The Index of Economic Activity
in Tompkins County


  Department of Economics
  at Ithaca College



 

 

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May 2008

The Index of Economic Activity in Tompkins County inched ever-so-slightly higher in May to a level of 152.92 from a revised mark of 152.72 in April. This amounts to an improvement of 0.13 percent. Compared to May 2007, economic activity was down 0.04 percent. Gains in retail sales and home sales were balanced by declines in employment and air traffic. Building permits and help wanted advertising held steady.

 

Tompkins County lost 400 jobs in May to bring the level of employment to 63,500. Still, there are 200 more jobs this May than last. The unemployment rate was 3.9 percent compared with 3.2 percent a year ago. In New York State the comparable unemployment rate was 4.9 percent while the national figure stood at 5.2 percent.

County retail sales totaled $130.8 million, up from $126.0 in April. Compared to May 2007, retail sales volume was up 2.54 percent. After four consecutive months of declining retail sales, this boost is welcome.

The number of passengers arriving and departing from Ithaca Tompkins Regional Airport in March descended 4.10 percent to 14,078. Compared to May 2007 air traffic was off 0.07 percent.

Residential building permits issued in Tompkins County climbed 2.15 percent in May. Permits have a tendency to swing widely from month to month and a change of this amount is negligible. Building permits were higher through the first five months of 2008 than for the comparable months of 2007.

Existing home sales increased 17.23 percent in May. However, compared to May 2007, home sales were down 21.78 percent.

Help wanted advertising dipped 5.98 percent in May. This is a modest monthly decline for this indicator of labor market conditions.

 

SECTOR

Change

(from APR 2008)

Change

(from MAY 2007)

Employment

      0.68 %

      0.31 %

Retail Sales

       3.12 %

      2.54 %

Air Passengers

      4.10 %

      0.07 %

Building Permits

      2.15 %

      0.00 %

Home Sales

    17.23 %

    21.78 %

Help Wanted Advertising

      5.98 %

      2.17 %

Index of Economic Activity

      0.13 %

      0.04 %

In January 2008, the Index of Economic Activity in Tompkins County hit an all time high. Then economic activity declined for three consecutive months before basically holding steady in May. This has left us with 1.67 percent economic growth since 2007. Not bad considering the forecast calls for 1.0 percent growth in 2008.
  The Index of Economic Activity in Tompkins County is a public service of Ithaca College.

Maintained by Elia Kacapyr (kacapyr@ithaca.edu)
 Last updated 6/27/08