Florida Economy Inches Upward In May, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, July 26, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index increased modestly in May, up 0.6 percent to a level of 110.4. The May reading is 30 points, or 37 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.
"Florida's economy expanded slowly in May with the help of increasing residential construction activity, as shown by the small gain in our Florida Economic Activity Index," said Robert Dye, Chief Economist at Comerica Bank. "However, without the gain in residential construction permits, our index would have turned down for the month. Firming real estate markets will help in the months ahead, but we need to see hiring engage before we can say that Florida's economy is making real headway."
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, Orlando, 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