Arizona Economy Expands In November, Reports Comerica Bank's Arizona Economic Activity Index
DALLAS, Jan. 31, 2013 /PRNewswire/ -- Comerica Bank's Arizona Economic Activity Index rose by 0.4 percentage points in November, rising to a level of 89.9. The October index reading is 19 points, or 27 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 86 points, eight points above the average for all of 2011. October's index reading was unrevised.
"Our Arizona Economic Activity Index has now increased each of the past six months, up 4.4 points since May. Job gains in Arizona continue to outpace those of the nation. Arizona payroll employment was up 2.6 percent in November from a year ago. Phoenix area home prices have increased each of the last 14 months through November, and home construction in the area is picking up, as well," said Robert Dye, Chief Economist at Comerica Bank. "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.
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SOURCE Comerica Bank