DALLAS, June 27, 2012 /PRNewswire/ -- Comerica Bank's Arizona Economic Activity Index rose 1.1 percentage points in April, to a level of 85.4. The April reading is 14 points, or 20 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 84 points, six points above the average for all of 2011.
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"According to our index, the Arizona economy reached its highest level since December 2008 in April. Job growth in Arizona is outpacing that of the nation, and the Phoenix housing market has seen home price increases in each of the last six months," said Robert Dye, Chief Economist at Comerica Bank. "Although Arizona is far from fully recovered, promising headway is being made, particularly in housing markets which were devastated by the recession. I expect to see moderate gains to the Arizona economy for the remainder of the year."
The Arizona Economic Activity Index consists of seven variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and the Case-Shiller home price index. 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 operates 18 full-service banking centers throughout the Phoenix/Scottsdale area. In addition to Arizona, Comerica locations can be found in its headquarters state of Texas, as well as in California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
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SOURCE Comerica Bank
