DALLAS, Feb. 24, 2016 /PRNewswire/ -- Comerica Bank's California Economic Activity Index grew in December, increasing 0.6 percentage point to a level of 121.4. December's reading is 37 points, or 44 percent, above the index cyclical low of 84.1. The index averaged 120.1 points for all of 2015, six and one-half points above the average for all of 2014. November's index reading was 120.8.
"Our California Economic Activity Index increased again in December, completing a solid fourth quarter 2015 for the state. Five out of eight index components were positive for the month, paced by gains in the NASDAQ 100 tech stock index. The biggest decliner for the state was housing starts. Despite pressure on California's export markets from weaker global demand growth and the strong dollar, we expect the state to continue to show moderate growth through 2016," said Robert Dye, Chief Economist at Comerica Bank. "Strong house price growth, solid job growth and lower gasoline prices are all supportive of a vibrant household sector for the largest state economy in 2016."
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 103 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