Arizona Economy Grows In April, Reports Comerica Bank's Arizona Economic
DALLAS, June 27, 2012
DALLAS, June 27, 2012 /PRNewswire/ -- Comerica Bank's Arizona Economic
Activity Index rose 1.1 percentage points in April, to a level of 85.4. The
April reading is 14 points, or 20 percent, above the index cyclical low of
71.0. Year-to-date the index has averaged 84 points, six points above the
average for all of 2011.
"According to our index, the Arizona economy reached its highest level since
December 2008 in April. Job growth in Arizona is outpacing that of the nation,
and the Phoenix housing market has seen home price increases in each of the
last six months," said Robert Dye, Chief Economist at Comerica Bank. "Although
Arizona is far from fully recovered, promising headway is being made,
particularly in housing markets which were devastated by the recession. I
expect to see moderate gains to the Arizona economy for the remainder of the
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
Phoenix/Scottsdale area. In addition to Arizona, Comerica locations can be
found in its headquarters state of Texas, as well as in California, Florida
and Michigan, with select businesses operating in several other states, as
well as in Canada and Mexico.
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SOURCE Comerica Bank
Contact: Media, Robert Dye, +1-214-462-6839, firstname.lastname@example.org, or Data,
Meaghan Derrick, +1-214-462-6815, email@example.com
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