% n.a. Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -34.0% 35.5% 3 38.6% 34.4% 29.2% 10-Year Note 13 1.63 1.58 1.44 1.24 1.30 Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4 Hits: 3 |
Monthly_Economic_Update_Oct_2023.pdf1.5% 0.7% PIT Withholding 3-Month Average 8 4.4% 4.6% 3.3% 4.6% 5.0% Quarterly Data 2022.2 2022.3 2022.4 2023.1 2023.2 Gross Domestic Product 9 -0.9% 3.2% 3 96 4.09 4.57 Leading Economic Index (LEI) 16 106.7 106.1 105.8 105.4 104.6 Quarterly Data 2022.2 2022.3 2022.4 2023.1 2023.2 Gross Domestic Product 9 -0.6% 2.7% 2 Hits: 3 |
Monthly_Economic_Update_October_2022.pdf2% -0.9% -0.4% PA Turnpike Traffic (commercial) 7 4.2% 3.4% -2.2% 4.6% -0.4% Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 4.6% 1.3% 8 6.0% -12.6% -16.8% 10-Year Note 13 2.84 2.97 2.64 3.13 3.80 Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 7.0% 2.7% 7 Hits: 3 |
Monthly_Economic_Update_October_2021_Indicators.pdf6% n.a. n.a. PA Turnpike Traffic (commercial) 7 20.3% 11.6% 6.0% n.a. n.a. Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -32.4% 34.8% 5 34.4% 29.2% 28.1% 10-Year Note 13 1.58 1.44 1.24 1.30 1.53 Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4 Hits: 3 |
Monthly_Economic_Update_October_2021.pdf6% n.a. n.a. PA Turnpike Traffic (commercial) 7 20.3% 11.6% 6.0% n.a. n.a. Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -32.4% 34.8% 5 34.4% 29.2% 28.1% 10-Year Note 13 1.58 1.44 1.24 1.30 1.53 Quarterly Data 2020.2 2020.3 2020.4 2021.1 2021.2 Gross Domestic Product 8 -31.2% 33.8% 4 Hits: 3 |
Monthly_Economic_Update_November_2022.pdf9% -0.4% n.a. PA Turnpike Traffic (commercial) 7 3.4% -2.2% 4.6% -0.4% n.a. Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1 12.6% -16.8% -15.9% 10-Year Note 13 2.97 2.64 3.13 3.80 4.08 Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1 Hits: 3 |
Monthly_Economic_Update_November_2021.pdfa. n.a. n.a. PA Turnpike Traffic (commercial) 7 11.6% 6.0% n.a. n.a. n.a. Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3 29.2% 28.1% 40.8% 10-Year Note 13 1.44 1.24 1.30 1.53 1.56 Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6 Hits: 3 |
Monthly_Economic_Update_May_2023.pdf4% 3.7% n.a. PA Turnpike Traffic (commercial) 7 -3.4% 4.5% -1.6% -2.7% n.a. Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 8 -1.1% -0.9% 3 92 3.49 3.45 Leading Economic Index (LEI) 15 110.5 110.3 110.0 108.6 107.5 Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 8 -1.6% -0.6% 3 Hits: 3 |
Monthly_Economic_Update_May_2022.pdf1% n.a. n.a. PA Turnpike Traffic (commercial) 7 6.6% 1.4% 12.7% n.a. n.a. Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4 14.8% 14.0% -1.2% 10-Year Note 13 1.51 1.78 1.84 2.33 2.89 Quarterly Data 2021.1 2021.2 2021.3 2021.4 2022.1 Gross Domestic Product 8 6.3% 6.7% 2 Hits: 3 |
Monthly_Economic_Update_May_2021.pdf1% 23.5% 165.9% PA Turnpike Traffic (commercial) 7 5.1% -1.6% -4.9% 18.5% 41.6% Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35 29.0% 53.7% 42.8% 10-Year Note 13 0.92 1.09 1.46 1.75 1.57 Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33 Hits: 3 |
Monthly_Economic_Update_March_2023.pdf5% 16.4% n.a. PA Turnpike Traffic (commercial) 7 -2.6% -1.2% -3.4% 4.5% n.a. Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0 19.4% -9.7% -9.2% 10-Year Note 14 4.08 3.70 3.88 3.53 3.92 Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0 Hits: 3 |
Monthly_Economic_Update_March_2022.pdfa. n.a. n.a. PA Turnpike Traffic (commercial) 7 4.6% 9.0% n.a. n.a. n.a. Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4 26.9% 21.6% 14.8% 10-Year Note 13 1.56 1.44 1.51 1.78 1.84 Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6 Hits: 3 |
Monthly_Economic_Update_June_2023.pdf7% n.a. n.a. PA Turnpike Traffic (commercial) 7 4.5% -1.6% -2.7% n.a. n.a. Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 8 -1.1% -0.9% 3 49 3.45 3.64 Leading Economic Index (LEI) 15 110.3 110.0 108.6 107.5 106.7 Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 8 -1.6% -0.6% 3 Hits: 3 |
Monthly_Economic_Update_June_2022.pdf4% 8.3% n.a. PA Turnpike Traffic (commercial) 7 1.4% 12.7% 3.1% -0.4% n.a. Quarterly Data 2021.1 2021.2 2021.3 2021.4 2022.1 Gross Domestic Product 8 2.7% 4.7% 2 14.0% -1.2% -1.7% 10-Year Note 13 1.78 1.84 2.33 2.89 2.84 Quarterly Data 2021.1 2021.2 2021.3 2021.4 2022.1 Gross Domestic Product 8 6.3% 6.7% 2 Hits: 3 |
Monthly_Economic_Update_June_2021_Indicators.pdf5% 165.9% 81.1% PA Turnpike Traffic (commercial) 7 -1.6% -4.9% 18.5% 41.6% 20.3% Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35 53.7% 43.6% 38.1% 10-Year Note 13 1.09 1.46 1.75 1.63 1.58 Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33 Hits: 3 |
Monthly_Economic_Update_June_2020.pdf37 $1.43 $1.31 $1.40 Home Sales 6 9.7% n.a. n.a. n.a. n.a. Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2 1.1% 10.6% 4.2% 10 Year Note 12 1.13 0.70 0.62 0.64 0.70 Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2 Hits: 3 |
Monthly_Economic_Update_July_2023.pdf0.2% 1.5% PIT Withholding 3-Month Average 8 4.6% 4.2% 3.7% 4.4% 4.6% Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 9 -1.1% -0.9% 3 45 3.64 3.82 Leading Economic Index (LEI) 16 110.0 108.6 107.5 106.7 n.a. Quarterly Data 2022.1 2022.2 2022.3 2022.4 2023.1 Gross Domestic Product 9 -1.6% -0.6% 3 Hits: 3 |
Monthly_Economic_Update_July_2021_Indicators.pdf9% 81.1% 40.0% PA Turnpike Traffic (commercial) 7 -4.9% 18.5% 41.6% 20.3% 11.6% Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35 43.6% 38.1% 38.6% 10-Year Note 13 1.46 1.75 1.63 1.58 1.44 Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33 Hits: 3 |
Monthly_Economic_Update_July_2021_Final.pdf9% 81.1% 40.0% PA Turnpike Traffic (commercial) 7 -4.9% 18.5% 41.6% 20.3% 11.6% Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35 43.6% 38.1% 38.6% 10-Year Note 13 1.46 1.75 1.63 1.58 1.44 Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.0% -31.4% 33 Hits: 3 |
Monthly_Economic_Update_July_2020.pdf43 $1.31 $1.33 $1.15 Home Sales 6 -7.1% -16.9% -13.0% 4.3% n.a. Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2 10.6% 5.4% 8.2% 10-Year Note 12 0.70 0.62 0.64 0.65 0.63 Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2 Hits: 3 |
Monthly_Economic_Update_January_2023.pdf3% -18.0% n.a. PA Turnpike Traffic (commercial) 7 4.6% -0.4% -2.6% -1.2% n.a. Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1 15.9% -10.7% -19.4% 10-Year Note 13 3.13 3.80 4.08 3.70 3.88 Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1 Hits: 3 |
Monthly_Economic_Update_January_2022.pdfa. n.a. n.a. PA Turnpike Traffic (commercial) 7 8.1% 7.0% n.a. n.a. n.a. Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3 40.8% 26.1% 26.9% 10-Year Note 13 1.30 1.53 1.56 1.44 1.51 Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6 Hits: 3 |
Monthly_Economic_Update_January_2021_Indicators.pdf3% -32.9% n.a. PA Turnpike Traffic (commercial) 7 3.0% -1.6% 0.7% 5.1% n.a. Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 8 2.5% 1.4% -5 15.3% 16.3% 17.8% 10-Year Note 13 0.68 0.86 0.84 0.92 1.14 Quarterly Data 2019.3 2019.4 2020.1 2020.2 2020.3 Gross Domestic Product 8 2.6% 2.4% -5 Hits: 3 |
Monthly_Economic_Update_Indicators_February_2022.pdf9% n.a. n.a. PA Turnpike Traffic (commercial) 7 7.0% 4.6% 9.0% n.a. n.a. Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4 26.1% 26.9% 21.6% 10-Year Note 13 1.53 1.56 1.44 1.51 1.78 Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6 Hits: 3 |
Monthly_Economic_Update_February_2022.pdf9% n.a. n.a. PA Turnpike Traffic (commercial) 7 7.0% 4.6% 9.0% n.a. n.a. Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 5.2% 2.7% 4 26.1% 26.9% 21.6% 10-Year Note 13 1.53 1.56 1.44 1.51 1.78 Quarterly Data 2020.4 2021.1 2021.2 2021.3 2021.4 Gross Domestic Product 8 4.5% 6.3% 6 Hits: 3 |
Monthly_Economic_Update_February_2021_Indicators.pdf3% -32.9% n.a. PA Turnpike Traffic (commercial) 7 3.0% -1.6% 0.7% 5.1% n.a. Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34 15.3% 16.3% 15.2% 10-Year Note 13 0.68 0.86 0.84 0.92 1.09 Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31 Hits: 3 |
Monthly_Economic_Update_February_2021.pdf3% -32.9% n.a. PA Turnpike Traffic (commercial) 7 3.0% -1.6% 0.7% 5.1% n.a. Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34 15.3% 16.3% 15.2% 10-Year Note 13 0.68 0.86 0.84 0.92 1.09 Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31 Hits: 3 |
Monthly_Economic_Update_December_2022.pdf4% -2.3% n.a. PA Turnpike Traffic (commercial) 7 -2.2% 4.6% -0.4% -2.6% n.a. Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 1.3% 8.4% -1 16.8% -15.9% -10.7% 10-Year Note 13 2.64 3.13 3.80 4.08 3.70 Quarterly Data 2021.3 2021.4 2022.1 2022.2 2022.3 Gross Domestic Product 8 2.7% 7.0% -1 Hits: 3 |
Monthly_Economic_Update_December_2021.pdf2% n.a. n.a. PA Turnpike Traffic (commercial) 7 5.1% 8.1% 7.0% n.a. n.a. Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 34.8% 5.2% 3 28.1% 40.8% 26.1% 10-Year Note 13 1.24 1.30 1.53 1.56 1.44 Quarterly Data 2020.3 2020.4 2021.1 2021.2 2021.3 Gross Domestic Product 8 33.8% 4.5% 6 Hits: 3 |
Monthly_Economic_Update_August_2023.pdf1.5% 1.2% PIT Withholding 3-Month Average 8 4.2% 3.7% 4.4% 4.6% 3.3% Quarterly Data 2022.2 2022.3 2022.4 2023.1 2023.2 Gross Domestic Product 9 -0.9% 3.2% 3 64 3.82 3.96 Leading Economic Index (LEI) 16 108.6 107.5 106.7 106.1 105.8 Quarterly Data 2022.2 2022.3 2022.4 2023.1 2023.2 Gross Domestic Product 9 -0.6% 3.2% 2 Hits: 3 |
Monthly_Economic_Update_August_2022.pdf3% -1.0% n.a. PA Turnpike Traffic (commercial) 7 3.1% -0.4% 4.2% 3.4% n.a. Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 4.7% 2.4% 6 1.7% -11.9% -3.7% 10-Year Note 13 2.33 2.89 2.84 2.97 2.97 Quarterly Data 2021.2 2021.3 2021.4 2022.1 2022.2 Gross Domestic Product 8 6.7% 2.3% 6 Hits: 3 |
