The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County fell 0.70 percent in April to a level of 153.50 from a revised mark of 154.57 in March. New building permits were the only indicator to show strength. Employment and help wanted advertising showed modest improvements over March. Retail sales, air traffic, and home sales were off. Compared to April 2011, overall economic activity was down 3.62 percent.
Tompkins County added 100 jobs in April, but the trend in employment has been downward for the last twelve months. Our unemployment rate in April was 5.7 percent compared to 8.1 percent in New York State and 7.7 percent nationally.
Retail sales in Tompkins County fell back 3.44 percent compared to March. Compared to April 2011 retail sales were up 1.52 percent. Over the past year the Tompkins County retail sector has shown sluggish but steady growth.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport declined 9.07 percent in April. Compared to April 2011, air traffic was down 9.64 percent. Despite these figures, air traffic at our regional airport has been strong for more than four years.
Residential building permits issued in Tompkins County vaulted 75.47 percent in April. Building permits are an extremely volatile indicator. They have shown modest improvement through the first quarter of 2012.
Home sales sagged in April when County realtors sold 74 homes compared to 84 in March, resulting in a dip of 11.59 percent. Compared to April 2011, there was no change in the number of homes sold. The average sale price was to $198,400 compared to $194,500 a year earlier. The median home sold for $146,000 compared to $161,300 a year earlier.
Help wanted advertising advanced 3.25 percent in April. Compared to April 2011, help wanted advertising was up 8.85 percent. Hopefully, this means the labor market may improve soon.
Economic activity in Tompkins County has been lackluster in 2012. The first four months of the year averaged 1.5 percent less activity than the 2011 average.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (firstname.lastname@example.org)