The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

March 2009

The Index of Economic Activity in Tompkins County pared back 0.98 percent in March to a level of 150.53 from a revised mark of 152.02 in February. The dip is part of a long-term downward trend that began early in 2008. In March 2009, air traffic was the only indicator to show any life. Home sales were especially weak.

 

 

The number of jobs in Tompkins County fell by 100 in March, but this is after surging by 1,400 in February. Employment  in Tompkins County has fared better than in the State or nation as a whole. One reason for this is that employment in the education and health services sector, our strong suit, has held up well in this downturn. The unemployment rate in Tompkins County was 5.7 percent. That compares with 3.8 percent a year ago. The unemployment rate in New York State was 8.1 percent in March, compared to 9.0 percent nationally.

The volume of retail sales in Tompkins County dipped 1.39 percent in March. Compared to March 2008, retail sales were off 8.51 percent. Employment in the retail sector was down to 4,800 from 4,900 a year ago.

Air traffic was the only bright spot in March. The number of passengers arriving and departing from Ithaca Tompkins Regional Airport lifted 8.10 percent to 17,076 from 15,797 in February. Compared to March 2008 air traffic was up 22.73 percent.

Residential building permits issued in Tompkins County jumped 132.65 percent in March. Building permits have a tendency to swing widely from month to month. Compared to March 2008, building permits were down 20.00 percent.

Sales of existing homes fell 31.50 percent in March when 60 homes were sold in Tompkins County on a seasonally adjusted basis. This compares with 65 homes in March 2008. The average sale price was $168,200 compared with $204,400 a year ago. The median sale price was $176,000 compared to $168,000 a year ago.

Help wanted advertising slipped up by 1.67 percent in March. This is a negligible change for this indicator of labor market conditions.

 

SECTOR

Change

(from FEB 2009)

Change

(from MAR 2008)

Employment

     0.17 %

     0.15 %

Retail Sales

     1.39 %

     8.51 %

Air Passengers

     8.10 %

   22.73 %

Building Permits

  132.65 %

    20.00 %

Home Sales

    31.50 %

     7.14 %

Help Wanted Advertising

     1.67 %

    11.23 %

Index of Economic Activity

     0.98 %

     1.77 %

 

Although the County economy has see-sawed back and forth over the past months, a downward trend is apparent. From its peak in February 2008 to its current level, the Index of Economic Activity in Tompkins County has declined 3.9 percent.

  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 04/23/2009