Monthly_Economic_Update_August_2021.pdf1% 40.0% n.a. PA Turnpike Traffic (commercial) 7 18.5% 41.6% 20.3% 11.6% n.a. Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.8% -34.0% 35 38.1% 38.6% 34.4% 10-Year Note 13 1.75 1.63 1.58 1.44 1.24 Quarterly Data 2020.1 2020.2 2020.3 2020.4 2021.1 Gross Domestic Product 8 -5.1% -31.2% 33 Hits: 3 |
Monthly_Economic_Update_April_4_2023.pdf4% n.a. n.a. PA Turnpike Traffic (commercial) 7 -1.2% -3.4% 4.5% n.a. n.a. Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0 53 3.92 3.41 Leading Economic Index (LEI) 15 113.5 110.5 110.3 110.0 n.a. Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0 Hits: 3 |
Monthly_Economic_Update_April_25_2023.pdf4% n.a. n.a. PA Turnpike Traffic (commercial) 7 -1.2% -3.4% 4.5% n.a. n.a. Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 8.4% -1.1% -0 53 3.92 3.49 Leading Economic Index (LEI) 15 113.5 110.5 110.3 110.0 108.6 Quarterly Data 2021.4 2022.1 2022.2 2022.3 2022.4 Gross Domestic Product 8 7.0% -1.6% -0 Hits: 3 |
Monthly_Economic_Update_April_2021_Indicators.pdf6% -35.1% 23.5% PA Turnpike Traffic (commercial) 7 0.7% 5.1% -1.6% -4.9% 18.5% Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34 15.2% 29.0% 53.7% 10-Year Note 13 0.84 0.92 1.09 1.46 1.75 Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31 Hits: 3 |
Monthly_Economic_Update_April_2021.pdf6% -35.1% 23.5% PA Turnpike Traffic (commercial) 7 0.7% 5.1% -1.6% -4.9% 18.5% Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 1.4% -5.8% -34 15.2% 29.0% 53.7% 10-Year Note 13 0.84 0.92 1.09 1.46 1.75 Quarterly Data 2019.4 2020.1 2020.2 2020.3 2020.4 Gross Domestic Product 8 2.4% -5.0% -31 Hits: 3 |
Monthly_Economic_Update_April_2020.pdf65 $1.60 $1.37 $1.26 Home Sales 6 8.7% 10.6% n.a. n.a. n.a. Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.3% 1.7% 2 6.1% -8.8% -2.4% 10 Year Note 12 1.92 1.52 1.13 0.70 0.65 Quarterly Data 2019.1 2019.2 2019.3 2019.4 2020.1 Gross Domestic Product 7 3.1% 2.0% 2 Hits: 3 |
Mid_Year_FY16-17_Presentation.pdfmonth lag to coincide with withholding and economic activity. Withholding growth rates are adjusted for extra deposit days during the quarter. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Source: Federal Reserve Bank of New York. 25.Jan.2017 16 PA Consumer Debt Growth Year-Over-Year Growth Rates (Quarterlies) Tax Year Q1 Q2 Q3 Q4 Total Annuals Combined 2014 4.2% 0.1% 2.8% 0.1% 1.5% Hits: 3 |
MER-2014-10.pdfare published on a bi‐monthly basis. 8 October 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 3 |
MER-2014-09.pdfare published on a bi‐monthly basis. 8 September 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 3 |
MER-2014-06.pdfare published on a bi‐monthly basis. 8 June 2014 Monthly Economic Report Independent Fiscal Of Ðice ‐ Commonwealth of Pennsylvania Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. economy. Excludes in Ðlation. 1 Personal Income The year‐over‐year growth rate Hits: 3 |
HTAE_2019_05_15.pdfof 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 2019.1 United States Real GDP Lottery Instant Ticket Sales 4.8% 6.7% 5.4% 5.5% 5.8% Notes: Real GDP growth rates are quarterly annualized rates. Non-GDP growth rates are year-over-year. Net New Jobs excludes self-employed and independent contractors. Source Hits: 3 |
EPLC-2-19-21.pdf134 -206 U.S. Labor Productivity 1.7% 0.9% 2.9% 4.2% 2.5% Note: Real GDP is quarterly annualized growth rate. Data for CY 2020 and 2020 Q4 are estimates by IFO. Change in Payroll Jobs and Labor 1,047 14.1% pent-up demand Income – Withholding 6,032 -1.5% Income – Other 2,453 ‘ 1.8% final quarterly payments strong, includes $100m from PPP All Tobacco 693 -0.3% Inheritance 707 -1.5% Realty Transfer 371 12.4% Hits: 3 |
Economic_Forecast_Business_Leadership_Summit_Feb_2024.pdfa small share of workers in this age category are 75+. Sources: US Bureau of Labor Statistics and US Census Quarterly Workforce Indicators. 2019 Q4 to 2023 Q4 2019 Q2 to 2023 Q2 2019 Q2 to 2023 Q2 +24,000 Total Average Hourly Earnings (counts all jobs, new workers) Data Source 2 Average Monthly Earnings (Stable) (must have worked in prior quarter) Note: Both Earnings measures are converted to real amounts using the Philadelphia CPI-U based on the methodology used by Hits: 3 |
CNIT-Rate-Cut-2018-04.pdfon tax returns, and are net of any refunds, overpayments or tax credits. For all three tax years, roughly three‐quarters of filers reported no tax liability because the firm reported a tax loss, eliminated liability with a net operating loss less than one‐fifth (17.9 percent) was reported by firms that were largely Pennsylvania‐only firms, and roughly one‐quarter (25.3 percent) was reported by firms with a sales apportionment factor between 10 and 95 percent. For various reasons Hits: 3 |
2024_Mid_Year_Update_Final.pdf85 Change All Jobs (000s) 44 41 74 83 Note: Figures are year-over-year growth rates, except Real GDP (quarterly annualized) and Unemployment Rate (average rate for quarter). Change Payroll Jobs assumes a -40k revision to preliminary data based on research published by the Federal Reserve Bank of Hits: 3 |
2018_Mid-Year_Update.pdf0.8% Net Job Gains (000s) 68.9 57.2 69.8 70.2 Note: Real GDP and components are quarterly annualized rates. All others are year-over-year. Job gains represent annual rate of net job creation. All data except was flat Sales - Motor -16 General weakness PIT - Withholding 31 Steady gains PIT - Other -12 Monies shifted from finals to quarterlies Cigarette -10 Unusual recent weakness Gaming Expansion 85 Pick up from first two auctions; five assumed Loan-Lease-Transfers -67 Hits: 3 |
2013-10 Monthly Economic Summary.pdf3 22.3 19.8 3.83 3.65 3.60 3.39 2.2% 1.1% 1.1% delayed Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include Hits: 3 |
2013-09 Monthly Economic Summary-FINAL.pdf9.3 22.3 3.89 3.63 3.65 3.60 1.4% 1.5% 1.1% 1.1% Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include Hits: 3 |
2013-08 Monthly Economic Summary.pdf19.8 9.3 3.72 3.54 3.63 3.65 1.4% 1.5% 1.5% n.a. Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include Hits: 3 |
2013-07 Monthly Economic Summary.pdf12.5 19.8 3.49 3.53 3.54 3.63 1.3% 1.1% 1.5% n.a. Quarterly United States Economic Indicators Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Note: The GDP series was revised to include Hits: 3 |
2013-01 Monthly Economic Report.pdf0 1 3 Nov 7.8% 13.4 1.4% 0.4% 18.1% -8.9 3.66 2.2% Quarterly United States Economic Indicators 2012.4 -0.1% 4.9% n.a. n.a. n.a. Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 3 |
2012-11 Monthly Economic Summary- DRAFT 6.pdf1 2 Oct-12 8.1% 14.0 1.6% -4.9% 12.5% 5.7 3.62 2.2% Quarterly United States Economic Indicators 2011.4 4.1% 4.1% 9.2% -2.5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econo- my. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 3 |
2012-10 Monthly Economic Summary FINAL.pdfnon-release months, values held constant. Monthly Economic Report O c t o b e r 2 0 1 2 Quarterly United States Economic Indicators 2011.4 4.1% 4.1% 9.2% -2.5% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the U.S. econ- omy. Excludes inflation. 1 Personal Income The year-over-year growth rate Hits: 3 |
2012-07 Monthly Economic Summary10.pdf9% 12.9% -16.6 3.51 1.3% Independent Fiscal Office Commonwealth of Pennsylvania www.ifo.state.pa.us Quarterly United States Economic Indicators Monthly Economic Report J u l y 2 0 1 2 2011.3 1.3% 4.7% 4.7% -3.7% 7.1% Real Gross Domestic Product (GDP) The quarterly annualized growth rate of the US economy. Excludes infla- tion. Data are from the US Bureau of Economic Analysis. Personal Hits: 3 |
Releasesincome growth, shares of transfer income and per capita amounts for all counties in the Commonwealth. Full Report Natural Gas Quarterly Update: 2024 Q2 September 05, 2024 | Energy This document uses data from the Pennsylvania Department of Environmental Protection, the U.S. Energy Information Administration and Natural Gas Intelligence to provide a quarterly update on recent trends in production volume, well counts and average spot prices. Full Report August 2024 Revenue Update September Hits: 3 |
WJ-Presentation-Natural-Gas-7-14-20.pdf26%) decline from 2019. New wells drilled in 2020 projected to be the fourth consecutive year of decline. Quarterly production growth has been decelerating for the last 5 quarters. Other Implications State liquid fuels taxes down in FY19-20, projected to decline further in FY20-21. IFO Hits: 2 |
TC_2023_Manufacturing.pdfan employer from which Pennsylvania personal income tax is withheld. 3 Start date is the first date of the calendar quarter in which an application is submitted to DCED unless the applicant requests, and the Department agrees to, a later start 2,000 or $4,000/job $40,000 for higher credit Increase employment by 15% over the following four calendar quarters $7.5 million Table 3.1 Comparison of Manufacturing Tax Incentives Annual Sources: CCH and various state agency websites. State Hits: 2 |
TC_2022_Brewers.pdfcredits awarded and reported nearly all total production. 8 The data are from the U.S. Bureau of Labor Statistics’ Quarterly Census of Employment and Wages (QCEW). Although data for 2020 are available, they are not used due to the impact Brewery industry as classified under NAICS 312120. Wages paid in millions of dollars. Source: U.S. Bureau of Labor Statistics, Quarterly Census of Wages (QCEW). 2015 2019 Avg Ann Growth Economic Analysis | Page 13 Economic Analysis For most tax credits reviews Hits: 2 |
TC_2021_Video_Game_Production.pdfon level of industry employment for 2019. The data are from the U.S. Bureau of Labor Statistics through the Quarterly Census of Employment and Wages (QCEW) and are based on returns filed by firms covered by the national unemployment insurance 10% 0.21% Table 3.2 Employment Level Software Publishers Industry Employment Data Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Pennsylvania Employment Data Employment Level Notes: Data represent Software Publishers industry, NAICS Code 511210. AAGR Hits: 2 |
