Department of Economics
  at Ithaca College

December 2008

The Index of Economic Activity in Tompkins County dipped 0.56 percent in December to a level of 149.83 from a revised mark of 150.67 in November. Building permits were the only area of strength. Gains in air traffic and home sales were not enough to overcome declines in employment, retail sales, and building permits.

On a seasonally adjusted basis, the number of jobs in Tompkins County fell by 400 to 63,700 in December. The unemployment rate was 4.7 percent. That compares with 3.1 percent a year ago. The unemployment rate in New York State was 6.8 percent in December, compared to 7.1 percent nationally.

The December retail figures indicate that the holiday shopping season was not so great in Tompkins County. The preliminary number is $249 million in retail sales over November and December of 2008. This compares with $271.2 million over the same two months of 2007. That is a decline of 8.2 percent. Nationally, holiday retail sales were off 8.8 percent. Retail sales have been taking on the chin throughout 2008.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport ascended 7.81 percent to 16,213 from 15,127 in November. Compared to December 2007 air traffic was up 29.15 percent.

Residential building permits issued in Tompkins County fell 21.00 percent in December. Building permits have a tendency to swing widely from month to month. The total number of permits issued in Tompkins County in 2008 was only 5 fewer than in 2007.

Residential home sales in Tompkins County climbed 19.72 percent in December when 69 homes were sold on a seasonally adjusted basis. This compares with 57 homes in November. The average sale price was $208,500 compared with $212,600 a year ago. The median sale price was $190,500 compared to $175,000 a year ago. For all of 2008, realtors in Tompkins County sold 854 homes compared to 912 in 2007.

Help wanted advertising slipped 4.54 percent in December. For the year, advertising for employees was off 0.68 percent.

Some of the figures released in December are preliminary and will be revised going forward. There is an especially important revision to the employment figures due in March. However, at this point the Index of Economic Activity in Tompkins County increased 0.00 percent in 2008. In other words, the regional economy did not grow in 2008.

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
Last updated 01/23/09