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Old Posted May 1, 2012, 2:05 PM
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So-so news for the local economy (from the Ithaca Journal):

Economic Index: Tompkins economy takes a dip in March

3:45 PM, Apr. 27, 2012

The Ithaca College Index of Economic Activity in Tompkins County fell 0.79 percent in March to a level of 154.73 from a revised mark of 155.96 in February.

Employment and help wanted advertising posted modest improvements, while air traffic and building permits dragged the index down. Retail sales and home sales were weak as well. Compared to March 2011, economic activity was off 3.67 percent.

Tompkins County added 200 jobs in March, but there are 4,500 fewer jobs in the county than a year ago. The trend in employment has been downward, and the uptick in March is not enough to signal a reversal. The unemployment rate was 5.9 percent compared to 5.3 percent a year ago.

Retail sales in Tompkins County dipped 1.34 percent. Compared to March 2011 retail sales were up 6 percent. Over the past year the Tompkins County retail sector has shown sluggish but steady growth.

The number of passengers boarding and deplaning at Ithaca Tompkins Regional Airport descended 12.03 percent in March. Compared to March 2011, air traffic was down 3.37 percent. Despite these figures, air traffic at our regional airport has been strong for more than four years.

Residential building permits issued in Tompkins County crumbled 57.35 percent in March. Building permits are an extremely volatile indicator. They are off to an OK start in 2012.

Home sales lagged slightly in March when County realtors sold 84 homes compared to 86 in February, resulting in a dip of 2.05 percent. However, home sales were 13.73 percent more than March 2011. The average sale price was to $188,100 compared to $192,900 a year earlier. The median home sold for $156,200 compared to $165,000 a year earlier.

Help wanted advertising advanced 4.03 percent in March. Compared to March 2011, help wanted advertising was up 3.60 percent. Hopefully, this means the labor market may soon improve.

Economic Index appears monthly. Elia Kacapyr is professor and chairman of the Department of Economics at Ithaca College.

Here's the link:

http://www.theithacajournal.com/arti...ll|text|FRONTP
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