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The Index of
Economic Activity
in Tompkins County
Department of Economics |
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| Front Page | Historical Data | Outlook | Archives | Methodology |
| April Returns Some Gains In April the regional economy pared back some of the robust gains made in the previous month. The Index of Economic Activity in Tompkins County fell back to a reading of 152.79 from a revised mark of 153.41 in March. Gains in air traffic and building permits were not enough to offset moderate losses in employment, retail sales, home sales, and help wanted advertising. Compared to April 2006, economic activity was up 1.01 percent. |
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April’s
unemployment rate fell to 2.8 percent from 3.2 percent in March and 3.1
percent a year ago. The
national unemployment rate was 4.3 percent and the rate in New York State
was 4.0 percent. However,
Tompkins County lost 300 jobs in April bringing total employment to
62,800. This is 300 fewer
jobs than a year ago. Employment
in retail trade is showing strength while jobs in the leisure and
hospitality industry are harder to find. Retail sales slipped
1.44 percent in April, but were 1.53 percent higher than last year at this
time. Total sales amounted to
$126.1 million compared to $127.4 million in March.
These figures are seasonally adjusted, as are all the figures in
this report. The number of passengers arriving and departing from Ithaca Tompkins Regional Airport ascended to 13,295 in April from 12,709 in March, for a lift of 4.61 percent. Air traffic is up 4.19 percent on a year-to-year basis. Residential building
permits issued in the Ithaca metropolitan statistical area soared 168.70
percent in April. Permits
have a tendency to swing widely from month to month.
They have been trending downward for more than two years. Home sales were down
7.38 percent when there were 81 sales compared to 88 in March.
The average selling price was $204,000, while the median home sold
for $180,000. Help wanted advertising slid 8.37 percent. Nevertheless, there was 13.14 percent more advertising for job openings this April than last. Help wanted advertising is an indicator of labor market conditions.
After four months of data for 2007 the indications are that the local economy is running 0.25 percent ahead of last year’s pace. This is encouraging considering little or no economic growth was expected.  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (kacapyr@ithaca.edu) |
