DALLAS, Aug. 30, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index fell more than two points in June, dipping 2.2 percent to a level of 108.1. The June index reading is 28 points, or 34 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. May's reading was revised to a level of 110.3.
"Florida's economy paid back some of its recent gains in June, showing that the economic recovery in Florida remains uneven," said Robert Dye, Chief Economist at Comerica Bank. "Weak job growth is anchoring the state economy. However, house prices are firming and residential construction activity is picking up. Healthier property markets will lead to stability and then growth in construction employment in the months ahead."
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 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.