Florida Economy Rises In November, Reports Comerica Bank's Florida Economic
DALLAS, Jan. 23, 2013
DALLAS, Jan. 23, 2013 /PRNewswire/ --Comerica Bank's Florida Economic
Activity Index rose 1.3 percentage points in November, to a level of 114.0.
The November index reading is 33 points, or 41 percent, above the index
cyclical low of 80.6. Year-to-date the index has averaged 109, 10 points above
the average for all of 2011.
"Our Florida index increased for the fourth consecutive month in November,
reaching its highest level since October 2007. The uptick in the index came
from moderate but broad-based improvement in most of the index components.
Labor market indicators improved, as did construction, export, and tourism
indicators," said Robert Dye, Chief Economist at Comerica Bank. "However,
state sales tax receipts remain soft and that is sign of ongoing weakness in
the state economy. The good news there is that tax receipts were stable from
September through November."
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 (NYSE: CMA) 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.
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SOURCE Comerica Bank
Contact: Media, Robert Dye, +1-214-462-6839, firstname.lastname@example.org; or Data
Contact, Meaghan Derrick, +1-214-462-6815, email@example.com
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