Arizona Economy Expands In November, Reports Comerica Bank's Arizona Economic Activity Index

Arizona Economy Expands In November, Reports Comerica Bank's Arizona Economic
                                Activity Index

PR Newswire

DALLAS, Jan. 31, 2013

DALLAS, Jan. 31, 2013 /PRNewswire/ -- Comerica Bank's Arizona Economic
Activity Index rose by 0.4 percentage points in November, rising to a level of
89.9. The October index reading is 19 points, or 27 percent, above the index
cyclical low of 71.0. Year-to-date the index has averaged 86 points, eight
points above the average for all of 2011. October's index reading was
unrevised.

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"Our Arizona Economic Activity Index has now increased each of the past six
months, up 4.4 points since May. Job gains in Arizona continue to outpace
those of the nation. Arizona payroll employment was up 2.6 percent in November
from a year ago. Phoenix area home prices have increased each of the last 14
months through November, and home construction in the area is picking up, as
well," said Robert Dye, Chief Economist at Comerica Bank. "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
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
@Comerica_Econ.

SOURCE Comerica Bank

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