Comerica Bank's California Index Climbs in November
DALLAS, Jan. 23, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index improved in November, increasing 2.0 percentage points to a level of 109.1. November's reading is 36 points, or 50 percent, above the index cyclical low of 72.7. The index averaged 101 points for all of 2012, three points above the average for all of 2011. October's index reading was 107.1.
"Our California Index climbed for the fourth consecutive month in November, reflecting improved economic conditions in the state at year-end. Job growth for the state is tracking close to the national average, up 1.6 percent in November over the previous 12 months, compared with 1.7 percent for the U.S. as a whole," said Robert Dye, Chief Economist at Comerica Bank. "House price appreciation has been strong, particularly in Northern California, supported by the solid performance of high-tech industries and limits to new residential construction. Less drag from federal spending this year is also good news for the state economy."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). 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 105 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.
SOURCE Comerica Bank