Tompkins County Traded Sectors

Tompkins County Traded Sectors

Gross Product, Employment and Compensation.

A publication of Tompkins County Area Development | No. 1 | November 2012

Method: The data in this report is from IMPLAN’s 2009 data set for Tompkins County, New York. The Manufacturing and High Tech sector includes conventional, advanced and high tech manufacturing as well as High Tech Services. (TCAD defines the High Tech services sector to include industries from the Information sector and the Professional, Scientific and Technical Services sector.) The Visitors and Tourists (V&T) sector is not a defined sector since it draws from Accommodations, Food and Beverage, Retail, Entertainment and Transportation sectors. Therefore, the V&T sector was assembled from relevant IMPLAN industries. To build the V&T sector, TCAD referred to the Tourism Economic 2012 report for the Finger Lakes region of New York. Using its distribution of visitor spending, portions of relevant industries were aggregated to create the V&T sector.

Overview: The total gross product of Tompkins County economy is about $7 billion. That is divided nearly evenly between local sectors that provide goods and services to local residents and the traded sectors. This report focuses on the traded sectors — the wealth generating sectors of the economy which sell their goods and services outside of the County and often outside the region. Education Services and the V&T sectors are defined as “traded” sectors because the funds to purchase goods and services come from outside the County. Education is the largest sector; comprising primarily of Cornell University and Ithaca College. The next largest sector is Manufacturing and High Tech. Locally manufactured goods include automotive and machine parts, electronics, food and beverages, pharmaceuticals, software, and innovative materials. High Tech Services include scientific and technical research, software design, and analysis and testing of materials for industry. Mining primarily extracts salt, as well as sand and gravel. Agriculture primarily exports dairy as well as fruits, vegetables, field crops and other animal production.

Traded Output

Gross Product/ Output of Sectors — detailed

 

The total number of jobs in Tompkins County including students who work on the campuses, is about 62,000 jobs. Total compensation generated by the local economy is just under $3 billion.

Traded-Employment

Employment — counts part time and full time jobs

 

 

Traded- Compensation

Employment Compensation — wages, benefits and all payroll expenses

 

Summary: Education Services is clearly the County’s economic engine, generating 23% of jobs and 38% of compensation. The Manufacturing and High Tech sector contributes 7% of employment, and with good paying jobs it generates 10% of compensation. The Visitors and Tourism sector generate 4% of jobs with significant entry level opportunities. However, the lower wages result in slightly over 2% of the County’s total compensation. Utilities, Mining and Agriculture, Fish, Forestry sector are the smallest sectors.