TC_2021_Resource_Enhancement_and_Protection.pdf2 percent per annum. Federal programs (e.g., Environmen- tal Quality Incentives Program and Conservation Innovation Grants) comprise over three-quarters of public funds provided. The Pennsylvania Growing Greener program is also a significant source of project funding, while other state s agriculture industry generated approximately $7.76 billion in sales. The Commonwealth is a major dairy producer, with over a quarter of agricultural sales generated from cow’s milk. However, milk sales have stagnated over the last ten years, likely due Hits: 2 |
TC_2019_Historic_Preservation_Tax_Credit_Report.pdfshow that 15 to 21 projects received a credit allocation, and allocations typically comprise one-half to three-quarters of the requested amount for projects that ultimately received an allocation. Credit allocations comprise roughly one percent of estimated project costs. Data expended twice the dollar amount on state tax credits, but reported a per capita ratio that was one quarter of Oklahoma. Overall, this comparison presents a mixed picture. Some states without credits have per capita levels similar to others in their Hits: 2 |
Senate Appropriations Response Letter 3-6-2020.pdfshare of households that enters or leaves the state during the six- 2 Households exclude individuals living in various group quarter settings such as nursing homes, college dormitories and prisons. 3 See https://www.pewsocialtrends.org/2020/01/09/trends-in- Pennsylvania Household Income Distribution: 2012 vs 2018 Notes: AAGR is average annual growth rate. Households exclude individuals living in group quarters such as prisons, nursing homes and dormitories. Middle income is defined as households that have between 67% and 200% of Hits: 2 |
RTR-May 2012.pdf9.7% 1,192.4 8.2% -15.1% 9.6% 8.1% 22.5% 2,467.1 2.9% Quarterly 23.8 17.5% 296.9 17.5% -21.0% 5.2% 8.2% 18.8% 1,353.6 0 348.5% 200.0% 159.5% 53.0 269.7% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c c c a compared to the same period in the prior year; b the three Hits: 2 |
RTR-Mar 2012.pdf7 2.9% 495.9 -15.1% 9.6% 8.1% 22.5% 24.0% 2,380.1 9.0% Quarterly 26.8 2.6% 381.0 -21.0% 5.2% 8.2% 18.8% 31.2% 1,310.0 0 200.0% 159.5% -79.5% 44.4 250.9% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c c c a compared to the same period in the prior year; b the three Hits: 2 |
RTR-Jun 2012a.pdf12.2% 1,430.3 9.5% -15.1% 9.6% 8.1% 22.5% 2,504.2 3.4% Quarterly 274.6 11.5% 544.6 15.2% -21.0% 5.2% 8.2% 18.8% 1,381.9 0 348.5% 200.0% 159.5% 66.4 321.8% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c c a compared to the same period in the prior year; b the three or Hits: 2 |
RTR-Feb 2012.pdf6 14.3% 486.4 -15.9% 9.6% 8.1% 22.5% 24.0% 2,377.1 7.1% Quarterly 13.7 -12.5% 436.5 -19.6% 5.2% 8.2% 18.8% 31.2% 1,309.3 -2 200.0% 159.5% -79.5% 41.5 115.4% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c c c a compared to the same period in the prior year; b the three Hits: 2 |
RTR-Apr 2012.pdf8.6% 1,167.8 8.3% -15.1% 9.6% 8.1% 22.5% 2,461.5 3.6% Quarterly 246.2 19.4% 286.7 15.6% -21.0% 5.2% 8.2% 18.8% 1,350.0 0 348.5% 200.0% 159.5% 48.4 258.7% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c c c a compared to the same period in the prior year; b the three Hits: 2 |
RTR-2015-01.pdfdeclined because two due dates that fell in January 2014 occur in different months this fiscal year (December and February). Quarterly estimated payments increased by $15 million (4.1%) for the month and $51 million (5.8%) for the fiscal-year- 2.9% 1.7% 3.1% Nonwithholding 381.1 3.9% 1,092.8 4.3% 8.2% -3.8% Quarterly 370.0 4.1% 941.3 5.8% 8.9% 4.3% Annuals 11.1 -3.8% 151.6 -4 Hits: 2 |
RTR-2014-06.pdftax revenues increased by $68 million (6.6%) for the month. Withholding receipts grew by $23 million (3.4%) and quarterly estimated payments increased by $2 million (0.8%). Annual payments increased by $43 million (51.5%) due to an interfund 2.6% 2.8% 2.6% Nonwithholding 405.0 12.6% 2,693.5 -5.4% -10.5% -5.4% Quarterly 278.6 0.8% 1,493.3 0.0% 1.4% 0.0% Annuals 126.4 51.5% 1,200 Hits: 2 |
RTR-2014-01.pdfthe twelve-month growth rate is only 1.0%. o Nonwithholding receipts decreased by $40 million (-9.9%), largely because quarterly payments were $41 million (-10.4%) below the prior year. Fiscal year-to-date nonwithholding collections are slightly lower (-0 2.0% 1.3% 1.0% Nonwithholding 366.8 -9.9% 1,048.0 -0.1% -7.5% 8.6% Quarterly 355.2 -10.4% 890.0 -1.4% -8.5% -0.4% Annuals 11.6 5.8% 158.0 8 Hits: 2 |
Revenue_Proposal_Analysis_2022_04.pdfthe impact of a minimum wage increase on the teen labor market. The analysis uses seven different models that incorporate quarterly state-level data from 1979 to 2019. Each model resulted in significantly different employment elasticities, yielding an inconclusive outcome. The food services and drinking places industry. Source: U.S. Bureau of Economic Analysis and U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Minimum Wage | Page 12 Economic and Revenue Impact To estimate the impact of the higher Hits: 2 |
Revenue_Estimate_Presentation_2022_05.pdfindependent contractors. Source: U.S. Bureau of Labor Statistics and U.S. Bureau of Economic Analysis. Forecasts by IFO. Recent Quarterly Trends May 23, 2022 4 Annual Growth Rate or Change 2021.1 2021.2 2021.3 2021.4 2022.1 18 and Rents use April only. FHFA Home Price Index is purchase only. 30-year mortgage rate from end of quarter. Source: Wall Street Journal, Freddie Mac, FHFA, Zillow and Federal Reserve Board of New York. FY 2021-22 Revised Estimate Hits: 2 |
Revenue_Estimate_2015-06-15_Snapshot.pdfare projected to register a small decline based on weakness in estimated payments for March and June, the first two quarterly payments for calendar year 2015 filers. Sales and Use Tax – The forecast projects moderate increases in consumer spending, but low Personal Income - Total 12,088 5.7% 12,662 4.8% Withholding 9,078 3.8% 9,516 4.8% Quarterly 1,617 8.3% 1,691 4.5% Annual 1,392 16.0% 1,456 4.6% Other Tax Revenue Hits: 2 |
Revenue_Estimate_2014-06-16_Snapshot.pdfPersonal Income Tax – Deposits from employer withholding are projected to increase modestly due to increased employment and low wage inflation. Quarterly and annual remittances are expected to exhibit much stronger growth in FY14-15 because these revenues were suppressed in FY13- Personal Income - Total 11,435 0.6% 12,014 5.1% Withholding 8,740 2.5% 9,050 3.6% Quarterly 1,500 0.4% 1,586 5.8% Annual 1,195 -11.8% 1,377 15.2% Other Tax Revenue Hits: 2 |
Revenue_and_Economic_Update_Presentation_2020_10.pdf1.8b), PEUC ($0.9b) Economic Impact Payments 11.0 goes to 6.6 million PA recipients Total +42.3 Quarterly Income Gains and Losses October 29, 2020 3 -$15 -$10 -$5 $0 $5 $10 $15 $20 $25 Q2 Q3 Q4 Note: All growth rates or change relative to the same period in prior year except Real GDP, which is a quarterly annualized growth rate. Payroll Jobs does not include self-employed. Labor Force includes those employed and those actively seeking work Hits: 2 |
Revenue-Estimate-2020-05-Presentation.pdf But payroll employment down ~17% for April Due to types of workers affected: lower wage and part-time Quarterly and annual payments delayed to July 15 March and June quarterly, April 15 final payment | ~$1.5 billion shift Taxpayers can delay employer share of federal payroll taxes Delay 50% Hits: 2 |
Revenue Trends Report - January 2013.pdfThe resulting shift of revenue compared to last year’s pattern will weaken reported revenue growth in February. o Strong quarterly estimated payments resulted in an increase of $54 million (15.2%) in nonwithholding revenues. Sales and use tax collections 5.1% 3.8% 4.7% Nonwithholding 407.3 15.2% 1,048.7 12.6% 12.1% 10.5% Quarterly 396.3 16.4% 902.3 13.3% 16.3% 13.4% Annuals 10.9 -16.6% 146.3 8 Hits: 2 |
Revenue Trends Report - January 2012.pdf6 -21.4% 488.4 -14.3% 9.6% 8.1% 22.5% 24.0% 2,372.3 6.9% Quarterly 340.4 -22.7% 441.0 -18.4% 5.2% 8.2% 18.8% 31.2% 1,311.3 -2 200.0% 159.5% -79.5% 39.2 65.8% Monthly Revenues Three Month Total b Twelve Month Total b Quarterly Growth Rates a c c a compared to the same period in the prior year; b the three or twelve Hits: 2 |
Revenue Trends Report - April 2013.pdfthe increase is attributable to payments made with annual returns, which increased by $211 million (27.1%). Employer withholding and quarterly estimated payments posted only modest gains. Sales and use tax collections displayed continuing weakness, declining by $25 million (-3 7% -2.5% 2.8% Nonwithholding 1,243.1 21.2% 2,430.3 15.8% 18.3% 15.2% Quarterly 252.5 2.6% 1,195.7 10.4% 2.3% 10.7% Annuals 990.5 27.1% 1,234 Hits: 2 |
RB_2023_03_Rental_Assistance.pdfS. Treasury data to display actual expenditures through 2022 Q3 and projections through 2023. 6 The lighter blue bars depict quarters in which projections were made by the IFO (2022 Q4 and beyond). The projections assume that (1) ERAP1 funds were Q1 2021 Q2 Q3 Q4 Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 ERAP Expenditure ($ millions) Pennsylvania ERAP Quarterly Expenditures final ERAP1 payments program funding ends Source: U.S. Treasury, 2022 Q4 and beyond projections by IFO. Independent Fiscal Hits: 2 |
RB_2023_03_Expiration_of_the_Enhanced_FMAP.pdfdecline from $2.30 billion (not shown) to $524 million (-77%). The enhanced FMAP fully expires starting in the third quarter of FY 2023-24 (first quarter of calendar year 2024). MA Redeterminations Once the continuous eligibility requirement for MA expires on March 31, 2023, DHS will Hits: 2 |
