The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County fell back to a level of 159.12 in August after hitting a revised all-time high of 162.06 in July. The index had increased for three months in row and was due for a pullback. Declines in employment and home sales drove the index down, while gains in air traffic and building permits fought the tide. Retail sales and help wanted advertising held steady. Compared to August 2011, overall economic activity was up 0.62 percent.
Tompkins County lost 1,600 jobs in August after adding 5,100 jobs in the prior three months, bringing total employment to 65,200 on a seasonally adjusted basis. The employment decline in August was concentrated in education and health services. The unemployment rate in Tompkins County is well below the New York State and national rates.
Retail sales in Tompkins County inched downward by 0.81 percent in August. Compared to August 2011 retail sales were up 1.26 percent. The retail sector of the local economy has been unimpressive over the past year.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport climbed 6.38 percent higher in August. Compared to August 2011, air traffic was up 7.55 percent. Air traffic at our regional airport has been strong for more than four years.
Residential building permits issued in Tompkins County appreciated 29.98 percent in August. Building permits are an extremely volatile indicator. They have shown no upward or downward trend in more than two years.
Home sales dipped 7.92 percent in August when County realtors sold 67 homes on a seasonally adjusted basis compared to 73 in July. Compared to August 2011, home sales were down 17.07 percent. The average sale price was $201,500 compared to $188,700 a year earlier. The median home sold for $184,000 compared to $162,300 a year earlier.
Help wanted advertising inched back 0.33 percent in August. Compared to August 2011, help wanted advertising was up 7.08 percent.
The Index of Economic Activity in Tompkins County had an average reading of 156.67 over the twelve months of 2011. Over the first eight months of 2012 the index averaged 156.87 for a disappointing gain of 0.13 percent.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (email@example.com)