The following index was created by Dr. Elia Kacapyr, an economics professor at Ithaca College. It is a composite indicator built on the performance of six indicators: number of jobs in Tompkins County, retail sales (adjusted for inflation), air passengers at Ithaca Tompkins Regional Airport, building permits issued in Tompkins County, number of home sales, and help wanted advertising. To learn more, please visit Dr. Kacapyr’s website at: http://www.ithaca.edu/economics/tcdex.htm |
| 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.
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) |
| APRIL 2008 After posting a record high in January 2008, the local economy has been slowly giving back ground. The Index of Economic Activity in Tompkins County dipped to a level of 153.07 in April from a revised mark of 153.62 in March. This amounts to a decline of 0.36 percent. Economic activity was up 0.22 percent compared to April 2007. Modest gains in air traffic, building permits, and home sales were outweighed by declines in employment, retail sales, and help wanted advertising. |
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The number of jobs in Tompkins County fell by 200 in April to 63,900. Still, there are 400 more jobs this April than last. The unemployment rate was 3.2 percent compared with 3.0 percent a year ago. In New York State the comparable unemployment rate was 4.6 percent while the national figure stood at 4.8 percent. County retail sales totaled $124.6 million, down from $127.2 in March. Compared to April 2007, retail sales volume was down 0.32 percent. Retailers across the country are struggling and the situation is no different here at home.
The number of passengers arriving and departing from Ithaca Tompkins Regional Airport in March ascended 5.50 percent to 14,679. Compared to April 2007 air traffic was up 10.42 percent.
Residential building permits issued in Tompkins County climbed 15.16 percent in April. Permits have a tendency to swing widely from month to month and a change of this amount is moderate. Building permits are higher through the first four months of 2008 than for the comparable months of 2007.
Existing home sales quickened by 14.42 percent in April. However, compared to April 2007, home sales were off 22.22 percent. Help wanted advertising dipped 8.40 percent in April. Declines in this figure suggest less demand for workers.
Even though the Index of Economic Activity in Tompkins County slipped for three consecutive months, we are still ahead of where we were last year. The first four months of 2008 showed 2.0 percent more economic activity than the first four months of 2007. This is due to the very strong showing in January when all the sectors of the Index showed gains except employment. Since that month, only employment has been robust while the other sectors have been lackluster. |
0.21 %
0.62 %
| February 2008 The local economy pulled back a bit in February after posting strong gains in January. The Index of Economic Activity in Tompkins County dipped to a reading of 154.12 from a revised mark of 154.88 in January. This amounts to a decline of 0.49 percent. Economic activity was up 1.87 percent compared to February 2007. Improved employment figures were offset by declines in air traffic, building permits, and home sales. Retail sales and help wanted advertising held steady. |
Tompkins County created 800 jobs in February to bring total non-farm employment to 64,200. That is 500 more jobs than in February 2007. The new jobs were in our bread and butter industry – education and health services. The unemployment rate was 3.5 percent. In New York State the unemployment rate was 5.0 percent and 5.2 percent nationally.
County retail sales totaled $131.0 million, almost the exact same figure as January. However, this figure is 4.59 percent higher than February 2007. After vaulting more than 11 percent in 2005, retail sales in Tompkins County have been growing about 5 percent a year for the past two years.
The number of passengers arriving and departing from Ithaca Tompkins Regional Airport in February descended 2.24 percent to 15,093. However, compared to February 2007 air traffic was up 19.92 percent. Residential building permits issued in Tompkins County tumbled 61.67 percent in February.
Permits have a tendency to swing widely from month to month and a change of this amount is not unusual. Indeed, building permits are higher through the first two months of 2008 than for the comparable months of 2007.
Existing home sales fell 14.55 percent in February, but compared to February 2007 home sales were up 19.35 percent. The average selling price was $208,000, while the median home sold for $159,000. Help wanted advertising inched ahead 1.37 percent in February. This is a marginal increase for this indicator of labor market conditions.
It is critical to keep up with data revisions. The employment data undergo a major revision each January and the most recent annual revision has been very favorable for the local economy. The number of jobs created in 2007 in the County was revised upward from 200 to 600. The new numbers indicate that the Tompkins County economy grew 0.9 percent in 2007. Before the revision the growth rate was thought to be 0.1 percent. |
