The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

May 2009

The Index of Economic Activity in Tompkins County pared back 0.14 percent in May to a level of 151.01 from a revised mark of 151.22 in April. Air traffic and building permits showed strength, while employment, retail sales, and home sales all declined modestly. Comparing this past May to May 2008, economic activity was down 1.34 percent.

 

 

The employment sector of the Index fell 0.37 percent in May. The number of jobs in Tompkins County fell by 200 to 64,300 on a seasonally adjusted basis. The unemployment rate stood at 5.4 percent. That compares with 3.8 percent a year ago. The unemployment rate in New York State was 8.0 percent in May, compared to 8.6 percent nationally.

Retail sales remained sluggish. The volume of retail sales fell 1.05 percent in May and was down 6.53 percent from last year’s level. Retailers in Tompkins County and across the nation suffered through a dismal holiday shopping season last December and have backpedaled ever since then.

Air traffic at Ithaca Tompkins Regional Airport was up 6.08 percent in May and 32.01 percent over last year’s level. More air traffic indicates more economic activity.

Residential building permits issued in Tompkins County vaulted 41.88 percent in May. Building permits have a tendency to swing widely from month to month. Compared to May 2008, building permits were off 16.67 percent.

Sales of existing homes in Tompkins County fell 1.58 percent in May on a seasonally adjusted basis. Compared to May 2008, home sales were down 24.39 percent. The average sale price was $195,000 compared to $203,200 a year ago. The median sale price was $160,000 compared to $174,500 a year ago.

Help wanted advertising inched ahead 0.69 percent in May. This is a negligible change for this indicator of labor market conditions.

 

SECTOR

Change

(from APR 2009)

Change

(from MAY 2008)

Employment

     0.37 %

     0.30 %

Retail Sales

     1.05 %

     6.53 %

Air Passengers

     6.08 %

   32.01 %

Building Permits

   41.88 %

   16.67 %

Home Sales

     1.58 %

   24.39 %

Help Wanted Advertising

     0.69 %

     1.44 %

Index of Economic Activity

     0.14 %

     1.34 %

 

The Tompkins County economy appears to be treading water in May. At this point, holding steady should be viewed as a good thing. From its peak in February 2008, the Index of Economic Activity in Tompkins County has tumbled 3.58 percent.

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

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 07/25/2009