IFO: Refinancing Up, Business Travel Down, PA Impact Fee Could Drop to Record Low

The Independent Fiscal Office (IFO) has released its Monthly Economic Update for December 2020. Articles include these headlines: refinancing activity breaks records, business travel could permanently decline, and Pennsylvania renters will owe $224 million by December 31.    

In addition, the Independent Fiscal Office estimates that due to the average price of natural gas at $2.08 for 2020, a 21% drop from the prior year, natural gas impact fee collections are expected to decline by $53 million compared to the prior year, which could reach its lowest level since inception. The IFO will release an updated projection in late January. Click here for more.