Looks as if Ithaca is holding its own during the tough economic times the country is experiencing (from the Ithaca Journal):
Local economy showing more gains
November 9, 2010, 6:20 pm
The Ithaca College Index of Economic Activity in Tompkins County improved 2.17 percent in September to a level 156.78 from a revised mark of 153.44 in August. The advance was fueled by gains in employment, retail sales, building permits, and home sales. Help wanted advertising increased only modestly while air traffic fell slightly. Comparing September 2010 to September 2009, economic activity was up 1.98 percent.
The number of jobs in Tompkins County increased by 700 in September. It is understandable that a college town would put on jobs in September, but this gain is after seasonal adjustment. The unemployment rate improved to 5.4 percent compared to 5.8 percent a year ago. The unemployment rate in New York State was 8.0 percent and 9.2 percent nationally.
Retail sales in Tompkins County took it on the chin during the previous recession and have been lackluster during the recovery. That's why it was good to see an improvement in September. Retail sales were up 3.13 percent over August and 6.57 percent compared to a year ago.
Air traffic has been strong throughout the recession and on into the recovery. September, however, showed a decline of 8.71 percent. Still, the number of passengers taking off and landing at Ithaca Tompkins Regional Airport was 16.02 percent higher than a year ago.
Residential building permits issued in Tompkins County vaulted 110.35 percent in September. Building permits have a tendency to swing widely from month to month. In 2010 building permits are running ahead of their pace last year.
After declines in July and August, home sales in Tompkins County increased 22.04 percent in September. Compared to September 2009, however, home sales were down 15.49 percent. Home prices have been on the rise and that trend continued. The average sales price of a home in Tompkins County was $200,600 compared with $176,200 in September 2009. The median sales price was $172,500 compared with $158,000 in September 2009.
Help wanted advertising inched ahead 3.34 percent. Compared to September 2009, help wanted advertising was up 9.31 percent. These increases are a good sign for the labor market.
As the recession began in January 2008, Tompkins County had nearly 65,000 jobs. That figured ebbed to a low of almost 63,000 during the recession. Currently, the number of jobs in Tompkins County stands at 64,800.
Elia Kacapyr is a professor of economics at Ithaca College. His economic report on Tompkins County is published monthly in The Ithaca Journal.
Here's the link:
http://www.theithacajournal.com/arti...ing-more-gains