IFO Releases
Stadium Economic Impact Report: Philadelphia Phillies
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Philadelphia Phillies’ Major League Baseball (MLB) operations at Citizens Bank Park. The analysis finds that economic activity related to team operations and fan spending generated $970 million in statewide spending, supported 5,400 full-time equivalent jobs, and $45 million in state taxes.
Stadium Economic Impact Report: Pittsburgh Pirates
July 10, 2024 | Economics and Other
The IFO performed an analysis that measured the 2023 economic footprint attributable to the Pittsburgh Pirates’ Major League Baseball (MLB) operations at PNC Park. The analysis finds that economic activity related to team operations and fan spending generated $546 million in statewide spending, supported 3,000 full-time equivalent jobs, and $22 million in state taxes.
Revenue Estimate Performance
July 09, 2024 | Revenue Estimates
This report examines the performance of IFO revenue estimates for the past twelve budget cycles. For FY 2023-24, actual collections exceeded IFO projections by 0.6%, or $273 million.
Southern Migration Continued During COVID
July 01, 2024 | Economics and Other
From 2021 to 2022, IRS data indicate that net domestic migration for Pennsylvania was -21,711 (-0.17% of state population) which ranked 35th across all states.
June 2024 Revenue Update
July 01, 2024 | Revenue & Economic Update
The Commonwealth collected $45.47 billion in General Fund revenues for FY 2023-24, which was within 0.6% ($273 million) of the IFO official revenue estimate.
Sources of Pennsylvania Income
June 27, 2024 | Economics and Other
This research brief is the first in a series that describes a new distribution model that will be used to examine the progressivity/regressivity of state-local taxes.
Impact Fee Revenue Update and Outlook 2024
June 26, 2024 | Energy
This update examines 2023 impact fee collections and provides an outlook for 2024. The Commonwealth collected $179.6 million in impact fees for 2023, a $99.2 million decrease from 2022.
Revenues and Spending Surge During Pandemic
June 25, 2024 | Economics and Other
This research brief looks at the drivers of revenue and spending growth during the pandemic.
Official Revenue Estimate FY 2024-25
June 20, 2024 | Revenue Estimates
The Independent Fiscal Office (IFO) released its official revenue estimate for FY 2024-25. Updated estimates for FY 2023-24 are included.
School District Property Tax Forecast
June 19, 2024 | Property Tax
The IFO released an updated school district property tax forecast. The report projects revenues and the Act 1 index through FY 2025-26 and provides an overview of recent trends in school district funding.