The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

August 2009

The Index of Economic Activity in Tompkins County fell by 2.27 percent in August to a level of 147.17 from a revised mark of 150.59 in July. Retail sales and home sales were especially weak. Building permits were the only indicator to rise over July levels. Comparing this past August to August 2008, economic activity was down 1.77 percent.

 

 

 

The employment sector of the Index dipped 0.35 percent in August. The number of jobs in Tompkins County fell by 300 to 62,600 on a seasonally adjusted basis. The unemployment rate was 6.3 percent. The unemployment rate in New York State was 8.8 percent in August, compared to 9.6 percent nationally.

Retail sales in Tompkins County sagged 3.35 percent in August to $112.3 million. The volume of retail sales was down 6.35 percent from last year’s level. The retail sector of the economy lost 300 jobs over the past year.

The number of passengers landing and taking off from Ithaca Tompkins Regional Airport dipped 7.32 percent in August, but this is after rising significantly in July. Air traffic is up 29.22 percent over last year at this time.

Residential building permits issued in Tompkins County improved 36.03 percent over July’s level. Building permits have a tendency to swing widely from month to month. Compared to August 2008, building permits were down 2.02 percent.

Sales of existing homes in Tompkins County fell 13.55 percent on a seasonally adjusted basis in August. Local realtors sold 48 homes compared to 56 in July. The average sale price of a home was off as well, falling to $192,000 from $207,300 in August 2008. The median price slipped to $164,000 from 170,000 a year ago.

Help wanted advertising fizzled 25.11 percent. This is yet another sign of the softness of the labor market in our area. However, help wanted advertising is up 1.14 percent over August 2008.

 

SECTOR

Change

(from JUL 2009)

Change

(from AUG 2008)

Employment

     0.35 %

     1.15 %

Retail Sales

     3.35 %

     6.35 %

Air Passengers

     7.32 %

   29.22 %

Building Permits

   36.03 %

     2.02 %

Home Sales

   13.55 %

   22.03 %

Help Wanted Advertising

   25.11 %

     1.14 %

Index of Economic Activity

     2.27 %

     1.77 %

 

There are indications that the national economy is on the mend. The leading economic indicators have risen for five consecutive months. These indicators tend to turn up anywhere from 6 to 18 months before a recovery. Hopefully, we will begin to see evidence of a revival in the local economy in the months ahead.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 09/24/2009