The Index of
in Tompkins County
Department of Economics
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The Ithaca College Index of Economic Activity in Tompkins County fell to a level of 160.62 in June from a revised mark of 164.53 in May. This amounts to a drop of 2.38 percent. Declines in employment, retail sales, and home sales dragged the index down. Air traffic was up slightly, while building permits and help wanted advertising held steady. Compared to June 2012, economic activity was 0.18 percent higher.
Job losses were the main culprit driving economic activity lower in June. Tompkins County had 1,400 fewer jobs than in May, bringing total employment to 65,900 on a seasonally adjusted basis. The education sector shed more jobs than normal for this time of year and the state government cut its workforce in the County.
Retail sales sagged 3.70 percent in June. The retail sector of the County economy has been stagnant for more than a year.
The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport ascended 3.80 percent in June. Compared to June 2012, air traffic was down 8.77 percent.
Residential building permits issued in Tompkins County improved 5.67 percent in June. Building permits are an extremely volatile indicator and a change of this amount is basically holding steady. However, building permits are showing signs of continued strength in 2013.
Home sales dipped 12.13 percent in June and were off 15.33 percent compared to a year ago at this time. The average sale price was $230,600 compared to $216,100 a year earlier. The median home sold for $204,400 compared to $196,000 a year earlier. Fewer sales at higher prices indicates that there is a dearth of homes up for sale.
Help wanted advertising inched up 1.62 percent in June. Compared to June 2012, help wanted advertising was up 10.54 percent.
Through June, economic activity in Tompkins County is running just over 1 percent ahead of last year’s pace. This rate of growth is right in line with expectations.
The Index of Economic Activity in Tompkins County is a public service of Ithaca College.
Maintained by Elia Kacapyr (email@example.com)