Florida Economy Inches Forward In August, Reports Comerica Bank's Florida Economic Activity Index

  Florida Economy Inches Forward In August, Reports Comerica Bank's Florida
                           Economic Activity Index

PR Newswire

DALLAS, Oct. 29, 2012

DALLAS, Oct. 29, 2012 /PRNewswire/ --Comerica Bank's Florida Economic
Activity Index rose 0.9 percentage points in August, to a level of 108.5 The
August index reading is 28 points, or 35 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.

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"Although our Index increased in August, it has essentially trended sideways
for the last three months, moving within a narrow range," said Robert Dye,
Chief Economist at Comerica Bank. "Following a flat July, the August index
improved marginally, as most index components improved. However, job growth
remains weak, and many of the state's real estate markets have exposure to the
slumping European economy. These headwinds could hamper Florida's economic
growth over the remainder of the year."

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

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.

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www.comerica.com/econsubscribe to subscribe.

SOURCE Comerica Bank

Website: http://www.comerica.com
Contact: Media, Robert Dye, +1-214-462-6839, radye@comerica.com, Data, Meaghan
Derrick, +1-214-462-6815, maderrick@comerica.com
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