Arizona Economy Grows In August, Reports Comerica Bank's Arizona Economic Activity Index

  Arizona Economy Grows In August, Reports Comerica Bank's Arizona Economic
                                Activity Index

PR Newswire

DALLAS, Nov. 1, 2012

DALLAS, Nov. 1, 2012 /PRNewswire/ --Comerica Bank's Arizona Economic Activity
Index increased by 0.5 percentage points in August, rising to a level of 86.8.
The August index reading is 16 points, or 22 percent, above the index cyclical
low of 71.0. Year-to-date the index has averaged 85 points, seven points above
the average for all of 2011. July's index reading was revised down 0.5
percentage points, to 86.3.


"The Arizona economy continued to expand in August, as shown by our Arizona
Economic Activity Index. Job growth in Arizona has outpaced that of the nation
this year. Phoenix home prices have increased every month for the past 11
months. During that period, area home prices have risen 17.2 percent, after
adjusting for inflation," said Robert Dye, Chief Economist at Comerica Bank.
"The recovery in home prices and in residential construction is providing
broad support to nearly all aspects of the state economy. We expect to see
further improvement to the Arizona 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
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. To find Comerica on Facebook, please visit Follow Comerica Chief Economist Robert Dye on
Twitter at @Comerica_Econ.

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SOURCE Comerica Bank

Contact: Media, Robert Dye, +1-214-462-6839,, or Data,
Meaghan Derrick, +1-214-462-6815,
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