The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

Front Page Historical Data Outlook Archives Methodology

 

December 2011

The Ithaca College Index of Economic Activity essentially remained unchanged in December with an upward move of 0.06 percent. The slight uptick hardly made up for the drop of almost 4.00 percent in September and October. Air traffic and home sales were down in December, while retail sales and help wanted advertising edged higher. Employment and building permits held steady. Compared to December 2010, economic activity was down 1.05 percent.

 

 
 

 

After giving up 1,900 jobs in September and 1,500 more in October, the number of jobs in Tompkins County held steady at 63,300 in November and December. All of the figures in this report are seasonally adjusted. This recent trend in employment is darkening the clouds on the economic horizon. The employment figures will be revised going forward, but at this point in time it looks like Tompkins County created 300 jobs in 2011 when 600 were expected.

Retail sales were up 1.22 percent over November and 1.38 percent over December 2010. I had predicted a 5 percent jump in November/December retail sales compared to the 2010 holiday shopping season here in Tompkins County. With revisions coming, it looks like the boost will be closer to 4 percent. The picture was reversed for the national economy where a 3 percent bump was expected and it turned out to be an improvement of over 6 percent.

The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport dipped 3.53 percent in December. Compared to December 2010, air traffic was up 3.30 percent.

Residential building permits issued in Tompkins County slipped 3.19 percent in December. This is a moderate change for this volatile indicator. For the year, building permits are unchanged from 2010.

Home sales in Tompkins County fell 12.25 percent higher in December. The average sale price was $183,500 compared to $172,100 a year earlier. The median home sold for $174,800 compared to $155,000 a year earlier. Home sales have been flat since 2008 in Tompkins County.

Help wanted advertising rose 7.98 percent in December. Compared to December 2010, help wanted advertising was up 13.33 percent.

 

SECTOR

Change

(from NOV 2011)

Change

(from DEC 2010)

Employment

         0.01 %

         2.39 %

Retail Sales

         1.22 %

         1.38 %

Air Passengers

         3.53 %

         3.30 %

Building Permits

         3.19 %

       25.00 %

Home Sales

       12.25 %

         0.01 %

Help Wanted Advertising

         7.98 %

       13.33 %

Index of Economic Activity

         0.06 %

         1.05 %

 

The data will be revised going forward, but right now the Tompkins County economy registered a growth rate of 0.9 percent in 2011. Declines in employment in the back half of the year left us well short of the 2 percent growth that had been expected.

  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 01/24/2012