Comerica Bank’s Arizona Economic Activity Index increased by 0.5 percentage points in July, rising to a level of 86.8. The July index reading is 16 points, or 22 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 85 points, seven points above the average for all of 2011.
“The Arizona economy continued to expand in July as shown by our Arizona Economic Activity Index which posted its strongest reading since November 2008. Job growth in Arizona continues to outpace that of the nation, and Phoenix home prices notched another increase in July, for the tenth straight month,” said Robert Dye, Chief Economist at Comerica Bank. “The recovery in housing markets is providing broad support to nearly all aspects of the state economy. We expect to see further improvement to the Arizona economy in the months ahead.”
Click here for a PDF version of the Arizona Economic Activity Index: ArizonaIndex_0912.