DALLAS, June 24, 2014 /PRNewswire/ -- Comerica Bank's California Economic Activity Index jumped in April, increasing 4.0 percentage points to a level of 113.2. April's reading is 41 points, or 56 percent, above the index cyclical low of 72.6. The index averaged 106 points for all of 2013, five points above the average for all of 2012. March's index reading was revised up to 109.2.
"Our California Economic Activity Index re-established its upward trend in April after declining for three consecutive months. Payroll job growth for the state remains above the U.S. average, fueled by gains in high-tech industries and strengthening housing markets. Residential building permits were particularly strong in April, helping to elevate the index," said Robert Dye, Chief Economist at Comerica Bank. "We expect the California economy to continue to strengthen through the remainder of this year, and we expect our index to retain its overall upward trajectory."
The California Economic Activity Index consists of eight variables, as follows: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, Baker Hughes rotary rig count and the Silicon Valley 150 Index (SV150). 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.
Comerica Bank, with 104 banking centers in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, Santa Cruz/Monterey, and the Inland Empire, is a subsidiary of Comerica Incorporated (NYSE: CMA). Comerica is a financial services company headquartered in Dallas, Texas, and strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth Management. Comerica focuses on relationships and helping businesses and people be successful. To find Comerica on Facebook, please visit www.facebook.com/ComericaCares.
SOURCE Comerica Bank