DALLAS, June 19, 2013 /PRNewswire/ -- Comerica Bank's California Economic Activity Index climbed in April, gaining 2.2 points to a level of 106.6. April's reading is 34 points, or 47 percent, above the index cyclical low of 72.6. The index averaged 101 points for all of 2012, three points above the average for all of 2011. March's index reading was revised slightly down from 104.5 to 104.4.
"Our California Index points to ongoing economic expansion for this key state. The coincident improvement in labor markets and in housing markets is expected to continue for the remainder of the year," said Robert Dye, Chief Economist at Comerica Bank. "Changes to the California tax code have introduced some volatility into the sales tax component of our index, but most other index components are consistent with ongoing economic growth."
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. To receive this index directly to your email inbox, go to www.comerica.com/econsubscribe to subscribe. Follow us on Twitter at @Comerica_Econ.