The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

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County Economy Holds Steady in August
The local economy stabilized in August after job losses took a toll in July.  The Index of Economic Activity in Tompkins County inched upward to a reading of 150.31 from a revised mark of 150.04 in July. This amounts to an up tick of 0.18 percent.  Compared to August 2006, economic activity was off 0.06 percent.
 

 

The Tompkins County economy added 200 jobs in August after losing 1,600 in July.  The number of jobs now stands at 61,400, the same number as in August 2006. At least employment is not falling here as it is across the Southern Tier where there are 800 fewer jobs this past August than last. The unemployment rate was 3.4 percent in Tompkins County, compared to 3.5 percent last year.  In New York State the unemployment rate was 4.7 percent and 4.6 percent nationally. 

The retail sector showed minimal gains in August with sales rising to $129.6 million from $127.5 million in July.  The number of jobs in the retail sector held steady at 5,100.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport fell to 14,634 from 15,056 in July, a decline of 2.81 percent.  Through August, air traffic is 7.7 percent higher than last year’s level.

Residential building permits issued in the Ithaca metropolitan statistical area declined 9.31 percent in August.  Permits have a tendency to swing widely from month to month and a change of this amount is unremarkable.  For the year, however, building permits are down 43.72 percent.

Home sales crept forward by 4.16 percent in August when there were 68 sales compared to 65 in July.  Nationally, home sales fell 5.0 percent.  The average selling price in Tompkins County was $211,000, while the median home sold for $184,000.  These prices are little bit higher than last year when the average was $193,000 and the median was $176,000.

Help wanted advertising shrank 9.92 percent in August.  This is not a good sign since help wanted advertising is an indication of the demand for workers.

 

SECTOR

Change

(from JUL 2007)

Change

(from AUG 2006)

Employment

  *    0.30 %

  *    0.08 %

Retail Sales

  *    1.79 %

  *    1.31 %

Air Passengers

  *    2.81 %

  *  13.50 %

Building Permits

  *     9.31 %

  *  43.72 %

Home Sales

  *     4.16 %

  *  10.61 %

Help Wanted Advertising

  *     9.92 %

  *  13.35 %

Index of Economic Activity

  *     0.18 %

  *    0.06 %

 

It was good to see the County economy stabilize after taking a hit in July.  Employment, retail sales, and home sales are all holding steady. The local economy has actually grown 0.50 percent through the first eight months of 2007, while the forecast calls for no 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 10/04/07