DALLAS, April 1, 2015 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew again in January, adding 0.8 percentage points to reach a level of 119.5. January's reading is 36 points, or 43 percent, above the index cyclical low of 83.8. The index averaged 113.7 points for all of 2014, seven and one-half points above the average for all of 2013. December's index reading was 118.7.
"Our California Economic Activity Index continues to show favorable economic conditions for the Eureka State. Six out of eight index components increased in January. Only exports and federal defense spending dipped. Payroll job growth for the state remains well above the U.S. average. Jobs in California increased by 3.2 percent for the 12 months ending in January while the U.S. as a whole gained 2.3 percent. The steady and strong performance of California has been a major benefit to the U.S. economy," said Robert Dye, Chief Economist at Comerica Bank. "Strong economic performance has put pressure on housing markets in California. This is a two-edged sword. Previously depressed communities are coming back, but low housing affordability is a constraint in many areas."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, hotel occupancy rates, continuing claims for unemployment insurance, housing starts, national defense spending, home prices, and the NASDAQ-100-Technology Sector Index (NDXT). All data are seasonally adjusted, as necessary, and indexed to a base year of 2008. Nominal values have been converted to constant dollar values. Index levels are expressed in terms of three-month moving averages.
Comerica Bank, with 104 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, Santa Cruz/Monterey, and the Inland Empire, is a subsidiary of Comerica Incorporated (NYSE: CMA). Comerica is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth Management. Comerica focuses on relationships and helping businesses and people be successful. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
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SOURCE Comerica Bank
