Comerica Bank’s Florida Economic Activity Index declined for the second month, falling 0.6 points in July, to a level of 107.5. The July index reading is 27 points, or 33 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.
“Following a moderate dip in June, the Florida economy weakened further in July, by 0.6 points, according to our Florida Economic Activity Index,” said Robert Dye, Chief Economist at Comerica Bank. “The July drop in the index is worrisome in that all variables except housing permits declined or were flat for the month. Job growth through July remained weak, and below the national average. Residential construction and firming home prices, however, are bright spots in the state’s economy.”
Click here for a PDF version of the Florida Economic Activity Index: FloridaIndex_0912.