The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

June 2009

The Index of Economic Activity in Tompkins County crawled upward by 0.28 percent in June to a level of 151.37 from a revised mark of 150.95 in May. Home sales and building permits showed strength. Air traffic and help wanted advertising held steady, while employment and retail sales were sluggish. Comparing this past June to June 2008, economic activity was down 0.78 percent.

 

 

The employment sector of the Index slipped 0.19 percent in June. The number of jobs in Tompkins County fell by 100 to 64,200 on a seasonally adjusted basis. The unemployment rate was 6.8 percent. We have never experienced anything like this before in Tompkins County. Prior to the current recession, the record high was 5.7 percent unemployment in January 1992. The unemployment rate in New York State was 8.6 percent in June, compared to 9.7 percent nationally.

Retail sales in Tompkins County remained sluggish. The volume of retail sales fell 0.86 percent in June and was down 6.64 percent from last year’s level. The retail sector of the economy has shed 200 jobs since June 2008.

The number of passengers landing and taking off from Ithaca Tompkins Regional Airport was up 1.56 percent in June and 39.14 percent over last year’s level. Air traffic has been resilient throughout the recession.

Residential building permits issued in Tompkins County vaulted 41.56 percent in June. Building permits have a tendency to swing widely from month to month. Compared to June 2008, building permits were up 33.33 percent.

Sales of existing homes in Tompkins County rose 12.17 percent in June on a seasonally adjusted basis. Compared to June 2008, home sales were down 4.00 percent. The average sale price was $214,500 compared to $215,500 a year ago. The median sale price was $185,600 compared to $181.700 a year ago.

Help wanted advertising increased 2.22 percent in June. This is a very thin silver lining for the local labor market which is experiencing an all-time high unemployment rate.

 

SECTOR

Change

(from MAY 2009)

Change

(from JUN 2008)

Employment

     0.19 %

     0.80 %

Retail Sales

     0.86 %

     6.64 %

Air Passengers

     1.56 %

   39.14 %

Building Permits

   41.56 %

   33.33 %

Home Sales

   12.17 %

     4.00 %

Help Wanted Advertising

     2.22 %

     2.46 %

Index of Economic Activity

     0.28 %

     0.78 %

 

Despite the record unemployment rate, the County economy displayed resilience in June with good numbers for home sales and building permits. Look for the jobs picture to darken further, even as the economy begins to expand. Employment is a lagging indicator.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 07/28/2009