Comerica Bank’s Arizona Economic Activity Index increased by 0.5 percentage points in August, rising to a level of 86.8. The August 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. July’s index reading was revised down 0.5 percentage points, to 86.3.
“The Arizona economy continued to expand in August, as shown by our Arizona Economic Activity Index. Job growth in Arizona has outpaced that of the nation this year. Phoenix home prices have increased every month for the past 11 months. During that period, area home prices have risen 17.2 percent, after adjusting for inflation,” said Robert Dye, Chief Economist at Comerica Bank. “The recovery in home prices and in residential construction 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_1012.