Florida Index Increases in February
DALLAS, May 2, 2013 /PRNewswire/ -- Comerica Bank's revised Florida Economic Activity Index increased in February, to a level of 109.0. The February index reading is 31 points, or 40 percent, above the index cyclical low of 78.0. The index averaged 103 in 2012, 10 points above the average for all of 2011. December's index reading was revised to 107.2.
"Our Florida Economic Activity Index increased in February, consistent with signs of improving economic conditions in the Sunshine State. Most index components were positive for the month. Only exports and hotel occupancy dipped in February," said Robert Dye, Chief Economist at Comerica Bank. "Labor conditions are improving, and house prices are firming up, and those are two key positive factors for the Florida economy."
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 house prices. 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.
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SOURCE Comerica Bank