The Index of
in Tompkins County
Department of Economics
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Economic Activity increased in Tompkins County in May according to an Ithaca College Index that monitors the regional economy. That index increased 1.63 percent to a reading of 155.82 from a revised mark of 153.32 in April. Employment, retail sales, air traffic, and home sales led the upward movement. Building permits and help wanted advertising declined. Compared to May 2011, however, overall economic activity was down 1.33 percent.
Tompkins County added 600 jobs in May, bringing total employment to 62,300 on a seasonally adjusted basis. However, there were 3100 fewer jobs this past May than May 2011. These employment figures, which are based on a survey of County employers, will be revised in the months and years ahead and we will keep track of those revisions for you. Nevertheless, they are the most accurate measure we have at this point in time.
Retail sales in Tompkins County sprang ahead 3.40 percent in May. Compared to May 2011 retail sales were up 8.58 percent. Over the past year the Tompkins County retail sector has shown steady but sluggish growth, so May’s figures are encouraging.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport lofted 8.62 percent in May. Compared to May 2011, air traffic was down 1.48 percent. Air traffic at our regional airport has been strong for more than four years.
Residential building permits issued in Tompkins County crumbled 44.89 percent in May. Building permits are an extremely volatile indicator. They have shown no upward or downward trend so far in 2012.
Home sales popped in May when County realtors sold 89 homes compared to 74 in April, resulting in a jump of 19.48 percent. Compared to May 2011, home sales increased 11.49 percent. The average sale price was $201,800 compared to $218,200 a year earlier. The median home sold for $175,500 compared to $190,000 a year earlier.
Help wanted advertising fell 4.34 percent in May. Compared to May 2011, help wanted advertising was up 9.17 percent.
Economic activity in Tompkins County has been disappointing in 2012. The first five months of the year put us on pace to “grow” by negative 2 percent. I had been expecting positive 1 percent growth in 2012.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (email@example.com)