DALLAS, June 20, 2012 /PRNewswire/ -- Comerica Bank's Florida Economic Activity Index increased marginally in April, up 0.3 percent to a level of 109.8. The April reading is 29 points, or 36 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.
"Florida is making progress in its recovery, as shown by the slight uptick in our Florida Economic Activity Index for April," said Robert Dye, Chief Economist at Comerica Bank. "Increased tourism activity has helped to stabilize the state economy. However, federal spending cuts and a weaker global macroeconomic environment pose downside risk for Florida over the remainder of the year. That said, economic uncertainty in Europe is making Florida look like a good choice for international investors."
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, Orlando, 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.
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You can follow Comerica Chief Economist Robert Dye on Twitter at @Comerica_Econ.
SOURCE Comerica Bank