Florida Economy Rises In November, Reports Comerica Bank's Florida Economic Activity Index
DALLAS, Jan. 23, 2013 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index rose 1.3 percentage points in November, to a level of 114.0. The November index reading is 33 points, or 41 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 109, 10 points above the average for all of 2011.
"Our Florida index increased for the fourth consecutive month in November, reaching its highest level since October 2007. The uptick in the index came from moderate but broad-based improvement in most of the index components. Labor market indicators improved, as did construction, export, and tourism indicators," said Robert Dye, Chief Economist at Comerica Bank. "However, state sales tax receipts remain soft and that is sign of ongoing weakness in the state economy. The good news there is that tax receipts were stable from September through November."
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