This research brief presents data on Pennsylvania economic development incentives for fiscal years (FY) 2015-16 through FY 2020-21. The tables provide annual detail on tax credit utilization or awards, state spending or grants, job training programs and state loan programs. The brief also highlights recent changes to incentive programs spending or utilization.
Tags: brief, credits, development, economic, incentives, research, tax
Analyst Jesse Bushman made a presentation to PASBO regarding the IFO’s recent Five-Year Economic and Budget Outlook and School District Property Tax Forecast.
Tags: demographic, outlook, property, revenue
Section 604-B (a)(2) of the Administrative Code of 1929 specifies that the Independent Fiscal Office (IFO) shall “provide an assessment of the state’s current fiscal condition and a projection of what the fiscal condition will be during the next five years. The assessment shall take into account the state of the economy, demographics, revenues and expenditures.” This report fulfills the demographics obligation for the IFO’s release of the Economic and Budget Outlook for Fiscal Year 2021-22 to 2026-27.
Tags: demographic, demographics, outlook
Using the latest data, the Independent Fiscal Office published a research brief that finds historic wage gains for the U.S. and Pennsylvania. The brief notes that employee compensation comprises 56% of final sales and firms will likely push most labor costs forward to final consumers, thereby putting upward pressure on prices and inflation.
The IFO released its monthly update that tracks the state labor market. The jobs shortfall expanded in September on a year-over-year (YOY) basis relative to a no-pandemic scenario. For September, the computed YOY change in payroll jobs is -384,800, compared to -365,500 for August.
The IFO published a new research brief that examines the impact of inflation on the real earnings of Pennsylvania workers and the real value of public pension benefits.
Director Matthew Knittel provided a demographics and labor market update to the Lancaster Chamber of Commerce.
Tags: demographic, labor, market, presentation
This research brief uses preliminary data for 2020 and 2021 (through September) to compute excess deaths above pre-COVID historical trends in the Commonwealth for those two years. The analysis finds 20,700 excess deaths in 2020 and projects 6,700 excess deaths for 2021.
The IFO released its monthly update that tracks the state labor market. The labor market contracted slightly in August on a year-over-year basis relative to a no-pandemic scenario. These data reflect the final month of federal unemployment compensation benefits.
Director Matthew Knittel made a brief presentation on property taxes to the House Majority Policy Committee.
Tags: presentation, property, tax