Florida Economy Declines in December, Reports Comerica Bank's Florida Economic Activity Index

Florida Economy Declines in December, Reports Comerica Bank's Florida Economic
                                Activity Index

PR Newswire

DALLAS, Feb. 28, 2013

DALLAS, Feb. 28, 2013 /PRNewswire/ --Comerica Bank's Florida Economic
Activity Index declined by 1.3 percentage points in December, to a level of
113.2. The December index reading is 33 points, or 40 percent, above the index
cyclical low of 80.6. The index averaged 110 in 2012, 11 points above the
average for all of 2011. November's index reading was revised up 0.5
percentage points from the originally published 114.0 to 114.5.

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"Following a positive four-month run, our Florida index declined in December
by 1.3 percentage points. The index components were mixed for the month, with
improvement in exports, tourism, sales tax revenues and unemployment insurance
claims countered by weaker payrolls and construction," said Robert Dye, Chief
Economist at Comerica Bank. "Importantly, increasing state sales tax revenue
in December bodes well for ongoing economic momentum in Florida. Real estate
markets are firming across the state, which will be an important source of
strength in 2013."

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
averages.

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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@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
 
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