Comerica Bank’s Arizona Economic Activity Index rose 1.1 percentage points in April, to a level of 85.4. The April reading is 14 points, or 20 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 84 points, six points above the average for all of 2011.
“According to our index, the Arizona economy reached its highest level since December 2008 in April. Job growth in Arizona is outpacing that of the nation, and the Phoenix housing market has seen home price increases in each of the last six months,” said Robert Dye, Chief Economist at Comerica Bank. “Although Arizona is far from fully recovered, promising headway is being made, particularly in housing markets which were devastated by the recession. I expect to see moderate gains to the Arizona economy for the remainder of the year.”