DALLAS, Dec. 3, 2013 /PRNewswire/ -- Comerica Bank's California Economic Activity Index improved in September, increasing 0.5 percentage points to a level of 105.5. September's reading is 33 points, or 45 percent, above the index cyclical low of 72.7. The index averaged 101 points for all of 2012, three points above the average for all of 2011. August's index reading was revised up from 104.6 to 105.0.
"Our California Index improved in September reflecting a broadening base of support for the California economy. Payroll jobs actually ticked down slightly in September. However, gains in sales tax receipts, drilling activity, Silicon Valley stock prices, and improvement in unemployment insurance claims, countered the minor dip in payroll employment," said Robert Dye, Chief Economist at Comerica Bank. "House prices continue to increase, providing a broad base of support for the state's economy. Los Angeles house prices were up 21.8 percent in September from a year earlier. San Diego house prices were up a similar 20.9 percent. San Francisco house prices were even stronger, gaining 25.7 percent in September over the previous 12 months."
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 105 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.
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SOURCE Comerica Bank