RB_2022_03_Student_Loan.pdfworkers in the age 65+ in the U.S. Census data were between age 65 to 79. Age Group Source: Quarterly Workforce Indicators, U.S. Census Bureau. Demographics data from U.S. Census and IFO projections (2021). Is the Student Loan each month, or $52 billion each year. 2 Moreover, a recent analysis by the Brookings Institution finds that nearly three-quarters of monthly student loan debt payments (in dollar terms) are from earners in the top two income quintiles. 3 Policymakers Hits: 2 |
RB_11_2023_PA_Worker_Earnings.pdfand salaries (excludes benefits). These two labor compensation metrics are for private sector workers only and pertain to the third quarter of the calendar year. The two metrics provide the best indicators of average statewide wage growth for payroll workers (excludes 2019-23 4.4% 4.3% 4.3% Notes: ECI and Average Hourly Earnings for private workers only for third quarter of calendar year. CPI-U is for October. 2019-23 is average annual growth rate from 2019 to 2023. Source Hits: 2 |
Public_Data-Motor_License_Fund.xlsx0.0 1.1 106.4 1.4 0.0 0.0 0.0 0.0 0.0 0.0 Quarterly SUMMARY | DETAIL - LIQUID FUELS TAXES | DETAIL - LICENSES AND FEES | DETAIL - OTHER MOTOR RECEIPTS (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) Calendar Quarter Total Motor License Fund Total of Liquid Fuels Taxes Total of Licenses and Fees Total of Other Motor Receipts | Liquid Hits: 2 |
Public_Data-General_Fund.xlsx360.5 (91.8) | 185.1 1,356.4 170.0 1,186.4 67.3 0.0 0.0 Quarterly SUMMARY | DETAIL - CORPORATE TAXES | DETAIL - CONSUMPTION TAXES | DETAIL - OTHER TAXES | DETAIL - NON-TAX REVENUES (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) | (dollar amounts in millions) Calendar Quarter Total General Fund Total Tax Revenue Total Corporation Taxes Total Consumption Taxes Total Other Taxes Total Nontax Revenue | Corporate Tax Hits: 2 |
Presentation-2018-06-Philly-Pitt-Chambers.pdf2% 4.4% 6.9% Note: Net job gains exclude self-employed. Values for 2018 reflect data for the first quarter of 2018 (house price index) or are forecasts by the IFO (all other). House Price Index for purchase-only transactions transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Year-Over-Year Growth Rates Non-motor sales tax Wages (withholding) June.04.2018 9 Personal Income Tax Revenues -10% Hits: 2 |
Presentation-2018-06-PASBO.pdf2% 4.4% 6.9% Note: Net job gains exclude self-employed. Values for 2018 reflect data for the first quarter of 2018 (house price index) or are forecasts by the IFO (all other). House Price Index for purchase-only transactions transfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Year-Over-Year Growth Rates Non-motor sales tax Wages (withholding) June.05.2018 8 IFO Initial Revenue Estimate FY Hits: 2 |
platt ppt.pdfof Mil. Reserves Ag. Services Pennsylvania Wages by Industry: shares of Total Wages Pre-recession peak (2008Q2) Trough (2009Q3) Current Quarter (2011Q3) www.bea.gov Changes in Wage Shares by Industry 15 1.1 0.4 0.4 0.3 0 Insurance Construction Durable Manufacturing Pennsylvania Wages by Industry: Changes in shares of Total Wages , Pre-recession peak (2008Q2) to Current Quarter (2011Q3) www.bea.gov State Personal Income 16 Total Personal Income 2011Q2 to 2011Q3 Percent Change Total Personal Income 2010Q3 Hits: 2 |
PICPA Presentation_ June 11, 2019.pdf8 Note: Professional Services includes the Management and Administrative sectors. Value for 2019 Q1 is annualized change for the first quarter. Source: U.S. Bureau of Labor Statistics. FYTD Revenues Through May June 11, 2019 7 May 2018 May 2019 Dollar Payment Shifts Due to Tax Law Change June 11, 2019 12 Tax Year PIT 2012-18 2015 2016 2017 2018 Quarterly 3.5% 16.1% -3.2% 11.5% -5.6% Finals 4.2% -7.5% -0.9% 6.4% 25 Hits: 2 |
PBB_2023_DDAP_REPORT.pdfServices 1,2 5 Source: SAMHSA, Center for Behavioral Health Statistics and Quality, National Survey on Drug Use and Health, Quarters 1 and 4, 2020. 6 Source: Estimated by U.S. Department of Health and Human Services, U.S. Department of 2019-2020) State State Source: SAMHSA, Center for Behavioral Health Statistics and Quality, National Survey on Drug Use and Health, Quarters 1 and 4, 2020. Notes: Illicit Drug Use includes the misuse of prescription psychotherapeutics or the use of marijuana, cocaine Hits: 2 |
PBB_2021_PennDOT_REPORT_ADDENDUM.pdf29 P.M. each weekday) ac- count for 45% of total ridership. SEPTA total ridership declined by more than one-quarter for FY 2019-20 due to COVID-19 and related mitiga- tion efforts. Ridership fell to under 224 million for 553 15.6 Truck 64,847 65,211 67,961 4.8 Job Growth by Multimodal & Related Industry Source: BLS Quarterly Census of Employment and Wages and Occupational Employment Statistics (rail only). Trucking accounted for 60% of all freight tonnage moved Hits: 2 |
PBB_2020_DOS_REPORT.pdfEfficiency % Paper campaign expense reports data entered within 3 business days 35% 69% 57% 60% 79% 85% Outcome % Quarterly lobbying reports filed online 4 85% 87% 89% 95% 100% 100% % Campaign expense reports submitted electronically 39% 40% 38% 40% 42% 42% Total number of calls answered via Spanish language line or via the Commonwealth's interpreter services line. 4 Quarterly lobbying reports are statutorily required to be filled electronically since 2018. Professional and Occupational Affairs | Page 15 Activity 4: Professional and Occupational Hits: 2 |
PBB_2020_DCED_REPORT.pdfdata from U.S. Census Bureau. Unemployment, jobs and business data from U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Regional Awards and Business Statistics 1 All grants and loans associated with this activity awarded by DCED promotion agencies in domestic and international tourism markets. Currently, the agency notes that most funds (ap- proximately three-quarters) dedicated to tourism marketing efforts are used to support local projects, in- cluding local visitor bureaus, sporting events and festivals, and not Hits: 2 |
Official-Revenue-Estimate-2020-06-Presentation.pdf But payroll employment down ~17% for April Due to types of workers affected: lower wage and part-time Quarterly and annual payments delayed to July 15 March and June quarterly, April 15 final payment | ~$1.4 billion shift Taxpayers can delay employer share of federal payroll taxes Delay 50% Hits: 2 |
novak ppt.pdfthe tax system matches the economy. • Government sector debts suggest further employment and spending cuts Gross Domestic Product Pennsylvania * 4-quarter growth rates in real terms Percent -6 -4 -2 0 2 4 6 8 Personal Income GDP Personal income declined Buy local. Survey of Professional Forecasters (SPF) Real GDP (%) Unemployment Rate (%) Payrolls (000s/month) Previous New Previous New Previous New Quarterly data: 2011:Q4 2.6 2.6 9.0 9.0 148.7 115.3 2012:Q1 2.2 2 Hits: 2 |
NewsStand_2019_May.pdfpreliminary data for calendar year 2018 show that the state economy expanded by 2.1% in real terms (excludes inflation). Quarterly annualized growth rates were as follows: 0.7% (Q1), 4.0% (Q2), 3.2% (Q3) and 2.5% (Q4). In Q4). Similar to patterns for the U.S., the state data show a deceleration of economic growth after the second quarter. Data for 2019 Q1 will be released at the end of July. Consumer Debt Increases Modestly in 2019 Q1 On Hits: 2 |
Newsstand_2018_May.pdfproperty, and real estate transfer taxes. The report also discusses recent social and demographic trends for the city. Pennsylvania 4th Quarter GDP for 2017 The U.S. Bureau of Economic Analysis released 4 th quarter state GDP data. For the entire year, the Pennsylvania economy expanded at a real rate of 1.8%, led by Hits: 2 |
Newsstand_2018_July.pdf2018 Q1. The data show that Penn- sylvania ranked 19 th in real GDP growth (2.0%) for the first quarter (quarterly annualized growth rate). Pennsylva- nia underperformed Virginia (2.4%), but outperformed New Jersey and Ohio (1.6%), Maryland (1.5% Hits: 2 |
MSC_March_31_2021.pdf1,316 15.4% pent-up demand Income – Withholding 8,131 0.3% Income – Other 3,100 ‘ 8.1% final quarterly payments strong, includes $100m from PPP All Tobacco 891 3.7% Inheritance 964 3.3% Realty Transfer 465 14.9% 000s) 51 -96 -160 -231 -229 Home Values 5.1% 4.8% 8.3% 10.8% --- Notes: Real GDP is quarterly annualized growth rate. All other rates are year-over-year. Sales tax adjusts for shifts and transfers. Wages-Salaries growth Hits: 2 |
MRU_2024_09.pdfincrease of $36 million (+3.7%) from September 2023. FYTD withholding collections are $21 million (+0.7%) above estimate. Quarterly payments increased (+$51 million, +10.2%) while annual payments decreased (-$13 million, -20.2%) from the same month of the 4.8 3.4 Withholding 1,009.3 973.1 3,121.4 3,049.8 3.7 2.4 Quarterly 547.7 496.8 653.3 587.9 10.2 11.1 Annual 50.4 63.1 124.6 132 Hits: 2 |
MRU_2024_08.pdffor shifting due dates, the withholding growth rate for August was 5.7%. ▪ Annual payments increased (+$2 million, +5.6%); quarterly payments decreased (-$1 million, -1.3%). Corporate net income tax (CNIT) collections totaled $111 million and were $19 million (-14 9 2.5 Withholding 1,022.3 1,105.3 2,112.1 2,076.7 -7.5 1.7 Quarterly 45.3 45.9 105.7 91.0 -1.3 16.1 Annual 31.8 30.2 74.3 69 Hits: 2 |
MRU_2024_05.pdfFYTD PIT collections are $16.32 billion, or $426 million (-2.5%) below estimate, primarily due to a shortfall in quarterly payments (-$272 million, -11.8%). Other tax and non-tax revenues of $502 million for May were $22 million (+4 2 0.9 Withholding 1,170.3 1,143.3 12,187.9 11,659.6 2.4 4.5 Quarterly 56.5 31.4 2,039.9 2,284.0 80.0 -10.7 Annual 74.8 124.4 2 Hits: 2 |
