Comerica Bank’s Florida Economic Activity Index increased modestly in May, up 0.6 percent to a level of 110.4. The May reading is 30 points, or 37 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 108, nine points above the average for all of 2011.
“Florida’s economy expanded slowly in May with the help of increasing residential construction activity, as shown by the small gain in our Florida Economic Activity Index,” said Robert Dye, Chief Economist at Comerica Bank. “However, without the gain in residential construction permits, our index would have turned down for the month. Firming real estate markets will help in the months ahead, but we need to see hiring engage before we can say that Florida’s economy is making real headway.”