The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County hit an all-time high of 162.22 in July 2012. The record high is the result of stringing three strong months in a row. Increases in employment and air traffic drove the index higher, while weakness in retail sales and home sales dampened the gains. Compared to July 2011, overall economic activity was up 4.84 percent.
Tompkins County added 1,500 jobs in July, bringing total employment to 66,800 on a seasonally adjusted basis. This is on top of June’s job jump of 2,800. There were 2,600 more jobs than July 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 fell back 2.05 percent in July. Compared to July 2011 retail sales were up 7.42 percent. The retail sector has evinced sluggish growth over the past year and July’s sales do not break with that trend.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport lofted 4.95 percent in July. Compared to July 2011, air traffic was up 1.26 percent. Air traffic at our regional airport has been strong for more than four years.
Residential building permits issued in Tompkins County depreciated 20.04 percent in July. Building permits are an extremely volatile indicator. They have shown no upward or downward trend so far in 2012.
Home sales dipped 9.60 percent in July when County realtors sold 73 homes on a seasonally adjusted basis compared to 81 in June. Compared to July 2011, home sales were up 21.00 percent. The average sale price was $224,700 compared to $210,300 a year earlier. The median home sold for $189,000 compared to $187,900 a year earlier.
Help wanted advertising inched ahead 4.91 percent in July. Compared to July 2011, help wanted advertising was up 6.46 percent.
The Index of Economic Activity in Tompkins County read 100.00 in January 1985. In July 2012 the index read 162.22. This implies that the Tompkins County economy has grown 62.22 percent over those 27 years.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (email@example.com)