MRU_2023_12.pdfthe month. FYTD PIT collections are $7.52 billion, $149.5 million (-1.9%) below estimate due to shortfalls in quarterly (-$141.8 million, -14.8%) and withholding (-$49.3 million, -0.8%) payments that are partially offset by an overage 6 0.7 Withholding 1,111.6 1,240.4 6,345.4 6,068.1 -10.4 4.6 Quarterly 111.9 143.2 813.3 999.5 -21.8 -18.6 Annual 29.5 49.7 363.7 402 Hits: 2 |
MRU_2023_09.pdftypes include: ▪ PIT collections were $1.53 billion, or $81.7 million (-5.1%) below estimate for the month. September quarterly payments (for tax year 2023) continued to demonstrate considerable weakness, declining $132.4 million (-21.0%) from September 2022. This 7 -4.3 0.3 Withholding 973.1 924.7 3,049.8 2,905.6 5.2 5.0 Quarterly 496.8 629.3 587.9 734.4 -21.0 -19.9 Annual 63.1 47.3 132.2 116 Hits: 2 |
MRU_2023_07.pdffor a due date that occurred in July this year, but August last year, the growth rate was 5.5%. • Quarterly payments declined (-$8.3 million, -15.5%); annual payments increased ($1.8 million, 4.8%). SUT collections were $1.32 4 972.9 8.5 8.5 Withholding 971.3 882.4 971.3 882.4 10.1 10.1 Quarterly 45.1 53.4 45.1 53.4 -15.5 -15.5 Annual 38.9 37.1 38.9 37 Hits: 2 |
MRU_2023_02.pdfcollections total $10.36 billion, which is $297.1 million (3.0%) above expectations. For the FYTD, the strength in quarterly (+$210.1 million, 14.1%) and annual (+$167.1 million, 50.0%) payments exceed the shortfall in withholding (-$80.0 12.4 7.4 Withholding 1,078.5 950.5 8,163.8 7,745.6 13.5 5.4 Quarterly 29.9 41.0 1,699.1 1,533.6 -27.1 10.8 Annual 52.2 41.0 501 Hits: 2 |
MRU_2022_12.pdfshift of revenue from November to December. Without the delay, withholding revenues were $30.0 million short of the estimate. Quarterly (+$33.2 million, 30.2%) and annual payments (+$19.2 million, 62.8%) also exceeded the monthly forecast. FYTD PIT 4 8.7 Withholding 1,240.4 1,165.3 6,068.1 5,753.2 6.4 5.5 Quarterly 143.2 108.7 999.5 830.8 31.7 20.3 Annual 49.7 36.5 402.7 285 Hits: 2 |
MRU_2021_08.pdfmillion, 0.4%). Personal income tax (PIT) revenues hit estimate at $978.8 million for the month. A shortfall in quarterly payments (-$2.6 million, -5.7%) offset an overage in annual (+$4.3 million, 14.9%) payments, while withholding essentially 6 11.7 -39.2 Withholding 903.4 796.4 1,771.0 1,719.0 13.4 3.0 Quarterly 42.4 35.4 94.8 502.0 19.8 -81.1 Annual 33.0 44.3 72.1 967 Hits: 2 |
MRU_2021_04.pdfdate for tax year 2020 returns. Withholding payments fell below estimate (-$13.2 million, -1.5%) for the month and quarterly payments exceeded estimate by $20.0 million (6.2%). FYTD PIT collections total $12.93 billion and are $589.4 4 55.1 19.0 Withholding 884.4 906.5 8,997.3 9,034.2 -2.4 -0.4 Quarterly 343.6 112.8 2,082.1 1,339.8 204.5 55.4 Annual 495.6 92.2 1 Hits: 2 |
MRU_2021_01.pdf7.46 billion. PIT collections came in $255.0 million (-18.9 percent) below estimate for January, mainly due to quarterly payments, which were $245.7 million below estimate (-55.6 percent). Withholding payments were $2.7 million (0.3 percent 30.1 9.5 Withholding 886.7 1,058.7 6,032.2 6,271.0 -16.2 -3.8 Quarterly 196.3 482.7 1,276.1 1,189.1 -59.3 7.3 Annual 13.0 26.4 1 Hits: 2 |
MRU_2020_11.pdf21.6 percent). The monthly result was due to shortfalls in withholding (-$173.8 million), annual (-$7.0 million) and quarterly (-$7.4 million) payments. FYTD PIT collections are under estimate by $17.4 million (-0.3 percent), but exceed estimate 7 -21.4 20.8 Withholding 659.0 827.5 4,099.4 4,299.2 -20.4 -4.6 Quarterly 11.5 20.4 994.3 617.7 -43.8 61.0 Annual 13.4 21.7 1,136.4 Hits: 2 |
MRU-2022-10.pdfare $219.7 million (4.6%) above projections. Withholding revenues are $44.7 million (-1.1%) lower than anticipated, while quarterly (+$170.1 million, 25.8%) and annual (+$94.4 million, 42.4%) payments surpass the forecast. Corporate net income tax 8 18.2 10.5 Withholding 991.4 896.9 3,897.0 3,654.0 10.5 6.7 Quarterly 94.9 80.8 829.3 688.2 17.5 20.5 Annual 200.0 110.4 316.7 219 Hits: 2 |
MRU-2022-08.pdf1.5%) below the forecast. Withholding revenues were $41.3 million ( -3.6%) lower than expected and undercut overages in quarterly (+$16.7 million, 47.8%) and annual (+$6.8 million, 26.7%) payments. (Withholding revenues increased at a rate of 20.8 11.2 Withholding 1,098.5 903.4 1,980.9 1,771.0 21.6 11.8 Quarterly 51.7 42.4 105.1 94.8 21.9 10.8 Annual 32.3 33.0 69.4 72 Hits: 2 |
MRU-2022-07.pdfyear collections. (Adjusting for the new transfer, the PIT and withholding growth rates were 6.1% and 6.9%, respectively.) Quarterly payments grew slightly from the previous year (+$1.0 million, 1.9%). However, annual payments declined by $2.0 million 9 959.1 1.4 1.4 Withholding 882.4 867.6 882.4 867.6 1.7 1.7 Quarterly 53.4 52.4 53.4 52.4 1.9 1.9 Annual 37.1 39.1 37.1 39 Hits: 2 |
MRU-2021-12.pdf6.87 billion are $316.1 million (4.8%) more than expected due to withholding (+$178.3 million, 3.2%), quarterly (+$100.0 million, 13.7%) and annual (+$37.8 million, 15.3%) payments. After adjusting for one-time transfers, withholding 0 -7.0 Withholding 1,165.3 1,046.1 5,753.2 5,145.5 11.4 11.8 Quarterly 108.7 85.6 830.8 1,079.8 27.1 -23.1 Annual 36.5 27.9 285.8 Hits: 2 |
MRU-2020-10.pdf6 million (2.7 percent). FYTD PIT collections are $170.9 million (3.2 percent) above estimate. The surplus in quarterly ($116.7 million) and withholding ($93.4 million) payments more than offsets the FYTD shortfall in annual payments of $39 1 -11.8 29.4 Withholding 818.0 963.3 3,440.4 3,471.7 -15.1 -0.9 Quarterly 88.0 72.8 982.8 597.3 20.9 64.5 Annual 118.5 125.3 1,123.1 Hits: 2 |
MRU-2020-09.pdfmillion, $120.6 million (25.5 percent) higher than expected. The overage was primarily attributable to higher than anticipated third-quarter estimated payments for tax year 2020 ($93.2 million, 24.9 percent), as corporate profits have held up better than 7 4.3 44.7 Withholding 903.4 803.0 2,622.4 2,508.4 12.5 4.5 Quarterly 392.8 440.2 894.8 524.6 -10.8 70.6 Annual 37.0 34.6 1,004.6 Hits: 2 |
MRU-2020-06.pdfcollections for June were below estimate by $213.7 million (-17.4 percent). Shortfalls in withholding (-$75.4 million) and quarterly (-$218.7 million) payments were partially offset by an overage in annual payments ($80.4 million). FY 2019-20 PIT 5 -15.5 -8.9 Withholding 756.2 805.7 10,542.8 10,443.9 -6.1 0.9 Quarterly 150.1 366.2 1,528.6 1,922.4 -59.0 -20.5 Annual 110.1 31.5 763 Hits: 2 |
MQRE_FY20_21_Revised_Feb.pdfare summarized in Table 1. Additional detail regarding the recent enactments can be found in the next section. 1 1 Quarterly estimates for the Motor License and Lottery Funds were not revised from those published by the IFO on August 27 768 PIT - Withholding 923 796 903 818 659 1,046 884 962 1,117 898 835 997 10,837 PIT - Quarterly 467 35 393 88 12 86 442 21 50 324 25 348 2,289 PIT - Annual 923 44 37 119 Hits: 2 |
mid-year-FY14-15-presentation.pdf95 +10 ‐160 Concerns about wage growth in 2015 motivate a minor reduction in withholding. Recent trends in quarterly payments motivate a small downward revision to the April final payment. Projected growth in April payment still strong (+17.5%). 28.Jan.2015 23 Personal Income Tax Withheld Quarterly Annual Total July to January +$11 ‐$8 ‐$8 ‐$5 February to June ‐16 ‐12 ‐22 ‐50 Total Change ‐5 ‐20 Hits: 2 |
May_1_Revenue_Update.pdfWithholding tax collections exhibited base growth of 4.2% in April, a slight deceleration from 4.9% for the first quarter of 2024. • April non-motor vehicle sales and use tax (SUT) came in below estimate (-$21 million) and declined 3 and PIT bears monitoring, as well as non-motor SUT growth, which turned negative in April following a strong first quarter (+4.5%). On May 20, the IFO will publish a revenue update for FY 2023-24 and an initial estimate Hits: 2 |
Impact_Fee_Update_Outlook_2021.pdfCY 2009. These market conditions discouraged new drilling activity and caused a slowdown in production growth. Data for the first quarter of 2021 from DEP show that Pennsylvania production accelerated, growing by 5.4% from the first quarter of CY 2020. DEP data on new wells spud show, however, that drilling has not accelerated despite stronger prices through Hits: 2 |
IFO_Testimony_Min_Wage_Feb_16_2021.pdfData COVID Job Losses Affect Younger Workers Most Source: U.S. Bureau of Labor Statistics and U.S. Census Bureau, Quarterly Workforce Indicators. ▪.The preliminary data are incomplete because it only reflects jobs losses at the very beginning of 2020 Q2. ▪.Hence, the data only reflect job losses of -7.2%, whereas data for entire quarter show job losses of -14.0%. Independent Fiscal Office 21 February 2021 Minimum Wage Rates by State 2021 Rank 2021 Hits: 2 |
IFO_Testimony_Feb2018.pdfstrong (roughly 60,000 net new jobs last year) and wages increasing at a solid pace (4.2% in latest quarter). Moreover, median existing home values increased by 4.4% last year, while total mortgage debt of Pennsylvania consumers was flat these effects take time to fully manifest themselves. Most researchers believe that dynamic effects will offset one-eighth to one-quarter of the projected reduction in tax revenues. That concludes my opening remarks and I would be happy to address any Hits: 2 |
IFO_Hearing_Materials_Feb_22_2022.pdfannualized. Payroll jobs exclude self-employed. Payroll jobs and Labor Force use non-seasonally adjusted data and compare to same quarter in 2019. Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, FHFA, NYFRB. Independent Fiscal Office Malt Beverage 13 -5.9 Liquor 260 6.0 Personal Income 10,200 41.2 Withholding 6,795 11.3 Quarterly 1,493 78.5 Annuals 330 17.0 Realty Transfer 491 32.2 Inheritance 889 39.2 Gaming 187 47 Hits: 2 |
Five_Year_Outlook_2020_Presentation_Final.pdf92 -17 -134 -206 U.S. Labor Productivity 1.7% -0.3% 10.6% 4.6% -- Note: Real GDP is quarterly annualized growth rate. Wage growth for 2020 Q3 and Q4 based on adjusted withholding. Change in Payroll Jobs and Labor year. Labor market data are not seasonally adjusted. U.S. Labor Productivity is for All Nonfarm Businesses and is a quarterly annualized rate. State productivity data not published. Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics Hits: 2 |
