The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

April 2009

The Index of Economic Activity in Tompkins County advanced 0.85 percent in April to a level of 151.18 from a revised mark of 149.90 in March. The uptick may be an indication that the contraction that began early in 2008 is subsiding. Home sales and help wanted advertising were weak in April 2009, while employment, retail sales, air traffic, and building permits showed modest improvement.

 

 

The number of jobs in Tompkins County increased by 300 in April to a level of 64,500 on seasonally adjusted basis. Once again, employment in the education and health services sector fared well across the nation and here at home. The unemployment rate in Tompkins County was 4.9 percent. That compares with 3.2 percent a year ago. The unemployment rate in New York State was 7.5 percent in April, compared to 8.6 percent nationally.

The volume of retail sales in Tompkins County rose 4.50 percent in April. Compared to April 2008, retail sales were off 6.94 percent. Employment in the retail sector was down 100 jobs compared to year ago.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport ascended 2.59 percent in April on a seasonally adjusted basis. Compared to April 2008 air traffic was up 19.34 percent.

Residential building permits issued in Tompkins County climbed 15.16 percent in April. Building permits have a tendency to swing widely from month to month. Compared to April 2008, building permits were down 40.00 percent.

Sales of existing homes fell 14.40 percent in April when 51 homes were sold in Tompkins County on a seasonally adjusted basis. This compares with 57 homes sold in April 2008. The average sale price was $176,800 compared to $178,600 a year ago. The median sale price was $175,000 compared to $165,500 a year ago.

Help wanted advertising fell by 2.26 percent in April. This is a negligible change for this indicator of labor market conditions.

 

SECTOR

Change

(from MAR 2009)

Change

(from APR 2008)

Employment

     0.55 %

     0.60 %

Retail Sales

     4.50 %

     6.94 %

Air Passengers

     2.59 %

   19.34 %

Building Permits

   15.16 %

   40.00 %

Home Sales

    14.40 %

   10.42 %

Help Wanted Advertising

     2.26 %

     5.28 %

Index of Economic Activity

     0.85 %

     1.87 %

 

The Tompkins County economy has been trending down since March 2008. The past few months suggest that the decline is leveling off. This pattern is right in line with what the experts predict for the national economy – a trough sometime in the third or fourth quarter of 2009.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 06/11/2009