Comerica Bank’s Arizona Economic Activity Index rose 1.1 percentage points in June, increasing to a level of 86.3. The June reading is 15 points, or 22 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.
“Following a 0.3 percentage point dip in May, the Arizona Economic Activity Index gained 1.1 points in June, reaching the highest index level since November 2008. Job growth in Arizona is outpacing that of the nation, and Phoenix home prices have risen every month since October 2011,” said Robert Dye, Chief Economist at Comerica Bank. “The recovery in local housing markets is providing broadening support for the Arizona economy. However, significant downside risk factors for U.S. housing markets remain in play for at least the next six months.”
Click here for a PDF version of the Arizona Economic Activity Index: ArizonaIndex_0812.