EPLC_April_2024.pdfChange All Jobs (000s) 86 82 97 96 70 Note: Figures are year-over-year growth rates, except Real GDP (quarterly annualized) and Unemployment Rate (average rate for quarter). All Jobs include self-employed. Notes Education Policy & Leadership Center Slide 8 • Peaks June 2022 at 8.8% • Core excludes Hits: 2 |
Economic_and_Revenue_Update_2020.pdfFY 2019-20 (May 2019) Official Revenue Estimate FY 2019-20 (June 2019) Revenue Estimate Performance (July 2019) Monthly and Quarterly Revenue Estimates (August 2019) Five Year Economic and Budget Outlook (November 2019) Performance Based Budgeting PBB Plan: Department of Criminal 24,495 Change in Retail-Wholesale Sector Jobs Change in Food and Drink Establishment Jobs Change in Healthcare Jobs Source: Quarterly Workforce Indicators, U.S. Census Bureau. Note: Excludes self-employed, independent contractors and military. 10 Net Domestic Migration Trends Top Hits: 2 |
Demographics_Outlook_2023.pdfthe total change in LFPRs for the older worker, retiree and age 20 to 54 cohorts, relative to 2005 (third quarter). 12 For that year, the LFPR for all older adults (age 55+) was 37.3%, and the working-age LFPR and workers under age 19. Workers age 80+ removed from employment totals due to nominally low labor force participation. Source: Quarterly Workforce Indicators, U.S. Census Bureau. Age 65-79 Employment % Employment by Age Group Focus: Labor Force Trends Among Older Hits: 2 |
Testimony-02-2020.pdfExisting Home Values 2.6% 3.8% 4.5% 5.4% 5.2% -- Year-Over Year Growth Rate or Change QUARTERLY DATA 2018.3 2018.4 2019.1 2019.2 2019.3 2019.4 Real GDP 2.7% 2.5% 2 Hits: 1 |
TC_2022_Educational_Tax_Credits.pdfmillion. Tax credits finance $44 million (20%) of switcher tuition. Parents are Economic Analysis | Page 26 assumed to finance one quarter of total tuition for switcher students. Additional monies flow to private schools from the portion of private contributions not reimbursed Hits: 1 |
TC_2020_Mobile Telecommunications Broadband Investment Tax Credit.pdfthe gross ROI is 23 cents per tax credit dollar, which implies that the tax credit is one-quarter self-financed. For the net fiscal impact (which reflects the alternative use of tax credit monies), the net ROI is 16 cents Hits: 1 |
TC_2020_Keystone_Innovation_Zone_Tax_Credit.pdf6% United States 7.8% 17.9% 4.1% 5.1% Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages. Calculations by IFO. Table 2.5 Average Growth in Number of Business Establishments: 2014 to 2018 Section Hits: 1 |
Tax_Credit_and_PBB_Overview_2019-01-24.pdfMany different varieties. Difficult to compare across states. Overall, PA is less generous than most other states. Roughly three quarters awarded by Gov. Action Team. May be part of a larger package. Hard to know marginal impact. GAT Hits: 1 |
TaxCredit and PBB Overview- 2019-01-24.pptxcredit. ▪ Many different varieties. Difficult to compare across states. ▪ Overall, PA is less generous than most other states. Roughly three quarters awarded by Gov. Action Team. ▪ May be part of a larger package. Hard to know marginal impact . ▪ GAT awards are Hits: 1 |
TaxCredit and PBB Overview- 2019-01-24.pdfMany different varieties. Difficult to compare across states. Overall, PA is less generous than most other states. Roughly three quarters awarded by Gov. Action Team. May be part of a larger package. Hard to know marginal impact. GAT Hits: 1 |
Summary_Tax_Credit_Reviews_Oct_2023.pdfto benefit another more efficient economic development program or convert to a job creation grant program. Other Highlights ▪ Roughly three-quarters of credits are awarded by the Governor’s Action Team. ▪ Over the five years reviewed for the report, four counties Hits: 1 |
RTR-2015-04.pdf8% 5.9% 2.4% Nonwithholding 1,224.2 18.8% 2,506.6 12.1% 19.0% 11.7% Quarterly 289.8 12.1% 1,288.6 7.9% 14.3% 6.5% Annuals 934.3 21.1% 1,218 Hits: 1 |
RTR-2015-03.pdf3.8% -0.1% 3.5% Nonwithholding 147.4 20.8% 1,282.4 6.3% 8.7% -3.4% Quarterly 39.3 23.4% 998.8 6.8% 6.8% 4.8% Annuals 108.1 19.8% 283.6 4 Hits: 1 |
RTR-2015-02.pdf3.7% 4.1% 3.6% Nonwithholding 42.1 17.4% 1,135.0 4.7% 9.1% -3.7% Quarterly 18.2 36.9% 959.4 6.2% 9.7% 4.7% Annuals 24.0 6.0% 175.5 -2 Hits: 1 |
RTR-2014-11.pdf0 3.4% 3.3% 3.0% Nonwithholding 24.5 1.9% 569.7 0.7% 1.5% -6.5% Quarterly 14.8 7.5% 444.6 2.4% 2.2% -1.3% Annuals 9.7 -5.7% 125.1 -5 Hits: 1 |
RTR-2014-10.pdf9 3.8% 3.7% 3.0% Nonwithholding 115.0 0.8% 545.2 0.6% 1.6% -6.6% Quarterly 46.9 4.7% 429.8 2.3% 2.8% -1.4% Annuals 68.1 -1.8% 115.5 -5 Hits: 1 |
RTR-2014-08.pdf1 3.7% 3.6% 2.8% Nonwithholding 37.3 2.7% 83.9 -4.0% 9.4% -5.8% Quarterly 24.2 16.7% 57.5 4.1% 1.4% -0.2% Annuals 13.1 -15.9% 26.5 -17 Hits: 1 |
RTR-2014-07.pdf3 4.1% -1.8% 1.6% Nonwithholding 46.7 -8.7% 46.7 -8.7% 7.4% -5.8% Quarterly 33.3 -3.5% 33.3 -3.5% 0.1% -0.4% Annuals 13.3 -19.6% 13.3 -19 Hits: 1 |
RTR-2014-05.pdf2.5% 3.4% 2.5% Nonwithholding 52.4 -10.3% 2,288.5 -8.0% -14.4% -6.4% Quarterly 21.0 -2.8% 1,214.7 -0.2% 3.7% -0.1% Annuals 31.4 -14.7% 1,073 Hits: 1 |
RTR-2014-04.pdf1% 9.2% 3.9% Nonwithholding 1,030.1 -17.1% 2,236.1 -8.0% -14.0% -6.4% Quarterly 258.7 2.4% 1,193.8 -0.2% 3.5% -0.2% Annuals 771.5 -22.1% 1,042 Hits: 1 |
RTR-2014-03.pdf2.5% 3.2% 2.5% Nonwithholding 122.1 15.7% 1,206.0 1.6% -3.8% 9.5% Quarterly 31.9 21.1% 935.1 -0.9% -8.4% -0.2% Annuals 90.2 13.9% 270.9 11 Hits: 1 |
RTR-2014-02.pdf2.2% 2.0% 2.4% Nonwithholding 35.9 8.8% 1,083.9 0.2% -6.4% 9.0% Quarterly 13.3 -8.7% 903.2 -1.5% -8.4% -0.6% Annuals 22.6 22.6% 180.6 9 Hits: 1 |
RTR-2013-12.pdf1 2.2% 2.1% 2.3% Nonwithholding 115.3 1.8% 681.2 6.2% 2.0% 12.5% Quarterly 100.6 -0.7% 534.7 5.7% -2.8% 6.3% Annuals 14.7 22.2% 146.5 8 Hits: 1 |
RTR-2013-11.pdf5 2.3% 2.2% 2.6% Nonwithholding 24.1 -10.5% 565.9 7.2% 7.0% 13.2% Quarterly 13.8 -10.7% 434.1 7.3% 7.0% 7.8% Annuals 10.2 -10.2% 131.8 6 Hits: 1 |
RTR-2013-10.pdf7 2.5% -2.0% 1.6% Nonwithholding 114.1 5.4% 541.8 8.1% 7.5% 12.8% Quarterly 44.8 -4.8% 420.3 8.0% 7.5% 7.7% Annuals 69.3 13.3% 121.5 8 Hits: 1 |
Revenue_Estimate_Performance_Dec_2017.pdfforecast, contributing to much of the error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are generally motivated by business profits, capital Independent Fiscal Office | Page 3 gains, rents, interest and dividends. The Hits: 1 |
Revenue_Estimate_Performance_2024_07.pdfthan forecast, contributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show Hits: 1 |
Revenue_Estimate_Performance_2023_08.pdfthan forecast, contributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show Hits: 1 |
Revenue_Estimate_2016-06-15_Snapshot.pdfPersonal Income - Total 12,561 3.7% 13,014 3.6% Withholding 9,397 3.6% 9,671 2.9% Quarterly 1,821 10.9% 1,874 2.9% Annual 1,344 -3.6% 1,470 9.4% Other Tax Revenue Hits: 1 |
Revenue_Estimate_2015-06-15_Release.pdfprior fiscal year. The statutory deadline for the IFO’s official estimate occurs before June sales tax remittances and the quarterly estimated payments for personal income and corporate income taxes are recorded. Accordingly, the estimate for the current fiscal year is Hits: 1 |
Revenue_Estimate_2014-06-16_Release.pdfprior fiscal year. The statutory deadline for the IFO’s official estimate occurs before June sales tax remittances and the quarterly estimated payments for personal income and corporate income taxes are recorded. Accordingly, the estimate for the current fiscal year is Hits: 1 |
Revenue-Proposal-Analysis-2018-04.pdfabout one-half of the statutory rate. (See Table 1.6.) The ETR for Arkansas is about three-quarters of the statutory rate, and the ETR for Oklahoma is about two-thirds of the statutory rate. Table 1.6 (next page Hits: 1 |
Revenue-Estimate-Performance_2022_10.pdfthan forecast, contributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show Hits: 1 |
Revenue-Estimate-Performance-2021-09.pdfthan forecast, contributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show Hits: 1 |
Revenue-Estimate-Performance-2020-09.pdfcontributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines Hits: 1 |
Revenue-Estimate-Performance-2019-07.pdfcontributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents and dividends. Data for tax year 2016 show actual declines Hits: 1 |
Revenue-Estimate-Performance-2018-07.pdfcontributing to much of the realized error. Most of the PIT overprediction (-$391 million) was attributable to weak quarterly and annual payments, which are motivated by business profits, capital gains, rents, interest and dividends. Preliminary data for tax year 2016 show Hits: 1 |
Revenue-Estimate-2019-05-Presentation.pdf8 Note: Professional Services includes the Management and Administrative sectors. Value for 2019 Q1 is annualized change for the first quarter. Source: U.S. Bureau of Labor Statistics. FYTD Revenues Through April May 20, 2019 7 April 2018 April 2019 Dollar Hits: 1 |
Revenue Trends Report - September 2012.pdf3 2.7% 2.7% 3.3% Nonwithholding 312.2 9.6% 393.0 9.5% 9.5% 3.6% Quarterly 291.6 8.8% 342.2 8.4% 8.4% 0.3% Annuals 20.6 22.1% 50.8 17 Hits: 1 |
Revenue Trends Report - October 2012.pdf6 6.2% 7.1% 4.2% Nonwithholding 108.2 28.1% 501.2 13.1% 12.5% 4.4% Quarterly 47.0 17.4% 389.2 9.4% 9.1% 0.3% Annuals 61.2 37.9% 112.0 28 Hits: 1 |
Revenue Trends Report - November 2012.pdf5 2.6% 2.5% 2.1% Nonwithholding 26.9 -33.8% 528.1 9.2% 9.1% 3.2% Quarterly 15.5 -15.1% 404.7 8.2% 8.5% -0.2% Annuals 11.4 -49.0% 123.4 12 Hits: 1 |
Revenue Trends Report - May 2013.pdf2.8% 3.0% 1.7% Nonwithholding 58.4 -7.7% 2,488.6 15.1% 18.0% 14.7% Quarterly 21.6 -9.5% 1,217.3 9.9% 1.2% 10.2% Annuals 36.8 -6.6% 1,271 Hits: 1 |
