Arizona Economy Expands In July, Reports Comerica Bank's Arizona Economic Activity Index
DALLAS, Sept. 27, 2012 /PRNewswire/ -- Comerica Bank's Arizona Economic Activity Index increased by 0.5 percentage points in July, rising to a level of 86.8. The July index reading is 16 points, or 22 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 85 points, seven points above the average for all of 2011.
"The Arizona economy continued to expand in July as shown by our Arizona Economic Activity Index which posted its strongest reading since November 2008. Job growth in Arizona continues to outpace that of the nation, and Phoenix home prices notched another increase in July, for the tenth straight month," said Robert Dye, Chief Economist at Comerica Bank. "The recovery in housing markets is providing broad support to nearly all aspects of the state economy. We expect to see further improvement to the Arizona economy in the months ahead."
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. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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SOURCE Comerica Bank