The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

November 2009

November 2009 was not a bad month for the local economy. The Ithaca College Index of Economic Activity in Tompkins County climbed 0.62 percent to a level of 152.61 from a revised mark of 151.67 in October. Home sales and building permits showed strength. Employment, retail sales, air traffic, and help wanted advertising all changed marginally. Comparing this past November to November 2008, economic activity was up 0.74 percent.

 

 

 

Tompkins County lost 100 jobs in November on a seasonally adjusted basis bringing total employment to 64,200. The unemployment rate was 5.3 percent. This compares with rates of 8.4 percent in New York State and 9.4 percent nationally.

Retail sales in Tompkins County crept downward by 0.92 percent in November to $112.7 million. This is our first read on the holiday shopping season that spans November and December. The November figure will be revised going forward, but $112.7 million is much better than expected.

The number of passengers landing and taking off from Ithaca Tompkins Regional Airport lofted 4.23 percent in November after seasonal adjustment. Air traffic was up 14.32 percent over last year at this time.

Residential building permits issued in Tompkins County climbed 32.83 percent compared to October’s dismal performance. Building permits have a tendency to swing widely from month to month. Compared to November 2008, building permits were up 25.00 percent 

Sales of existing homes in Tompkins County soared 21.26 percent on a seasonally adjusted basis in November. Compared to an admittedly weak November 2008, home sales were up 46.15 percent. The average sales price, however, slipped to $174,700 from $182,500 in November 2008. The median sales price was $157,000 compared to $168,000 a year ago.

Help wanted advertising inched downward by 1.06 percent. Compared to November 2008, help wanted advertising was up 8.07 percent.

 

SECTOR

Change

(from OCT 2009)

Change

(from NOV 2008)

Employment

     0.12 %

     1.20 %

Retail Sales

     0.92 %

     0.82 %

Air Passengers

     4.23 %

   14.32 %

Building Permits

   32.83 %

   25.00 %

Home Sales

   21.26 %

   46.15 %

Help Wanted Advertising

     1.06 %

     8.07 %

Index of Economic Activity

     0.62 %

     0.74 %

 

With November being an “up” month, it appears more likely that August 2009 marked the low point in the local recession when our Index read 147.49. This would correspond with national economic activity. Most national experts think the figures coming in will reveal a trough in the summer of 2009.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 01/05/2010