Florida Economy Declines in December, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, Feb. 28, 2013 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index declined by 1.3 percentage points in December, to a level of 113.2. The December index reading is 33 points, or 40 percent, above the index cyclical low of 80.6. The index averaged 110 in 2012, 11 points above the average for all of 2011. November's index reading was revised up 0.5 percentage points from the originally published 114.0 to 114.5.
"Following a positive four-month run, our Florida index declined in December by 1.3 percentage points. The index components were mixed for the month, with improvement in exports, tourism, sales tax revenues and unemployment insurance claims countered by weaker payrolls and construction," said Robert Dye, Chief Economist at Comerica Bank. "Importantly, increasing state sales tax revenue in December bodes well for ongoing economic momentum in Florida. Real estate markets are firming across the state, which 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