The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

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March 2008

The local economy pulled back in March after posting record highs in January and February. The Index of Economic Activity in Tompkins County dipped to a level of 153.71 from a revised mark of 156.31 in February. This amounts to a decline of 1.66 percent. Economic activity was up 0.71 percent compared to March 2007.

 
 

The number of jobs in Tompkins County held steady in March at 64,100. This is an all time high for employment in the County. The unemployment rate was 3.9 percent compared with 3.3 percent a year ago. In New York State the comparable unemployment rate was 5.1 percent while the national figure stood at 5.2 percent.

County retail sales totaled $127.6 million, down from $131.6 in February. Compared to March 2007, retail sales volume is up 0.91 percent. The trend to slower growth in retail sales is nationwide.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport in March descended 7.82 percent to 13,914. However, compared to March 2007 air traffic was up 9.48 percent.

Residential building permits issued in Tompkins County fell back  3.06 percent in March. Permits have a tendency to swing widely from month to month and a change of this amount is negligible. Building permits are higher through the first three months of 2008 than for the comparable months of 2007.

Existing home sales fell 29.65 percent in March. For the year, home sales are on par with last year. The average selling price was $211,200, while the median home sold for $183,500. These prices are slightly higher than last year at this time.

Help wanted advertising inched ahead 1.07 percent in March. This is a marginal increase for this indicator of labor market conditions.

 

SECTOR

Change

(from FEB 2008)

Change

(from MAR 2007)

Employment

      0.02 %

     1.09 %

Retail Sales

      3.37 %

     0.91 %

Air Passengers

      7.82 %

      9.48 %

Building Permits

      3.06 %

    66.67 %

Home Sales

     29.65 %

    33.33 %

Help Wanted Advertising

      1.07 %

     13.70 %

Index of Economic Activity

      1.66 %

       0.71 %

 

Compared to January and February, March looked like a weak month. But January and February were record highs. Compared to March 2007, March 2008 showed a modest improvement of 0.71 percent. This is right in line with the forecasted growth rate of 1.0 percent for Tompkins County in 2008.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 4/25/08