Revenue Trends Report - March 2013.pdf2.8% 2.3% 3.0% Nonwithholding 105.5 1.7% 1,187.2 10.5% 10.1% 10.0% Quarterly 26.3 -1.9% 943.2 12.6% 14.7% 13.6% Annuals 79.2 3.0% 244.0 3 Hits: 1 |
Revenue Trends Report - June 2013.pdf2.7% 2.6% 2.7% Nonwithholding 359.7 5.3% 2,848.3 13.7% 16.1% 13.7% Quarterly 276.3 0.6% 1,493.6 8.1% 1.1% 8.1% Annuals 83.4 24.4% 1,354 Hits: 1 |
Revenue Trends Report - July 2013.pdf3 17.1% 7.3% 3.8% Nonwithholding 51.1 14.0% 51.1 14.0% 4.3% 13.7% Quarterly 34.5 13.2% 34.5 13.2% 1.1% 8.1% Annuals 16.6 15.5% 16.6 15 Hits: 1 |
Revenue Trends Report - July 2012.pdf8 3.4% 3.1% 3.5% Nonwithholding 44.8 18.9% 44.8 18.9% 12.5% 3.6% Quarterly 30.5 13.6% 30.5 13.6% 12.1% 0.3% Annuals 14.4 32.2% 14.4 32 Hits: 1 |
Revenue Trends Report - February 2013.pdf2.7% 2.9% 1.9% Nonwithholding 33.0 -14.6% 1,081.7 11.5% 13.8% 10.0% Quarterly 14.5 5.8% 916.9 13.1% 17.3% 13.7% Annuals 18.4 -25.8% 164.8 3 Hits: 1 |
Revenue Trends Report - December 2012.pdf9 3.0% 3.3% 3.4% Nonwithholding 113.3 20.3% 641.4 11.0% 13.3% 4.0% Quarterly 101.3 23.0% 506.0 10.9% 16.5% 1.4% Annuals 12.0 1.6% 135.4 11 Hits: 1 |
Revenue Trends Report - August 2013.pdf9 2.6% 2.3% 2.7% Nonwithholding 36.3 1.1% 87.4 8.3% 5.9% 13.7% Quarterly 20.7 2.9% 55.2 9.1% 2.0% 8.2% Annuals 15.6 -1.2% 32.2 6 Hits: 1 |
Revenue Trends Report - August 2012.pdf6 2.6% -1.7% 2.4% Nonwithholding 35.9 -0.4% 80.7 9.5% 11.7% 3.5% Quarterly 20.1 -2.9% 50.6 6.4% 10.7% 0.1% Annuals 15.8 3.0% 30.1 15 Hits: 1 |
Revenue Conference Presentation Jan 2013 FINAL.pdfIncome 2.7% 2.5% 2.8% 3.6% 1.3% 1.6% 2.0% 1.9% Year‐Over‐Year Quarterly Growth Rates Forecast from IHS Global Insight, January 2013. Federal Tax Changes for 2013 American Taxpayer Relief Act of 2012 Hits: 1 |
Response-Letter-2-27-2020.pdfrequirement is met on a statewide basis. The reporting of expenditures for federal reimbursement can be lagged up to eight quarters, which means that the final determination of federal funding eligibility may not be known for up to two years. The Hits: 1 |
RB_2024_03_Child_Care.pdf8% 8.3% 11.5% 3.9% 35.4% Pennsylvania Child Care Sector Source: U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages, Private Child Care Sector. 2023 annual average is estimated by the IFO based on data Hits: 1 |
RB_2023_12_Gasoline_Consumption_Remains_Subdued.pdfDiesel fuel consumption (not shown) also declined significantly; however, consumption has recovered and now surpasses 2019. The second figure displays quarterly consumption patterns and average retail gasoline prices. For 2022 Q2, the average retail price surpassed $4.50 per gallon, the Hits: 1 |
RB_2023_12_Cigarette_Tax_Collections.pdf2023-24 show that Philadelphia cigarette tax collections declined by 15.3%, much stronger than U.S. (-1.7%, first quarter only) and state (-9.4%) revenue trends. Staff Acknowledgements Michaela Miller produced this research brief. Questions regarding this document can Hits: 1 |
RB_2023_07_CNIT_Data.pdfThere were 52,887 returns (57.1% of total returns) that reported no tax liability. Somewhat more than one quarter of returns (26.5%) reported tax liability, but under $5,000. There were 969 returns (1.0%) that reported Hits: 1 |
RB_2023_05_Migration.pdfand retirement income) while other types did not. ▪ All income groups also recorded net outflows. (See Table 4.) Nearly three-quarters (74.4%) of the income differential between inflows and outflows was concentrated in the top income group. 1 These data Hits: 1 |
RB_2022_12_UC_By_AGI.pdfto the temporary $10,200 UC exclusion for filers with modified adjusted gross income (AGI) below $150,000.) Nearly one quarter (23.6%) of Pennsylvania federal tax returns declared UC income for 2020. For 2019, 82% of UC income was reported Hits: 1 |
RB_2021_01_Economic_Impact_of_Federal_Stimulus.pdfthe U.S., real GDP for 2021 Q1 is less than 1% lower than the level for 2019 Q4, the quarter prior to the pandemic. However, payroll employment was lower by 8.2 million jobs (-5.2%). Hence, nearly the same Hits: 1 |
RB_2020_12_PPP_Loans_to_PA_Businesses.pdfHighlights include: Firms that received a loan under $150,000 comprised 85 percent of all firms and nearly one-quarter ($5.1 billion) of total loans. There were 205 firms (0.1 percent) that received a loan between $5 Hits: 1 |
RB_10_2023_PA_Strained_Nursing_Homes.pdfas the same patient could potentially be on more than one waitlist. 6 Pennsylvania Department of Human Services, 2023-2024 Quarterly BAF Rates. Pennsylvania’s Strained Nursing Homes Independent Fiscal Office | Research Brief | October 2023 2019 2023 Growth Facilities 1 PA Hits: 1 |
RB-2020-10-Impact_of_TCJA_on_PA_Taxpayers.pdfthat the three income groups report different compositions of Total Income. For the low income group, wages comprise roughly three-quarters (76.1 percent) of Total Income while partnership and S corporation income and capital gains comprise 1.4 percent. For Hits: 1 |
RB-2015-04.pdfThe report also Ðinds that 30.0 percent of those workers were under age 20 and somewhat more than three‐quarters (77.4 percent) were employed on a part‐time basis. 4 Following the conventions used by the U.S. Congressional Hits: 1 |
QRE_FY15-16.xlsx3 Personal Income Tax Withholding 2,314.3 2,356.9 2,516.2 2,328.2 9,515.6 Quarterly 404.1 197.0 442.2 647.4 1,690.7 Annuals 49.4 97.0 145.6 1,163 Hits: 1 |
PSBA_January_19_2022.pdfProperty tax: forecasts and analysis depending on requests/data available ▪ Performance Based Budgets (PBB) and Tax Credit reviews ▪ Natural Gas: quarterly production reports, annual impact fee collections January 19, 2022 1 Latest Pennsylvania Demographic Forecast January 19, 2022 2 Age Cohort Hits: 1 |
Presentation_PASBO_Annual_Conference_3-8-2018.pdfwas flat Sales – Motor Vehicle -16 General weakness PIT – Withholding 31 Steady gains PIT – Other -12 Timing shifts – finals to quarterlies Cigarette -10 Unusual recent weakness Gaming Expansion 85 Pick up from first two auctions Loan-Lease-Transfers -67 Lease-transfers Hits: 1 |
Presentation_Lancaster_Chamber_2017-07-14.pdfbut decent. Business profits continue to lag. Limited borrowing by PA consumers. Mortgage debt falls in first quarter. Increases to credit card, auto and student loans. PA Economic Forecast 7/14/2017 27 2013 2014 2015 2016 Hits: 1 |
Presentation_2017_02_10_EPLC.pdfmonth lag to coincide with withholding and economic activity. Withholding growth rates are adjusted for extra deposit days during the quarter. 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% Hits: 1 |
Presentation_2016-05-13_KRFS_Economic_and_Revenue_Outlook.pdf8% 13.5% Gasoline Prices ‐28.2% ‐28.0% ‐27.3% ‐18.0% Year‐ over‐year growth rates for respective quarters. The growth in wages and salaries is based on personal income tax withholding. The growth in consumer prices is based Hits: 1 |
Presentation-Initial-Revenue-Estimate-2018-05.pdftransfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. Wages (withholding) Non-motor sales tax Concern: Federal Deficits and Interest Rates 2015 2016 2017 2018 2019 2020 10-Year Hits: 1 |
Presentation-2019-3-1-EPLC.pdftax years Sales - Non-Motor +$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 Hits: 1 |
Presentation-2019-04-House-Financial-Rescue-Caucus.pdf6.6% 5.8% n.a. Note: All growth rates are year-over-year, except Real GDP which is a quarterly annualized growth rate. Non-Motor Sales (base) excludes internet sales: (1) ecommerce/nexus, (2) digital downloads and (3) marketplace sales Hits: 1 |
Presentation-2018-10-House-Financial-Rescue-Caucus.pdf9.6% 9.5% 8.2% n.a. Note: YOY denotes a year-over-year growth rate. QA denotes a quarterly annualized growth rate. Sources: Independent Fiscal Office, U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis. IFO Hits: 1 |
PBB_2023_PID_REPORT.pdfand over 1,400 foreign insurers doing business in the Commonwealth. The Financial Analysis Division reviews insurance company annual and quarterly financial statement filings for compliance with solvency requirements to identify troubled companies and initiate enhanced supervision as required by NAIC Hits: 1 |
PBB_2021_DHS_REPORT_ADDENDUM.pdfhalf of the residents were age 63 or older, compared to the U.S. weighted average of less than one quarter. That same year, 86% of residents were re- ported with levels of severe or profound disability and there- fore require Hits: 1 |
PBB_2020_PEMA_REPORT.pdf4 $1,285 $35 $349 $2,630 $602 -- # Mission Ready Packages 5 -- -- -- 19 19 25 % AREPs attending CRCC quarterly training 2 Notes: Response Operations 5 Mission Ready Packages are a type of mutual aid or agreement between emergency responders to lend Hits: 1 |
PA_Chamber_June_17_2021.pdfenhanced payments to both traditional UC and PUA claimants. An unknown amount of monies flow out of state. Federal Payments – Quarterly Pattern June 17, 2021 3 2020.2 2020.3 2020.4 2021.1 2021.2 2021.3 2021.4 Expanded Hits: 1 |
PACB_Presentation_2021_8.pdfAugust Economic and Revenue Update Pennsylvania Association of Community Bankers Matthew Knittel, IFO Director August 25, 2021 Latest Quarterly PA Economic Data August 25, 2021 1 2020.3 2020.4 2021.1 2021.2 2021.3 Real GDP -35 Hits: 1 |
NGPR-2015-2H.pdfReport Tables 4A and 4B show that Susquehanna County was the top producing county in the state, representing nearly one-quarter of all horizontal well production. Each of the top ten producing counties registered increases in the number of producing wells Hits: 1 |
NewsStand_2019_September.pdfexpect 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 financial pressure on recent homebuyers. Health Issues and Incarceration Hits: 1 |
Newsstand_2019_March.pdfnominal GDP), then the growth rates increase to 4.6% (PA) and 4.9% (U.S.). For the first three quarters of 2018, real PA GDP expanded by 2.0%, compared to 2.8% for the U.S. The figures for Hits: 1 |
