The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

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County Economy Wilts in July
The local economy sagged significantly in July due to job losses and weak home sales. The Index of Economic Activity in Tompkins County dipped to a reading of 150.15 in July from a revised mark of 153.25 in June. This amounts to a 2.02 percent drop.  Compared to July 2006, economic activity was up 1.03 percent. 
 

 

 

Sluggish job growth turned absolutely negative in July when employment in Tompkins County fell by 1,500.  This figure, like all the figures in this report, is seasonally adjusted and cannot be blamed on the summer recess. The unemployment rate stood at 3.8 percent.  This compares with unemployment rates of 5.0 percent in New York State and 4.9 percent nationally.  The employment sector of the Index of Economic Activity in Tompkins County fell 2.02 percent in July.

County retailers saw sales fall to $127.2 million in July from $127.7 million in June.  Retail sales are running about five percent ahead of last year’s pace – exactly as expected.  The Department of Labor reports no change in the number of retail jobs in the County.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport climbed 2.20 percent in July to 15,056 from 14,732 in June.  Through July, air traffic is 7.3 percent higher than last year’s level.

Residential building permits issued in the Ithaca metropolitan statistical area vaulted 66.39 percent in July.  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 crumbled 25.46 percent in July when there were 65 sales compared to 87 in June. The average selling price was $211,400, while the median home sold for $189,900.  These prices are little bit softer than last year when the average was $225,000 and the median was $201,000.

Help wanted advertising inched ahead 6.12 percent in July.  This is a modest change for this statistic.  Help wanted advertising is an indicator of labor market conditions.

SECTOR

Change

(from JUN 2007)

Change

(from JUL 2006)

Employment

  *    2.37 %

  *    0.50 %

Retail Sales

  *    0.51 %

  *    0.11 %

Air Passengers

  *    2.20 %

  *  21.46 %

Building Permits

  *   66.39 %

  *  25.04 %

Home Sales

  *   25.48 %

  *    7.21 %

Help Wanted Advertising

  *     6.12 %

  *  17.45 %

Index of Economic Activity

  *     2.02 %

  *    1.30 %

Although July was a tough month for the local economy things are going pretty much as expected in 2007. Job growth is lackluster, retail sales are up five percent, and home sales are holding steady. The local economy has actually grown 0.60 percent through the first seven months of this year.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 08/27/07