The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County inched upward to a level of 159.03 in September from a revised mark of 158.45 in August. A surge in employment along with modest improvements in home sales and help wanted advertising led the way. Declines in retail sales, air traffic, and building permits fought the rising tide. Compared to September 2011, overall economic activity was up 2.36 percent.
Tompkins County put on 900 jobs in September pulling the unemployment rate down to 5.7 percent. This compares with unemployment rates of 8.7 percent in New York State and 7.6 percent nation-wide.
County retailers discounted 0.97 percent from last month’s sales for a total of 136.7 million in sales in September. Compared to September 2011 retail sales were off 1.75 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 descended 15.60 percent. Compared to September 2011, air traffic was cruising 10.33 percent lower. Air traffic at our regional airport has been strong for more than four years.
Residential building permits issued in Tompkins County depreciated 34.19 percent in September. Building permits are an extremely volatile indicator. They have shown no upward or downward trend in more than two years.
Home sales improved 3.22 percent in September when County realtors sold 69 homes on a seasonally adjusted basis compared to 67 in August. Compared to September 2011, home sales were down 5.63 percent. The average sale price was $197,500 compared to $197,600 a year earlier. The median home sold for $173,000 compared to $171,300 a year earlier.
Help wanted advertising advanced 1.42 percent in September. Compared to September 2011, help wanted advertising was up 1.43 percent.
After nine months of data, the Index of Economic Activity in Tompkins County is revealing 2012 to be a very flat year for economic progress.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (email@example.com)