The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

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May is an Up Month
The local economy rebounded in May after slight dip in April.  The Index of Economic Activity in Tompkins County improved to a reading of 153.66 from a revised mark of 152.44 in April.  Gains in air traffic, retail sales, and help wanted advertising drove the index higher.  Home sales and building permits were lower, while employment held steady.  Compared to May 2006, economic activity was up 1.18 percent.
 

 

Tompkins County added 100 jobs in May bringing total employment to 62,900.  This is 200 more jobs than in May 2006.  The unemployment rate is a little better this May at 3.1 percent, than May 2006 when it read 3.3 percent.  The national unemployment rate was 4.3 percent and the rate in New York State was 4.1 percent.  Job growth was not expected to be robust in 2007 and so far that prediction has held true.

Retail sales in Tompkins County advanced 2.80 percent in May, and were 4.44 percent higher than last year at this time.  Total sales amounted to $130.2 million.  Retailers across the nation did well in May.  There is little evidence that American consumers are tightening their purse strings.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport lofted 5.97 percent in May to 14,088 from 13,295 in April.  Through May, air traffic is flyinging 2.55 percent higher than last year’s level.

Residential building permits issued in the Ithaca metropolitan statistical area fell 27.03 percent in May.  Permits have a tendency to swing widely from month to month.  They have been trending downward in Tompkins County for more than two years.

Home sales were down 3.63 percent in May when there were 78 sales compared to 81 in April.  The average selling price was $205,000, while the median home sold for $192,000.

Help wanted advertising rose 16.40 percent and there was 21.01 percent more advertising for job openings this May than last.  Help wanted advertising is an indicator of labor market conditions.

 

SECTOR

Change

(from APR 2007)

Change

(from MAY 2006)

Employment

  *    0.09 %

  *    0.38 %

Retail Sales

  *    2.80 %

  *    4.44 %

Air Passengers

  *    5.97 %

  *  16.49 %

Building Permits

  *   27.03 %

  *  26.23 %

Home Sales

  *     3.63 %

  *  15.44 %

Help Wanted Advertising

  *   16.40 %

  *  21.01 %

Index of Economic Activity

  *     0.80 %

  *    1.18 %

Considering the numbers through May, the local economy is on track to grow 0.50 percent in 2007.  This is encouraging since the forecast calls for zero growth.
  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 06/27/07