The Index of Economic Activity  
The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

August 2008

The most recent economic indicators show that the regional economy is spiraling toward a recession. The Index of Economic Activity in Tompkins County declined 1.43 percent in August to a level of 149.13 from a revised mark of 151.29 in July. All five sectors of the overall index fell compared to their July levels. Compared to August 2007, economic activity was down 1.65 percent.

 

Tompkins County lost 100 jobs in August. This is a minimal decline. Unfortunately it comes on the heels of July’s loss of 1100 jobs. The unemployment rate rose to 4.7 percent from 4.5 percent in July. This is an unusually high unemployment rate for Tompkins County. The last time it was higher was in January of 2004.

The volume of retail sales in Tompkins County slipped 3.01 percent in August and 5.98 percent on a year-over-year comparison. There were 100 fewer jobs in the retail sector this August compared to last.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport fell in August to 14,741 from 15,171 in July, a decline of 2.83 percent. Compared to August 2007 air traffic was up 0.73 percent.

Residential building permits issued in Tompkins County crumbled 65.99 percent in August. Permits have a tendency to swing widely from month to month. Building permits were slightly higher through the first eight months of 2008 than for the comparable months of 2007.

Residential home sales in Tompkins County fell 6.40 percent in August when there were 115 homes sold. The average sale price was $207,000 compared with $211,000 a year ago. The median sale price was $169,000 compared to $184,000 a year ago.

Help wanted advertising declined by 1.00 percent in August. This is a modest decrease for this indicator of labor market conditions.

 

SECTOR

Change

(from JUL 2008)

Change

(from AUG 2007)

Employment

     0.03 %

     0.17 %

Retail Sales

     3.01 %

     5.98 %

Air Passengers

      2.83 %

     0.73 %

Building Permits

    65.99 %

    62.50 %

Home Sales

      6.40 %

    11.54 %

Help Wanted Advertising

     1.00 %

     5.26 %

Index of Economic Activity

     1.43 %

     1.65 %

 

After hitting an all time high in January 2008, the Index of Economic Activity in Tompkins County has spiraled downward. The forecast calls for 1.0 percent growth in 2008, but currently the level of economic activity in Tompkins County is no higher than it was in 2007. It is not too late to avoid a recession, but a couple more months like this one and it will be official.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 10/02/08