Comerica Bank’s Arizona Economic Activity Index rose by 0.4 percentage points in November, rising to a level of 89.9. The October index reading is 19 points, or 27 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. October’s index reading was unrevised.
“Our Arizona Economic Activity Index has now increased each of the past six months, up 4.4 points since May. Job gains in Arizona continue to outpace those of the nation. Arizona payroll employment was up 2.6 percent in November from a year ago. Phoenix area home prices have increased each of the last 14 months through November, 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.