IFO Releases
Treasury Windfalls Boost Revenues - Update
May 02, 2024 | Economics and Other
Treasury collections have generated a short-term revenue windfall. This research brief updates a prior analysis and provides preliminary Treasury revenue estimates for FY 2024-25.
Affordable Connectivity Program Ends
May 01, 2024 | Economics and Other
Due to the depletion of approved funds, the federal Affordable Connectivity Program (ACP) is no longer accepting new enrollments and the last fully-funded program month was April 2024. In 2023, Pennsylvania households received $241 million in ACP funds, an average monthly benefit of $33 per household.
April 2024 Revenue Update
May 01, 2024 | Revenue & Economic Update
The Commonwealth collected $5.69 billion in General Fund revenues for April, an increase of $30 million (+0.5%) compared to April 2023.
The IFO transmitted a brief revenue update to the chairs of the Senate and House Appropriations Committees.
More Older Pennsylvanians Working
April 17, 2024 | Economics and Other
This 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.
Healthcare and Government Drive PA Job Gains
April 10, 2024 | Economics and Other
The latest jobs data from the U.S. Bureau of Labor Statistics show that all Pennsylvania job gains for 2024 occurred in the government, healthcare or accommodation-food service sectors. The data reflect the aging demographics of the state and on-going demand for dining out and social assistance services.
Economic and Budget Update Presentation
April 05, 2024 | Economics and Other
The IFO presented on the Commonwealth's economic and budget outlook at a session of the Pennsylvania Education Policy and Leadership Center.
Sports, Marketing & Tourism Series: 2023 Ironman PA Happy Valley Triathlon
April 04, 2024 | Economics and Other
The IFO published an economic impact report for the Ironman 70.3 Pennsylvania Happy Valley Triathlon in Centre County (July 2023). The analysis finds that economic activity related to the event generated over $4.7 million in statewide spending, supported 30 full-time equivalent jobs, and $238,000 in select state and local taxes.
March 2024 Revenue Update
April 01, 2024 | Revenue & Economic Update
The Commonwealth collected $6.28 billion in General Fund revenues for March, an increase $89 million (+1.4%) compared to March 2023.
The IFO transmitted a brief revenue update to the chairs of the Senate and House Appropriations Committees.
Analysis of Revenue Proposals
March 28, 2024 | Revenue Estimates
This report provides estimates for the revenue proposals contained in the 2024-25 Governor's Executive Budget released February 2024. The Independent Fiscal Office (IFO) publishes this report to fulfill its statutory duties as provided under Section 604-B (a)(4) of the Administrative Code of 1929. The act requires that the IFO “provide an analysis, including economic impact, of all tax and revenue proposals submitted by the Governor or the Office of the Budget."
Child Care Stimulus Funds Depleted
March 21, 2024 | Economics and Other
This research brief highlights the depletion of federal child care stimulus funds and the impact on that sector. During the COVID-19 pandemic, Pennsylvania received approximately $1.6 billion in federal child care stimulus funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act; Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA); and American Rescue Plan (ARP).