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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 |
| June Figures Show Slight
Gain Moderate advances in home sales and air traffic were enough to offset weakness elsewhere and give a small boost to the local economy. The Index of Economic Activity in Tompkins County improved to a reading of 153.93 in June from a revised mark of 153.63 in May. This amounts to a 0.20 percent improvement. Compared to June 2006, economic activity was up 1.10 percent. |
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Job growth remains
sluggish in Tompkins County. There
was no growth in June when there were 62,900 jobs, the same number as May.
Nevertheless, that figure is 300 higher than June 2006.
The unemployment rate was unchanged at 3.7 percent.
The national unemployment rate in June was 4.7 percent and the rate
in New York State was 4.5 percent. Job
growth was not expected to be robust in 2007 and so far that prediction
has held true. Retail sales in
Tompkins County held steady in June with shoppers spending $129.9 million.
Compared to June 2006, retail sales are up 4.47 percent.
Remember, almost 3 percent of that gain is inflation. The number of passengers arriving and departing from Ithaca Tompkins Regional Airport lifted 4.57 percent in June to 14,732 from 14,088 in May. Through June, air traffic is 5.0 percent higher than last year’s level. Residential building
permits issued in the Ithaca metropolitan statistical area fell 11.53
percent in June. 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 up
11.69 percent in June when there were 87 sales compared to 78 in May.
The average selling price was $208,000, while the median home sold
for $183,000. The real estate
market in Tompkins County is holding up quite well compared to the rest of
the nation where sales dipped 3.8 percent in June.
Home prices in the south and west are especially hard hit.
Of course, these areas experienced the largest increases during the
go-go years. Help wanted
advertising inched back 3.66 percent in June.
This is a modest change for this statistic.
Help wanted advertising is an indicator of labor market conditions.
The local economy has grown 0.44 percent through the first six months of this year. This is good news since the forecast calls for no growth in 2007.  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (kacapyr@ithaca.edu) |
