Comerica Bank’s Arizona Economic Activity Index increased by 1.6 percentage points in October, rising to a level of 89.5. The October index reading is 19 points, or 26 percent, above the index cyclical low of 71.0. Year-to-date the index has averaged 86 points, eight points above the average for all of 2011. September’s index reading was revised up 0.2 percentage points to a level of 87.9.
“Our Arizona Economic Activity Index increased for the fifth straight month in October, and is up 4.4 points since May. Job gains that continue to outpace that of the nation are strengthening the core of the index. Phoenix home prices have increased each of the last 13 months through October, and home construction in the area is picking up, as well,” said Robert Dye, Chief Economist at Comerica Bank. “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_0113.