Comerica Bank’s Florida Economic Activity Index rose 1.1 percentage points in October, to a level of 112.7. The October index reading is 32 points, or 40 percent, above the index cyclical low of 80.6. Year-to-date the index has averaged 109, 10 points above the average for all of 2011.
“Our Florida Index continued its climb higher in October as job creation increased. However, gains were not broad-based. Outside of payroll employment, other indicators declined for the month,” said Robert Dye, Chief Economist at Comerica Bank. “The Florida economy remains hampered by still-weak housing markets, federal spending cuts, and challenging global economic conditions which are weighing on both tourism and real estate markets. We still need to see stronger job creation in Florida before we can say that the state’s economy is accelerating meaningfully.”
Click here for a PDF version of the Florida Economic Activity Index: FloridaIndex_1212.