Comerica Bank’s Florida Economic Activity Index fell more than two points in June, dipping 2.2 percent to a level of 108.1. The June index reading is 28 points, or 34 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. May’s reading was revised to a level of 110.3.
“Florida’s economy paid back some of its recent gains in June, showing that the economic recovery in Florida remains uneven,” said Robert Dye, Chief Economist at Comerica Bank. “Weak job growth is anchoring the state economy. However, house prices are firming and residential construction activity is picking up. Healthier property markets will lead to stability and then growth in construction employment in the months ahead.”
Click here for a PDF version of the Florida Economic Activity Index: FloridaIndex_0812.