The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County jumped 1.84 percent in June to a level of 158.89 from a revised mark of 156.02 in May. Increases in employment and building permits drove the index higher, while weakness in retail and home sales dampened the gains. Compared to June 2011, overall economic activity was up 0.38 percent.
Tompkins County added 2,300 jobs in June, bringing total employment to 64,800 on a seasonally adjusted basis. However, there were 100 fewer jobs than June 2011. Unusual patterns in the employment data have caused some to question the accuracy of the figures from the New York State Department of Labor in conjunction with the Bureau of Economic Analysis.
Retail sales in Tompkins County sagged 3.38 percent in June. Compared to June 2011 retail sales were up 2.91 percent. The retail sector has shown steady but slight growth over the past year, and Juneís sales do not break with that trend.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport descended 0.43 percent in June. Compared to June 2011, air traffic was off 10.97 percent. Air traffic at our regional airport has been strong for more than four years and Juneís figures are not typical.
Residential building permits issued in Tompkins County appreciated 25.77 percent in June. Building permits are an extremely volatile indicator. They have shown no upward or downward trend so far in 2012.
Home sales flagged 9.22 percent in June when County realtors sold 81 homes compared to 89 in May. Compared to June 2011, home sales were up 5.04 percent. The average sale price was $220,100 compared to $215,900 a year earlier. The median home sold for $199,900 compared to $183,000 a year earlier.
Help wanted advertising edged ahead 2.95 percent in June. Compared to June 2011, help wanted advertising was up 7.61 percent.
Lackluster employment figures have been restricting economic growth in Tompkins County recently. The pop in employment that drove economic activity higher in June is something to keep an eye on. Hopefully, it is the beginning of an improved dynamic for the regionís industries.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (firstname.lastname@example.org)