Florida Economy Inches Forward In August, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, Oct. 29, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index rose 0.9 percentage points in August, to a level of 108.5 The August index reading is 28 points, or 35 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 108, nine points above the average for all of 2011.
"Although our Index increased in August, it has essentially trended sideways for the last three months, moving within a narrow range," said Robert Dye, Chief Economist at Comerica Bank. "Following a flat July, the August index improved marginally, as most index components improved. However, job growth remains weak, and many of the state's real estate markets have exposure to the slumping European economy. These headwinds could hamper Florida's economic growth over the remainder of the year."
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 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. Follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
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SOURCE Comerica Bank