Florida Economy Bounces Back In January, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, March 28, 2013 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index rebounded in January, jumping to a level of 116.5. The January index reading is 36 points, or 45 percent, above the index cyclical low of 80.6. The index averaged 110 in 2012, 11 points above the average for all of 2011.December's index reading was revised up 0.2 percentage points from the originally published 113.2 to 113.4.
"After dipping in December, our Florida Index bounced back in January, reaching its highest level since August 2007. Index components were solidly positive for the month, with the exception of exports, which declined in January," said Robert Dye, Chief Economist at Comerica Bank. "Increasing state sales tax revenue in recent months bodes well for ongoing economic momentum in Florida. Real estate markets are firming across the state, and will be an important source of strength in 2013."
The Florida 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 airline passenger deplanements. 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.
In addition to Boca Raton, East Boca Raton, Fort Lauderdale, Naples, Palm Beach Gardens, Singer Island, Sarasota, Stuart, Wellington and Weston, Fla., Comerica (NYSE: CMA) locations can be found in its headquarters state of Texas, as well as in Arizona, California 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