[Ex-Ithacan]

Decent economic news for the Ithaca area (from the Ithaca Journal):

Economic Index: Tompkins County economy warms in June

4:55 PM, Jul. 29, 2011

After stalling in May, the Tompkins County economy rekindled an upward trend in June.

The Ithaca College Index of Economic Activity rose 0.64 percent on a seasonally adjusted basis to a mark of 159.15. Employment, air traffic, and help-wanted advertising improved. Only building permits fell, while retail sales and home sales held steady. Compared with June 2010, economic activity was up 0.43 percent.

The county economy added 200 jobs in June to bring total employment to 66,300 on a seasonally adjusted basis. The unemployment rate stood at 5.4 percent, compared with 5.6 percent a year ago. The unemployment rate in New York state was 8.0 percent, and it was 9.3 percent across the nation.

Retail sales held their ground in June, increasing by a mere 0.04 percent on a seasonally adjusted basis. Compared with June 2010, sales were off 0.36 percent. The retail sector of the county economy has grown since the recession ended, but very modestly.

The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport jumped 12.26 percent on a seasonally adjusted basis. Compared with June 2010, air traffic was up 5.89 percent. Air traffic was a bright spot during the recession and has continued to perform well.

Residential building permits issued in Tompkins County fell 24.88 percent in June. Building permits have a tendency to swing widely from month to month. For the year, building permits are a tad behind 2010's pace.

County Realtors sold 78 homes in June on a seasonally adjusted basis. This is only a marginal improvement over last month. Compared with June 2010, home sales were down 37.89 percent. Home sales in Tompkins County have been erratic during the past two years. No trend, upward or downward, has been established. However, home prices seem to be firming up. The average sales price of a home in June in Tompkins County was $215,900, compared with $196,400 a year ago. The median sales price was $182,000, compared with $169,200 a year ago.

Help-wanted advertising rose 2.26 percent. Compared with June 2010, help-wanted advertising was up 3.57 percent.

Even though economic activity in June 2011 is only 0.43 percent higher than June 2010, the county economy has made significant progress during the past year. In fact, we have surpassed pre-recessionary levels of economic activity.

Elia Kacapyr is a professor of economics at Ithaca College. His economic report on Tompkins County is published monthly in The Ithaca Journal.

the link:

http://www.theithacajournal.com/arti...ira-Road-hotel