Comerica Bank’s California Economic Activity Index rose roughly one point to a level of 101.9 in April. April’s reading is 29 points, or 39 percent, above the index cyclical low of 73.2. Year-to-date the index has averaged 100, one point above the average for all of 2011.
“The California economy edged higher in April, driven by strength in the state’s high-tech sector. A broad-based expansion remains elusive, however, with growth across industries patchy,” said Robert Dye, Chief Economist at Comerica Bank. “California job growth is below the national average. State fiscal conditions are challenging. With federal and state-level fiscal tightening, municipal budgets will continue to be stressed in many areas.”