Jan. 31, 2013
/PRNewswire/ -- Comerica Bank's Arizona Economic Activity Index rose by 0.4 percentage points in November, rising to a level of 89.9. The October index reading is 19 points, or 27 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 86 points, eight points above the average for all of 2011. October's index reading was unrevised.
"Our Arizona Economic Activity Index has now increased each of the past six months, up 4.4 points since May. Job gains in
continue to outpace those of the nation.
payroll employment was up 2.6 percent in November from a year ago.
area home prices have increased each of the last 14 months through November, and home construction in the area is picking up, as well," said
, Chief Economist at Comerica Bank. "We expect to see further improvement to the
economy in the months ahead."
The Arizona 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 the Case-Shiller home price index. 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 operates 18 full-service banking centers throughout the
area. In addition to
, Comerica locations can be found in its headquarters state of
, as well as in
, with select businesses operating in several other states, as well as in
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SOURCE Comerica Bank