Arizona Index Climbs In January, Reports Comerica Bank's Arizona Economic
DALLAS, March 28, 2013
DALLAS, March 28, 2013 /PRNewswire/ -- Comerica Bank's Arizona Economic
Activity Index climbed in January, rising 1.9 percentage points to a level of
95.2. The January index reading is 24 points, or 34 percent, above the index
cyclical low of 71.0. The index averaged 87 points for all of 2012, nine
points above the average for full-year 2011. December's index reading was
"Our Arizona Index increased for the eighth straight month in January, now at
its highest point since September 2008," said Robert Dye, Chief Economist at
Comerica Bank. "Home prices notched their 16^th consecutive increase in the
first month of 2013, up more than 21 percent year-over-year in January.
Payroll employment dipped slightly in January, following strong gains in
November and December. 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
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SOURCE Comerica Bank
Contact: Media Contact: Robert Dye, (214) 462-6839, firstname.lastname@example.org, or
Data Contact: Meaghan Derrick, (214) 462-6815, email@example.com
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