NewsStand_2019_June.pdfMay 28, the Federal Housing Finance Authority (FHFA) released the housing price index for 2019 Q1. For Pennsylvania, the first quarter non-seasonally adjusted purchase-only index increased by 5.0% on a year-over- year basis. Nearly all states bordering Hits: 1 |
NewsStand_2019_July.pdf2019 Q1. Compared to the prior year, data show that Pennsylvania personal income grew by 3.5% in the first quarter with the larg- est earnings increase coming from government transfers. Transfer receipts grew by 7.7% year-over-year in Hits: 1 |
Newsstand_2018_August.pdf2018 Q2. For Pennsylvania, the data show a modest increase in per capita consumer debt (0.6%) from the same quarter in the prior year. While auto loan (0.5%), credit card (4.5%) and student loan (5.0%) debt increased Hits: 1 |
MTR-2015-10-Highlights.pdfmillion payment that did not recur this year. In addition, some personal income tax withholding collections associated with weekly and quarterly due dates that occurred in October 2014 were received in late September or early November for 2015. Monthly tax revenues Hits: 1 |
MRU_2023_08.pdf1 3.8 Withholding 1,105.3 1,098.5 2,076.7 1,980.9 0.6 4.8 Quarterly 45.9 51.7 91.0 105.1 -11.2 -13.4 Annual 30.2 32.3 69.1 69 Hits: 1 |
MRU_2022_03.pdf1 0.2 Withholding 1,288.5 1,154.4 9,034.1 8,112.9 11.6 11.4 Quarterly 102.5 78.0 1,636.1 1,738.6 31.4 -5.9 Annual 184.4 136.3 555 Hits: 1 |
MRU_2022_02.pdf8 -23.8 -1.9 Withholding 950.5 926.3 7,745.6 6,958.5 2.6 11.3 Quarterly 41.0 384.5 1,533.6 1,660.6 -89.3 -7.6 Annual 41.0 43.4 371 Hits: 1 |
MRU-2022-11.pdf3 -0.3 8.6 Withholding 930.7 933.9 4,827.7 4,587.9 -0.3 5.2 Quarterly 27.1 33.8 856.4 722.1 -19.9 18.6 Annual 36.3 29.8 353.0 249 Hits: 1 |
MRU-2022-01.pdf59.5 1.6 Withholding 1,041.9 886.7 6,795.1 6,032.2 17.5 12.6 Quarterly 661.8 196.3 1,492.6 1,276.1 237.2 17.0 Annual 44.6 13.0 330 Hits: 1 |
MRU-2020-12.pdf12.8 19.5 Withholding 1,046.1 913.1 5,145.5 5,212.3 14.6 -1.3 Quarterly 85.6 88.7 1,079.8 706.4 -3.5 52.9 Annual 27.9 26.2 1,164 Hits: 1 |
MRU-2020-08.pdf9 6.3 72.6 Withholding 796.4 760.1 1,719.0 1,705.4 4.8 0.8 Quarterly 35.4 36.4 502.0 84.4 -2.8 494.8 Annual 44.3 27.6 967.6 57 Hits: 1 |
MRU-2020-07.pdf1,022.8 126.1 126.1 Withholding 922.6 945.3 922.6 945.3 -2.4 -2.4 Quarterly 466.6 48.0 466.6 48.0 872.5 872.5 Annual 923.3 29.5 923.3 29 Hits: 1 |
MRU-2020-05.pdf0 -1.9 -8.3 Withholding 752.3 930.9 9,786.5 9,638.2 -19.2 1.5 Quarterly 38.7 21.0 1,378.5 1,556.2 84.5 -11.4 Annual 156.1 14.1 653 Hits: 1 |
MRU-2020-04.pdf0 -55.9 -8.8 Withholding 906.5 851.2 9,034.2 8,707.3 6.5 3.8 Quarterly 112.8 375.5 1,339.8 1,535.2 -70.0 -12.7 Annual 92.2 1,293.4 Hits: 1 |
MQRE-FY23-24_Revised_Jan.pdf044 1,174 1,113 1,276 1,053 1,253 1,081 1,161 1,006 13,226 PIT - Quarterly 50 45 605 85 25 145 728 25 85 483 35 459 2,771 PIT - Annual 35 30 35 145 Hits: 1 |
Initial_Estimate_May_2017_Presentation.pdftransfers. Data are lagged one month to coincide with withholding. Withholding growth rate controls for any extra deposit days in quarter. 0.7% 16 02.May.2017 2016-17 2017-18 Amount Growth Amount Growth General Fund $31,815 3.0% Hits: 1 |
Impact-Fee-Update-Outlook-2020.pdf2009. These market conditions have discouraged new drilling activity, and Pennsylvania production growth has been decelerating for the last several quarters. If new drilling and production growth continue to decline and/or decelerate, then prices may begin to recover. Bentek Energy Hits: 1 |
IFO_Testimony_RGGI_Nov_4_2022.pdfone-third of that amount could be exported if generation did not change. The RGGI model had assumed that one-quarter was exported. • If passed forward to consumers, the much higher auction price could impact demand and generation compared to what Hits: 1 |
IFO_PASBO_Presentation_Nov_2021.pdf60% 65% 70% 75% 80% 19-24 25-34 35-44 45-54 55-64 Source: U.S.Census Bureau, Quartely Workforce Indicators. -123k -76k -128k -101k -81k 2019 Q3 2020Q3 Age 65-79 23.0% 19.5% Pennsylvania Economic Forecast Hits: 1 |
IFO_PASBO_Oct_2024.pdf62.6 62.6 -- Note: Figures are year-over-year growth rate or change. Unemployment Rate is average rate for quarter. Jobs include self-employed (household survey). Data for 2024.3 is based on August (CPI, Unemployment, Jobs). Annual Growth Philly Hits: 1 |
IFO_Hearing_Packet_Feb2019.pdfFY 2018-19 (May 2018) Official Revenue Estimate FY 2018-19 (June 2018) Revenue Estimate Performance (July 2018) Monthly and Quarterly Revenue Estimates (July 2018) Five Year Economic and Budget Outlook (November 2018) Mid-Year Update FY 2018-19 (January 2019 Hits: 1 |
IFO_Hearing_Materials_March_2023.pdfMalt Beverage 15 -0.6 Liquor 301 3.4 Personal Income 10,364 7.9 Withholding 8,164 6.0 Quarterly 1,699 10.8 Annuals 501 35.0 Realty Transfer 436 -20.6 Inheritance 985 -2.0 Gaming 242 17 Hits: 1 |
IFO-Presentation-11-14-2019.pdfStatistics. Forecast by IFO. PA Real Time Economic Indicators November 14, 2019 11 Year-Over-Year Growth Rate or Change Quarterly Data 2018.3 2018.4 2019.1 2019.2 2019.3 Real GDP 2.0% 2.6% 3.2% --- --- Total Hits: 1 |
HAC testimony Feb 2019.pdfa solid pace (4.3% for 2018 Q4). Moreover, median existing home values increased by 4.3% in the latest quarter (2018 Q3) while per capita consumer debt increased modestly (1.8%) for the entire year. Overall, these data suggest sound Hits: 1 |
Grow PA 12.3.2019.pdf787 12,841 12,907 54 66 0.1% 0.1% Year-Over-Year Growth Rate, Change or Level PA Quarterly Economics 2018.3 2018.4 2019.1 2019.2 2019.3 2019.4 Real Gross Domestic Product 2.7% 2 Hits: 1 |
Five_Year_Outlook_Presentation_2023_final.pdf61.7% 61.9% 62.0% 61.9% Note: Growth rates are year-over-year except Real GDP, which is quarterly annualized. Jobs change is change from prior year. Sources: U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Hits: 1 |
Five_Year_Outlook_Presentation_2021.pdf60% 65% 70% 75% 80% 19-24 25-34 35-44 45-54 55-64 Source: U.S.Census Bureau, Quartely Workforce Indicators. -123k -76k -128k -101k -81k 2019 Q3 2020Q3 Age 65-79 23.0% 19.5% Pennsylvania Economic Forecast Hits: 1 |
Five_Year_Outlook_2016_IFO_PPT.pdf10%) by 2020. JUA Loan ($200 million) and PlanCon (no appropriation this year). Economy Hits Soft Patch in Third Quarter. A $200 million hit to revenues. Appears temporary. Outlook is improving. Shift from MLF to General Fund ($300 Hits: 1 |
EPLC_3_4_2022_update.pdf45-54 55-64 2019 Q2 2021 Q2 Age 65-79 2019 Q2 22.4% 2021 Q2 20.2% Source: Quarterly Workforce Indicators, U.S. Census Bureau. PA Labor Force Participation Rates March 4, 2022 6 PA Labor Force Participation Rate Hits: 1 |
Demographics_Outlook_2022.pdffrom 2020 to 2021, following a decline of 4% from 2019 to 2020. 2 Provisional birth data for the first quarter of 2022 suggest a continuation of the 2020 to 2021 trend. The projections for births for 2023 and beyond are Hits: 1 |
Demographics_Outlook_2020.pdfwith a median age of 43.6 years. Of those over age 65, a little more than one-quarter were in the elderly age cohort (over 80 years old). By comparison, data for 2010 show that approximately 15.4 percent of Hits: 1 |
County-Prop-Tax-RB.pdfcapital gains. For tax year 2017, Pennsylvania taxpayers reporting federal adjusted gross income that exceeded $250,000 reported roughly three- quarters of total capital gains for tax year 2017, and that income comprised approximately one-sixth of their total adjusted gross Hits: 1 |
Budget_Roundtable_Response_Letter_02_2024.pdfgroup and the share of U.S. borrowers that entered into serious delinquency across all debt sources for the fourth quarter of the last five years. Based on available data, it is not possible to link borrowers who are taking on Hits: 1 |
April_1_Revenue_Update.pdfpayments typically remitted in April and May, and not a true gain. • Withholding tax collections remained solid for the first quarter of the new calendar year, growing by 4.8% relative to the prior year. That rate was largely as expected Hits: 1 |
Act_25_Letter_Feb_2022.pdfto the implementation of Act 25. • Pennsylvania wages and salaries, published by the U.S. Bureau of Economic Analysis (BEA). Quarterly wages and salaries were used to determine the annual growth by fiscal year from FY 1 Act of Jun. 30 Hits: 1 |
ACN_SB1_A01354_A01558_2017_06_03a.pdfrisk shift is reduced due to the exclusion of hazardous duty employees from the proposal. Those employees comprise approximately one-quarter of payroll for SERS over the projection period. The analysis also reviewed the impact in the first, second and final Hits: 1 |
2024_Initial_Revenue_Estimate_Presentation_Final.pdf97 96 78 82 Note: Figures are year-over-year growth rate or change. Unemployment Rate is average rate for quarter. All Jobs include self-employed (household survey). Data for 2024.2 is preliminary and based only on April (CPI, Jobs Hits: 1 |
2002_drop_report.pdfanother tax qualified plan, in accordance with IRS rules. A variety of other distribution methods exist within some plans, including quarterly and monthly payments options. Cost-of-Living Adjustments (COLAs). A large percentage of DROPs provide COLA increases to the DROP Hits: 1 |
2002_dbdc_report.pdf21 state-level public employee pension plans in 16 states that are DC or have a DC component. Nearly one-quarter of these plans were implemented during the past five years, suggesting that strong investment returns of recent years provided some Hits: 1 |
LinksProfits • Monthly Personal Income • New Residential Sales • Case-Shiller Home Prices • Consumer Confidence PA Economic Indicators • Labor Force and Employment • Quarterly Personal Income • Gross State Product • Business Outlook, Philadelphia Fed State Government • Department of Labor and Industry • Department of Revenue • General Hits: 1 |